The meme-coin market is rotating rather than staging a broad rally, with category capitalization near $35.2 billion on September 28, down 4.2% in 24 hours. Large-cap tokens mostly traded sideways, while thinly traded launches such as Baby Cali and Shareholder Cat posted sharp gains before reversing. PUMP was the leading large-cap gainer, rising about 12% to roughly $0.0053 and a $2.44 billion market capitalization after Pump.fun generated $2.11 million in 24-hour fees, including $1.24 million used for holder buybacks. PUMP later fell 4.23% in one hour to $0.004957 on Binance's PUMP/USDT market, triggering $110,000 in long-position liquidations, or forced closures of bullish leveraged trades. DOG, SPX and NPC fell about 11% to 14%, while PENGU, BONK and WIF also declined after earlier gains. The market remains focused on short-lived catalysts, with traders watching whether Bitcoin reclaims $85,000 and whether new launches retain liquidity after their initial spikes.