In the blink of an eye, it's July 29. The end of the month is here, so let's write a summary. In the past month, most cryptocurrencies have seen positive growth (averaging about 40%). The highest increases are concentrated in specific narratives (for example, CFX is influenced by the Chinese blockchain concept, and PENGU, as a meme NFT led by US capital, has taken the lead). The series has extreme growth (averaging about 70%), but the distribution is uneven (high like PENGU, low like TRUMP), reflecting event-driven funding. PENGU benefits from the market's initiation + the crypto community rallying around US meme ETFs. BONK counters the PUMP launch pad. SPX has strong characteristics of community-led initiatives. VINE integrates Twitter, reviving the VINE movement thanks to Musk. PEPE and TRUMP have lost their main narratives, following the market's fluctuations. The previous narrative MEME was about leveraging this chain, while this wave is about compliant DeFi, but it also follows ETH's delayed rally. 2. Public Chains CFX is a stablecoin driven by Chinese speculation. IP has high control. HYPE has real returns in perp. ALGO and ADA also follow compliance, riding the wave of US payment coins like XRP. SUI is a blue-chip chain that has been oscillating within, facing a situation similar to SOL, struggling to rise and stabilize. 3. L2 Chains Although the concepts are delineated, ARB and OP's rallies also benefit from the overall market, belonging to the upward trend. 4. DeFi Stablecoin legislation, compliance, following ETH. CEV, ENS, LDO, etc. Early projects like AAVE and UNI have instead hit a bottleneck. 5. XRP Series Payments The entire payment narrative follows XRP's violent fluctuations, with funding attributes being relatively independent. XLM, XRP, QNT, ADA, etc. 6. There aren't any good tokens in the AI concept, and the rallies lack funding; they are scams that come quickly and leave just as fast. Such as SWARMS, AVAAI, TAO, WLD, etc. High increases (>100%) are mostly driven by specific events and funding, and overall, there is still no altcoin narrative; it's just that the overall market has provided a good environment.