Who would have thought that the cryptocurrency market in September 2025 would directly press the 'mad bull advance button'—from the collective surge of small and medium coins to the community flooded with screenshots of 'profit sharing', even veteran players couldn't help but exclaim: 'This familiar feeling of craziness is just like the wave of market in 2021!'
First, let's look at the 'pioneer' of this wave, $MYX, which showed signs of being a 'meme coin' as early as the beginning of September. On September 1, it was still hovering around $0.03, and after a big bullish candle that pulled to $0.06, it was expected to retrace. However, it never gave the latecomers a chance: it broke through $0.08 on September 5, stabilized at $0.15 on September 10, and charged directly to $0.21 on September 15, soaring from $0.03 to $0.21 in just 15 days, a 6-fold increase that left early holders exclaiming 'I can't believe it.' Even more astonishing was its resilience—during this period, it experienced three 'seemingly falling' retracements, dipping to a low of $0.12, but each time it was quickly pulled back by buying pressure, with daily trading volume increasing from $8 million at the beginning of September to $360 million on September 14, visibly strong capital support.
If (MYX is "steady and stable," then ) OPEN is the "explosive point king" of the September market. At 2 AM on September 16, this previously low-volume trading small coin, with an average daily trading volume of less than $5 million, suddenly caught the attention of massive funds: in just one hour, the price skyrocketed from $0.002 to $0.018, an 800% increase that instantly exploded the crypto community - the topic of "#OPEN skyrocketing" trended on X platform within 10 minutes, and messages like "Is anyone getting on OPEN" flooded a certain community with thousands of posts. Some users even shared screenshots saying, "I woke up in the early morning to check the market, casually bought $10,000 of OPEN, and it turned into $90,000 in an hour." By the close of that day, the price of $OPEN stopped at $0.016, with the single-day trading volume soaring to $420 million, and the market capitalization jumping from less than $20 million to $180 million, directly rising from "being ignored" to one of the top 100 coins by market cap.
Even the previously known "slow rise" (WLD) quietly joined the "bull market" in September. It rose from $1.8 on September 1 to $2.7 on September 15, a 50% increase that seems less aggressive than MYX or OPEN, but the underlying capital movements are suspicious. Nansen's on-chain data shows that in the past week, three addresses holding over 10,000 ETH (addresses starting with 0x7A9 and 0x3F1) have cumulatively increased their holdings of WLD by over 2 million coins, with an average entry cost between $1.8 and $1.9; more crucially, these large holders have not engaged in short-term arbitrage but have transferred the increased WLD into long-term holding wallets, currently showing a profit of over 50%. Many in the community speculate, "This is ETH whales positioning in advance; WLD might not have reached its true explosive period yet."
This wave of market activity is reminiscent of "dreaming back to 2021" precisely because it perfectly replicates the rhythm of "small coins skyrocketing, hot topics rotating quickly, and a full profit effect." In September 2021, (SHIB rose from $0.000001 to $0.00003, gaining 29 times in 30 days; ) ADA surged from $1.2 to $2.4, doubling within the month; and this September, (OPEN saw an 800% single-day surge, ) MYX increased 6 times in 15 days, and even (WLD's 50% "steady rise" is repeating the script of "catching a small coin can eat big meat" from back then. The market sentiment is similar - in 2021, retail investors chased after asking "who is the next SHIB"; this September everyone is flooding the screen asking "where is the next OPEN"; back then, some made a down payment by relying on ) SOL, and now some have made ten times by relying on $MYX. This kind of "nationwide search for the next hot coin" enthusiasm is too reminiscent of the frenzy three years ago.
September in the crypto world has clearly become the "exclusive stage for altcoins." The movements of capital best illustrate the situation: CoinGecko data shows that since September, the total market capitalization of mid and small-cap coins with a market value of $100 million to $1 billion has increased from $85 billion to $152 billion, a growth of 79%; meanwhile, the market capitalization share of Bitcoin and Ethereum has decreased from 58% to 51%, clearly indicating a shift of funds from mainstream coins to mid and small-cap coins. The market participants have also divided into two camps: some are busy "taking profits" - one user shared their $OPEN liquidation record, cashing out $40,000 from a $5,000 principal, commenting, "Take the profit, afraid it will drop back tomorrow"; others are "frantically looking for the next opportunity," with someone in the community asking every day, "Is there a potential coin like OPEN?" Even someone specifically compiled a list of "coins that increased over 200% in September," with shares exceeding 10,000.
However, beneath the revelry, risks have long been hidden in the shadows. The most typical example is "airdrop coins muddying the waters" - a coin named "September Monster Coin XX" lacks a white paper and team information, relying solely on the gimmick of "the next OPEN". On September 14, it surged 300% in a single day, but by the afternoon, it was discovered to be a "pump and dump" scheme, with the price plummeting from $0.005 to $0.0005, trapping many chasing retail investors; even the leading coin (MYX) has recently shown "high-position anomalies": the turnover rate surged from 20% to 45%, and the open interest in MYX perpetual contracts on a major exchange dropped by 30%, clearly indicating that short-term funds are cashing out.
For ordinary retail investors, this wave of market activity is both an opportunity and a test: those who can catch (OPEN and ) MYX can indeed profit, but those blindly chasing high-flying coins without understanding the chip structure may very well become the "bag holders when the party ends." Rather than rushing blindly following community news, it is better to focus on two signals: first, the on-chain capital movements (such as whether there are large holders of $WLD reducing their holdings), and second, the project's fundamentals (such as whether MYX has actual ecological landing rather than relying solely on emotional increases). After all, after the bull market of 2021, many lost their profits because they didn't exit in time - the crypto market in September is indeed crazy, but the crazier it is, the more one must maintain rationality to truly make money in the market, rather than merely being a "spectator at a wild party."
