
From November 11 to November 24, 2025, the crypto market retreated under AI-bubble concerns and macro tightening pressures, though BTC and ETH staged a short-term rebound from local lows, keeping the broader structure in a consolidation phase. The top 500 tokens by market cap declined about 15% on average, with mid- and small-cap assets showing notable divergence—BEAT surged 436% to lead the market, while narrative-driven tokens such as SOON retraced 50–70%. A clear volume-price mismatch emerged, as tokens like AGENTFUN and XSO saw 10–15x volume spikes without meaningful price follow-through, reflecting cautious short-term sentiment despite ongoing structural opportunities. Amid this backdrop, several sectors—including prediction markets, DID identity systems, testnet participation, and yield aggregation platforms—have begun launching airdrop-driven campaigns. This report summarizes key participation methods to help users capture testnet incentives and potential rewards during the rebound phase and position a
11/28/2025, 3:03:37 AM
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11/27/2025, 7:52:37 AM

Gate Research: On November 27, BTC and ETH respectively reclaimed the key psychological levels of $90,000 and $3,000, igniting a broad recovery across the cryptocurrency market. Platform tokens, exemplified by GT, surged strongly, while market sentiment exhibited marked improvement. In the hotspot token sector, Merlin (+157.95%) exploded over 150% due to its mainnet upgrade and short-squeeze dynamics; XION (+98.6%) rose nearly 100%, propelled by robust KRW trading pair activity and strong purchasing power from Korean investors; and the popular BSC memecoin BANANAS31 (+66.62%) saw trading volume skyrocket to $470 million, driven by resonant community engagement and capital inflows that propelled its price higher. S&P downgraded Tether-USDT's rating to "Weak," refocusing attention on stablecoin risks; the Cosmos community initiated research on a new tokenomics model for ATOM, aiming to replace inflation incentives with ecosystem revenue sharing; and Ethereum co-founder Vitalik donated 128 ETH each to privacy me
11/27/2025, 5:47:14 AM