Under the heat of the cryptocurrency market, Binance's trading volume in the past 30 days has surpassed $3.5 trillion, exceeding Nasdaq by 10% and being twice that of the New York Stock Exchange, which is estimated to be related to its strategy of supporting meme coins. Additionally, the market capitalization of USDT has first surpassed $132 billion, surpassing Citigroup to become the 142nd largest asset in the world. (Background: MicroStrategy's stock surged 10% to become the champion of US stock trading volume! It also announced the issuance of $2.6 billion in bonds to increase its Bitcoin holdings.) (Background information: Dongqu Weekly: Bitcoin surges towards $100,000, SEC chairman resigns, MicroStrategy increases BTC holdings again...) Since Trump was elected President of the United States, the cryptocurrency market has been showing a heated situation: Bitcoin has risen over 30% in the past two weeks, targeting $100,000, Robinhood and Coinbase dominate the US App Store's finance category ranking 'first and second', and the funding costs of perpetual contracts have soared above 10%, reaching even 20% in major exchanges. IntoTheBlock indicates that the cost of over 10% in fees shows that traders' bullish sentiment is continuously strengthening. Although it is still below the peak in the first quarter, maintaining this level in the long term may indicate signs of overheating in speculative activities. In the past month, Binance's trading volume has surpassed that of Nasdaq and the New York Stock Exchange. This hot situation has even surpassed the traditional capital market, as on the 19th, the trading volume of MicroStrategy, the leader in Bitcoin holdings, surpassed that of Nvidia and Tesla, topping the 'US stock trading volume champion'. Recently, the cryptocurrency data insight company TokenInsight released a report indicating that the status of cryptocurrency in the financial market is becoming increasingly prominent. The report shows that in the past 30 trading days (from October 7 to November 15), Binance's total trading volume (spot + derivatives) reached a staggering $3.5 trillion, significantly surpassing the data of major global stock markets: Binance's trading volume is 10% higher than Nasdaq; it is twice that of the New York Stock Exchange (NYSE); it is 16 times that of Coinbase; and it accounts for approximately 50% of global centralized exchange (CEX) trading volume. The report states that this data fully proves that crypto assets are increasingly favored by investors, gradually moving from the margins to the core of mainstream finance. The listing of meme coins by Binance has become a major reason for this. On-chain analyst Ai Yi analyzed that the growth of Binance's trading volume, in addition to being influenced by the heated market, is also related to its strategy of supporting meme coins. Since October, Binance has launched 11 popular meme coins. Ai Yi pointed out that recently when we opened the Binance market, we saw that indeed half of the '24-hour trading volume' ranking was composed of meme coins. For example, on November 13, the daily contract trading volume of $Pnut reached $7.432 billion, accounting for 39% of the same day's ETH contract trading volume. Ai Yi stated that as the largest exchange in the industry, 'embracing Meme' requires lowering one's stance and paying the corresponding price, recalling that the previous disputes over the capitalization of Neiro also brought a lot of criticism to Binance. But beyond the criticism, the voice of 'miracles only happen at Binance' is also increasing. TokenInsight's report corroborates the effectiveness of Binance's recent entry into the Memecoin market. Since Binance launched the $GOAT contract at the end of October, it has been clear that Binance's attitude towards Memecoins has begun to change. In November, I organized a tweet titled 'Review of Memecoin projects launched by Binance in 2024', which also indirectly confirmed my thoughts; but after looking at the data in this report, I realized how exaggerated the trading volume has become... https://t.co/3fRwRwNLuE pic.twitter.com/7J4yCu0hro — Ai Yi (@ai_9684xtpa) November 23, 2024. Binance's stablecoin inflow reaches a new high. In addition, TokenInsight pointed out in the report that another trend indicating a strong signal of a bull market is the inflow of USDT into centralized exchanges. During the week of the US presidential election, the total inflow of USDT into major exchanges exceeded $20 billion. Among them, Binance topped the list with an inflow of $7.7 billion, followed by Coinbase with $4.3 billion, and other exchanges with $6.5 billion. CryptoQuant analysts stated yesterday (22nd) that in the past month, the inflow of stablecoins to Binance reached $10.2 billion, setting a historical high, highlighting Binance's core position in the cryptocurrency market, and again confirming that Binance's strategy of supporting meme coins in line with the market has yielded significant results. The market capitalization of USDT surpasses Citigroup. On the other hand, USDT's market capitalization has first broken through $13.22 billion. The latest data from 8marketcap shows that its global asset market capitalization ranking has surpassed traditional financial giant Citigroup ($13.2 billion), China's leading lifestyle service platform Meituan ($12.976 billion), and major US energy company ConocoPhillips ($12.861 billion), rising to the 142nd position. Related reports: Bitcoin targeting $100,000, Cathay Digital Payment '00909' heavily invested in MicroStrategy, Coinbase... winning three crowns for ETF returns. The big short citrus 'short MicroStrategy' stock price plummeted 20%: MSTR has completely detached from Bitcoin fundamentals. $PEPE skyrocketed 90%! Coinbase and Robinhood listed simultaneously, and the market value of Pepe Frog officially surpassed $10 billion. "Bitcoin hot money tide) Binance's monthly trading volume reaches twice that of the New York Stock Exchange, stablecoin inflow reaches a new high, Tether's market value surpasses Citigroup" This article was first published on Dongqu BlockTempo (Dongqu Dynamic Trend - the most influential blockchain news media).

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