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Current distribution of #BTC #bitcoin

0xChairman · 2024-06-14T09:52:34.000Z

Current distribution of #BTC #bitcoin

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Distribuția curentă a #BTC #bitcoin 

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Dogwifhat Overtakes DOGE and SHIB as Top Meme Coin Dogwifhat (WIF) outshines Dogecoin and Shiba Inu in trading volume, with analysts predicting a surge past $2.5. In early July, Dogwifhat (WIF), a Solana-based meme coin, surpassed well-known competitors Dogecoin (DOGE) and Shiba Inu (SHIB). According to CoinMarketCap, WIF has achieved remarkable daily trading volumes, positioning itself as a top contender in the meme coin market. Over the past 24 hours, WIF reported a staggering $600 million in trading activity, outpacing Pepe (PEPE) at $518 million. Even Dogecoin (DOGE), previously the leading meme coin, trailed with $424 million in volume. After a significant sell-off last month, Dogwifhat has rebounded strongly. Currently priced at approximately $2.30, WIF has seen a 16.96% increase in the last 24 hours, indicating renewed investor confidence. While Shiba Inu (SHIB) ranked sixth in trading volume with $172 million, it still holds the second-largest market cap at $10.2 billion. Meanwhile, Bonk (BONK) and Floki Inu (Floki) outperformed SHIB in volume, with $208 million and $191 million, respectively. This trend shows a growing interest in newer meme coins over established ones. Analysts forecast that Dogwifhat (WIF) could surpass $2.5, fueled by its strong early July performance. Currently, WIF is the second-best performing cryptocurrency, trailing only Ethereum Name Service (ENS). #US_Inflation_Easing_Alert #VanEck_SOL_ETFS #ETH_ETFs_Approval_Predictions #MtGoxJulyRepayments #WIF $WIF

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Bitcoin Activity Hits Lowest Point Since 2010: Will The NExt Three Months Be Any Different? Bitcoin’s onchain activity has plummeted to its lowest levels since November 2010, with the ratio of active Bitcoin addresses dropping significantly. June saw the weekly active wallet ratio fall to a mere 1.22%, only peaking slightly higher at 1.32% throughout the month. The total number of active wallets also reached multiyear lows, with only 614,770 active wallets recorded the week of May 27—the lowest since December 2018. This decline suggests a phase of market consolidation, with decreased buying and selling activity among Bitcoin holders. Juan Pellicer, a senior researcher at IntoTheBlock, explains this drop in wallet activity as a result of weaker retail participation compared to previous cycles. “This year’s run to a new all-time high was driven by institutional capital instead of retail investors,” Pellicer told Cointelegraph. He attributes this to the broader economic situation, which has dampened retail investment in crypto. Investors are also anticipating increased whale movements, including the Mt. Gox trustee’s plan to start distributing payments to creditors in July. Large holders, including some linked to governments, have been seen selling off Bitcoin, with much of this bearish trading activity occurring offchain and not significantly affecting onchain address activity. The drop in Bitcoin activity seems counterintuitive given the launch of Runes, a fungible token protocol introduced with the latest halving event in April. Initially, Runes provided a significant revenue boost for miners, but transaction fees and miner reserves have since normalized to pre-halving levels, hitting 14-year lows. Pellicer notes that while activity on Runes has cooled, this is likely a temporary lull due to the cyclical nature of such assets. Meanwhile, the spotlight in the crypto world has shifted to memecoins and celebrity tokens, which are drawing speculators looking for quick gains. #VanEck_SOL_ETFS #ETH_ETFs_Approval_Predictions #BTC #bitcoin $BTC

