In recent days, the German government has been transferring confiscated Bitcoins, and the now-bankrupt Japanese exchange Mt.Gox has begun to move billions of dollars worth of Bitcoin expected to be repaid this month. The overall sentiment in the cryptocurrency market seems to be faltering. The Fear and Greed Index has fallen to 38, indicating a state of fear.
(Bitcoin falls below 57K, institutional sell-offs trigger market panic, Sun Yuchen willing to take over)
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Top ten market cap tokens all plummet, ETH ETF gains wiped out
Trading heats up, Gas Price surges! MEV bots competing for orders
Looking back at the 30-day gains, BTC fell 22%, ETH fell 23%, Bitcoin returned to its February level this year, and Ethereum gave back all the gains from the spot ETF approval in May.
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BNB, carrying Launchpad and MegaDrop, two token issuance platforms, achieved a breakthrough to a new historical high this year but has now broken defense, plummeting 30% in 30 days.
SOL, with excellent recovery ability, lost its upward momentum after the meme coin fever subsided, recently falling nearly 30% along with the market in 30 days.
XRP, despite plans to issue a stablecoin and its lawsuit with the SEC being touted as a good story in the crypto community, these have not hindered the low usage rate of XRP tokens, which fell 25% in 30 days.
TON, basking in the glow of Telegram, continuously attracts users by issuing meme coins through games similar to WeChat Mini Programs, coupled with high control by the Ton Foundation, achieved exponential growth this year. Despite such operations being highly resistant to drops, it still succumbed to the market today, needing to honestly close positions, falling 13%.
(The unshakeable TON, thanks to them? On-chain decryption: the same group of TON Foundation miners mined out 85% of the supply)
DOGE, the ancient meme coin, did not keep up with the meme craze’s gains, falling 42% in 30 days, the most severe decline among all coins.
ADA, no longer a hot topic in mainstream community discussions, still has a loyal support community. Without memorable progress, it also fell 30% in 30 days.
TRX, the foundation of Tron founder Justin Sun and the platform with the largest issuance of USDT, earning endlessly from USDT transactions alone. As the emperor of the gray area, it even rose 8% in the past 30 days.
Avalanche, which had strongly indicated support for meme coin development this year, does not seem to have been welcomed by the market, falling nearly 40% in 30 days.
(Avalanche protocol announces official meme coin collection standards, revealing they have started buying into meme coins)
11:14 AM, CoinMarketCap
According to Etherscan, Ethereum’s Gas Price surged from single digits to 54 gwei, making a swap transaction cost $60. Selling an NFT might cost $100.
Looking at the sources of Gas Fee usage, the most is from Uniswap, indicating active coin swapping activities. Followed by the new coin listed on Bybit,
DOP1
, which consumed Gas due to a large amount of token transfer.
The enthusiasm for USDT and the Gas consumed by MEV Bots further reveal the on-chain exodus and the MEV Bots seizing the opportunity to earn significant arbitrage from transactions.
(EU views MEV as market abuse, feedback open until the end of June)
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Further Reading
Bitcoin 57K! German government transfers another 1300 BTC to exchanges
Powell’s dovish stance, US stocks rally, Bitcoin and Ethereum lackluster