Recently, Bitcoin has pulled back from its two-month high, while altcoins like XRP and SUI are starting to gain momentum. XRP has already gained 29% this year, with a decent pace. The meme coin craze is heating up, with Pump.fun's single-day trading volume just surpassing $1.27 billion, setting a record.

The futures market has been quite active, with over $400 million in positions liquidated, mainly short positions. XRP's open interest has also hit a new high in recent weeks. Interestingly, although the funding rates for most mainstream coins are rising, major coins like SOL are experiencing negative funding rates, indicating that many traders are still bearish.

Behind SUI's price increase, there's a rumor fueling the rally—market speculation that it will introduce privacy features. However, looking at the overall market, the altcoin heat index is only 27/100, which is still relatively low. Coupled with the currently high RSI levels, there may be some short-term correction pressure.