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Bitcoin and Altcoins Stay Stagnant Despite Cooling US Inflation Despite recent cooling in US inflation, the cryptocurrency market has not seen the anticipated rally. Traditionally, lower inflation leads to increased investor risk appetite due to a lower cost of capital and higher liquidity, which typically benefits high-growth assets like Bitcoin and altcoins. However, despite favorable conditions, the crypto market remains stagnant. The US Federal Reserve plays a crucial role in this scenario, closely monitoring the job market, inflation, and the value of the dollar to adjust its policies. When inflation trends near the Fed’s 2% target, it opens the door for reducing interest rates and injecting liquidity into the economy. May’s inflation data revealed a deceleration, with the core Personal Consumption Expenditures (PCE) index rising by 2.6% year-over-year, aligning with economists' predictions. This marked the slowest price increase since March 2021. San Francisco Fed President Mary Daly noted that this gradual cooling of inflation indicates that monetary policy is working. Market traders had initially expected three interest rate reductions earlier in the year, but now anticipate only two, starting in September. Despite these favorable conditions, the total cryptocurrency market capitalization has declined from its 2024 peak in March, while the S&P 500 reached an all-time high in late June. One significant factor is the strength of the US dollar. Cryptocurrencies tend to underperform when the dollar is strong, as measured by the US Dollar Index (DXY). Currently, the DXY is near its highest level since November 2023, indicating strong dollar performance. This relative success of the Fed’s strategy, which strengthens the dollar, has dampened the expected positive impact on cryptocurrencies. #US_Inflation_Easing_Alert #VanEck_SOL_ETFS #ETH_ETFs_Approval_Predictions #MtGoxJulyRepayments #BTC $BTC

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Runes Transactions on Bitcoin Plummet Over 88% in June: Here's Why It Matters Runes, a new token standard on the Bitcoin blockchain, has experienced a dramatic 88% drop in daily transactions this month. Key Points: - Major Decline: According to Dune Analytics data from Crypto Koryo, the average daily Runes transactions fell from 331,040 between June 9-15 to just 37,820 from June 22-28. - Record Low: June 24 saw only 23,238 transactions, the lowest since Runes launched during Bitcoin’s fourth halving on April 20. - Bitcoin Transactions: Runes transactions have comprised only 4.9-11.1% of all Bitcoin transactions over the past week. - Impact on Miner Fees: This sharp decline has significantly impacted Bitcoin miner fees, which dropped from 884 Bitcoin on April 24 to less than 2 Bitcoin over the last six days. - Ordinals and BRC-20: Fees from Ordinals inscriptions and BRC-20 tokens have also been low, failing to provide the anticipated revenue boost for miners. The decline in Runes transactions highlights the volatility and unpredictability in trading volumes of new token standards on the Bitcoin blockchain. Initially seen as a potential revenue stream for miners, the decreased activity has left miners struggling to compensate for the 50% block subsidy reduction following the halving event. #BTC #Runes #bitcoin #VanEck_SOL_ETFS #ETH_ETFs_Approval_Predictions $BTC

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Curve Finance Switches to crvUSD for Fee Distribution: What You Need to Know Curve Finance is now using its native stablecoin, crvUSD, for fee distribution, moving away from the previous 3cr token. This change aims to enhance crvUSD's role within the Curve Finance ecosystem, encouraging users to engage more with the platform by utilizing crvUSD. Key Points - Increased Utility for crvUSD: The shift to crvUSD for fee distribution creates a "supply sink" for the stablecoin, potentially boosting the total value locked (TVL). - Simplified Process: Users will now receive fees in a stable, dollar-denominated currency, eliminating the need for conversion. - Enhanced Incentives: The new fee distribution method encourages users to use and deposit crvUSD within the ecosystem. Community Impact According to Curve Finance founder Michael Egorov, distributing fees in crvUSD will make it easier for users to participate in Curve Finance’s products without the hassle of converting tokens. This is expected to drive higher engagement and utilization of the stablecoin. Concerns Egorov acknowledged potential risks, such as the relative newness of crvUSD compared to the more established 3crv token. However, he reassured users that multiple audits have confirmed crvUSD’s readiness for deployment. Additionally, all necessary on-chain votes for the transition have passed, mitigating operational risks. Bottom Line Curve Finance's move to adopt crvUSD for fee distribution simplifies user experience and strengthens the stablecoin’s position in the ecosystem, promising enhanced utility and engagement. #US_Inflation_Easing_Alert #VanEck_SOL_ETFS #ETH_ETFs_Approval_Predictions #MtGoxJulyRepayments #CRV $CRV

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