On Thursday, November 7, Bitcoin entered its second consecutive day of price settlements and peaked at over $76,800.
With the trading volume of the entire sector exceeding the $3.5 billion mark in the transactions within the last 24 hours, the demand for Solana memecoins is increasing.
Updates on the Solana memecoins market and XRP
After 220 days, dating from April 2nd, Solana price reached the $195 mark for the very first time since it increased by 5.45%.
Due to high-leveraged short traders in Ripple-back coins derivatives futures contracts, XRP price has it tough at the $0.55 mark.
November 7th was also significant for Solana memecoins as the 24-hour trading volumes readily surpassed $3.5 billion.
Chart of the day: Solana memecoins flashing market maturity signals
Tokens listed within Solana meme sub-sector had on November 7th, aggregate trading volume estimated at $3.5 billion. The aforementioned section degenerates total trading volume which as per the above-chart is denominated in around $13.4 billion.
Performance of the solana memecoin sector, November 7, 2024 | Coingecko
Economic indicators of performance, in this case TV-MC ratio, are relevant in crypto analytics as they measure the activity levels and liquid assets in a specified asset or sector.
Within the meme subsection specific to Solana, it has been reported in the last two months that on the 7th of November, meme tokens on Solana network had a trading volume of $3.5 billion whereas the market capitalization of the sector stands around $13.4 billion, that shows a TV-MC indicator of 0.26.
Generally, a TV-MC ratio in the range of 0.2 to 05 suggests that the market is reaching maturity with no extreme level of speculation in the atmosphere. These kinds of assets tend to have reasonable and steady levels of liquidity and market activity in respect to their present values.
The TV-MC ratio of the solana memecoin sector has been increasing an indicator of growth and increasing confidence from the global Solana memecoin community. The rise in liquidity could mean that the top ranked Dogewifhat (WIF), BONK and Book of Meme (BOME) could escape the drastic suppression of prices when the market retreats.
Market updates
United Kingdom inflation rates have dropped below the target of two percent. The Bank of England also lowered interest rates by 25 basis points last Thursday.
Changpeng Zhao, Binance’s co-founder, also, has asserted the exchange’s control is not within his jurisdiction as he was dealing with a lot of speculations on his activities following his release from prison in the Bloomberg report.
“It was me who was running the company for seven years head” I have been doing this happily. This is a lot of work. But I guess this chapter is that chapter. I do not think I want to go back. At this time I am merely an average shareholder”
In the suspenseful situation of seven days, the validators of Solana network have managed to stake roughly 5 million SOL.
Several US ETFs based against bitcoin have however been having average performances since Blackrock due to the previous average inflows into them have withheld record breaking outflows.
On November 6, Blackrock’s IBIT, bled 996 BTC, breaking new records for outflows in US bitcoin ETFs since the class began in January 2024 making it the biggest single day loss for IBIT.
It is astonishing but even with such massive outflows by Blackrock, total outflows for US bitcoins ETFs still managed to reach inflows of a total 8970 BTC worth $660 million as of November 6th.
#SOLFutureRise #Trump47thPresident #NovemberMarketAnalysis $BTC