Ethereum
40% of Solana’s trading volume centers around meme coins
Published
5 hours agoon
By
adminSolana has surged ahead of Ethereum in weekly on-chain trading volumes, driven by a remarkable uptick in meme coin activity that now accounts for 40% of its trading landscape.
The crypto landscape is shifting, with Solana recently eclipsing Ethereum in weekly on-chain trading volume. A recent report from Wintermute shows that Solana’s (SOL) trading volume jumped 50% to $51 billion, while Ethereum (ETH) reached $46 billion, reflecting the ongoing recovery of the crypto sector from recent lows.
A big driver behind this momentum appears to be the rise of meme coins, which now account for 40% of Solana’s trading activity, fueled by meme coin marketplace pump.fun, which now accounts for 35% of Solana’s total decentralized exchange volume. However, despite the extensive hype, only 0.76% of pump.fun wallets have generated $1,000 or more, as crypto.news reported earlier in an exclusive deep-dive report.
The influx of speculative trading has led to a dramatic increase in token generation on the network, capturing an impressive 86% market share, up from 60% in early September, Wintermute notes. Weekly token generation also skyrocketed from 45,000 to 110,000 tokens.
Meme coins themselves have outperformed other sectors as well, with the GMCI’s Meme Index rising 34% in September, closely trailing the 39% growth of the GMAI Index. Year-to-date, the index has surged 140%, far surpassing the GMAI Index’s 83% growth, Wintermute notes.
Analysts suggest that Solana’s burgeoning meme coin activity “could potentially catalyze broader growth across the entire industry,” adding that the calm in crypto markets may be the “prelude to a storm as the U.S. election approaches.”
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Bitcoin
Top Analyst Unveils Level Where Bitcoin Finally Escapes ‘Endless Chop’ – Here’s His Forecast
Published
1 day agoon
October 14, 2024By
adminA top crypto strategist known for making timely Bitcoin calls is outlining a price level where he thinks BTC’s eight-month consolidation could come to a close.
Pseudonymous analyst DonAlt tells his 589,100 followers on the social media platform X that he believes Bitcoin will gather more bullish momentum if it clears a crucial resistance area.
The trader also notes that it would be healthy for BTC to retest its immediate support before moving higher.
“>$65,000 and I’d wager we’ve finally escaped the endless chop
<$58,000 and sadness awaits
>$61,700 is a good first step towards $65,000 being broken
I’m hopeful we’ll go up after all this chop has ended.”
At time of writing, Bitcoin is trading for $62,663.
DonAlt is also keeping a close watch on the top smart contract protocol Ethereum (ETH). According to the analyst, ETH appears to be forming an ascending triangle pattern – a bullish reversal structure if an asset takes out its horizontal resistance.
“I shall name it the triangle of cope.”
In a video update, DonAlt says that ETH will start to look bullish if it soars above its horizontal resistance.
“Above $2,700 is already enough, like above $2,700 ETH starts looking really attractive. If not, even $2,500 if you want to be really, really aggressive.”
At time of writing, Ethereum is worth $2,458.
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Amidst the slumpy market conditions, StakeLayer has surged by over 250% alongside Thala, Dream Machine Token, which surged by double digits.
The crypto market cap has dropped by over 1.5% in the last 24 hours. As per CoinMarketCap data, it currently stands at $2.17 trillion.
Bitcoin (BTC) is bleeding alongside Ethereum (ETH) in single digits. However, the Stakelayer token is up by over 250% during the same period.
Stakelayer market cap eyes $50 million with the pump
Data from CoinGecko reveals interesting price movement for the cross-chain staking and restaking platform’s token. The token has pumped from a 24 hour low of $0.00344 to a high of $0.001489.
The rally has however cooled down as the token is trading at $0.01299 at press time. StakeLayer also touched an all time high today and is down by over 27% from that high.
The token has also earned its spot as the largest gainer on CoinGecko in the last 24 hours. A look at their X account reveals that the team had announced a buyback and burn initiative, which could be one reason for its price surge.
Thala and Dream Machine Token surge double digits
Interestingly, during the same timeframe, Thala (THL) and Dream Machine Token (DMT) surged by double digits. As per CoinGecko data, THL price is up by over 18.5%, while DMT has pumped by 20%.
Even though the exact reason for the surge in DMT’s price is unclear, THL’s price surge can be attributed to the price pump of Aptos (APT). Thala Labs is an ecosystem protocol that aids in borrowing, lending, trading, staking and validating APT.
The recent surge in APT’s price, which saw it touch as high as $10.27 from a weekly low of $7.87, is likely the primary catalyst for the surge in its price. THL is up by over 71% in the last 30 days.
The token has also shown a decent surge in the last week, with its price touching as high as $0.6354 from a low of $0.4228.
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Bitcoin
Protocol Village: Karate Combat, Web3 Contact Sport, Launches Own Layer-2 Chain 'UP' on Hedera
Published
2 days agoon
October 13, 2024By
adminProtocol Village: Karate Combat, Web3 Contact Sport, Launches Own Layer-2 Chain 'UP' on Hedera
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