Recently, we have seen the German government transferring confiscated bitcoins, coupled with the bankrupt Mt.Gox exchange in Japan beginning to transfer billions of dollars’ worth of bitcoins due to be paid out this month. Does it seem like the overall sentiment of the cryptocurrency market is starting to buckle under the pressure? The Fear and Greed Index has fallen to 38, indicating a state of fear.
Bitcoin has fallen below 57K, institutional selling has caused market panic, and Sun Ge expressed his willingness to take over.
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The top ten tokens by market value have all plummeted, and the ETH ETF gains have disappeared
Trading is active, and Gas Prices are surging! MEV bots are competing for orders
Looking back at the 30-day gains, BTC has fallen by 22%, ETH has fallen by 23%, and Bitcoin has returned to its February levels this year, while Ether has given back all its gains since the partial approval of the spot ETF in May.
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BNB, which this year has included two token issuance platforms, Launchpad and MegaDrop, has seen a historic surge and has now plummeted by 30% in the last 30 days.
SOL, which has excellent recovery capabilities, has lost its upward momentum after the meme coin craze and has recently fallen by nearly 30% in the market.
Despite plans for stablecoin issuance and being the subject of positive discussions in the cryptocurrency circle, XRP’s token usage rates are low, and it has fallen by 25% in the last 30 days.
TON, with the aura of Telegram, has continuously attracted users with meme coin issuance through games similar to WeChat mini-programs. Combined with the high control of the Ton Foundation, it has achieved multiple-fold growth this year. Although such operations are very resistant to downturns, they still fell by 13% today.
DOGE, this ancient meme coin, has not kept up with the meme craze and has fallen by 42% in the last 30 days, the most severe decline among all currencies.
ADA, no longer a topic of mainstream community discussion, still has a loyal support community, and without any notable developments, it has also fallen by 30% in the last 30 days.
TRX, the foundation of Justin Sun’s Poloniex, and the platform with the largest USDT circulation, makes endless profits from USDT trading alone. As a gray area emperor, it has even risen by 8% in the last 30 days.
Avalanche, which had strongly expressed support for meme coin development earlier this year, does not seem to have been welcomed by the market and has fallen by nearly 40% in the last 30 days.
11:14 AM, CoinMarketCap
According to Etherscan, Ethereum Gas Prices have surged from single digits to 54 gwei, making a single exchange transaction cost $60. Selling an NFT may cost up to $100.
Looking at the sources of Gas Fee usage, the most active is Uniswap, indicating active token exchange activities. Next is the new coin listed on Bybit, DOP1, which has consumed Gas through large token transfers.
The enthusiasm for USDT and the Gas usage by MEV Bot also further reveals the mass exodus on the chain, as well as the situation where MEV Bot is taking advantage of the opportunity to profit from transaction arbitrage.
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