In Blockpour On-Chain This Week, the court decision in favor of Ripple XRP in the landmark case against the SEC has led to strong upward market movements late in the week.
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The market celebrates the Ripple XRP court victory
A US federal judge ruled in favor of Ripple $XRP this week in its multi-year case against the US SEC, confirming that the token was not sold as an unregistered security. This has led to a massive market-wide pump across all the blockchain networks tracked by Blockpour.
$WETH is trading over $2K for the first time in months, and trading volumes, trade counts, and trader counts are up on most tracked networks. The ruling is a massive precedent that could protect the entire industry from much of the actions that the SEC has been making lately.
Ethereum is the biggest gainer from the Ripple news.
$WETH price is over $2K for the first time in months.
BNB Chain, Ethereum, and Moonbeam metrics spike for a day
Before the landmark Ripple XRP ruling, BNB Chain, Ethereum, and Moonbeam each saw significant spikes in metrics this week. Ethereum and BNB Chain enjoyed a big jump in activity on July 10, while Moonbeam's big day was July 13.
Trade volume on BNB Chain spiked 114% to $259.1M and 54% to $709.9M on Ethereum. As a result, trade size also spiked on both chains. On Moonbeam, trade volume jumped 78% to 731K while trade count blew off the top of the chart by 259% to 13K. Of course, the Ripple news has led to another even bigger market movement!
Moonbeam network stats hit highs twice this week.
Memecoins dominate trade counts
It seems like dozens have been launched, following the trend of adding ‘2.0’ to the end of classic tokens like, unironically, $XRP with XRP2.0 and PEPE2.0. These tokens were mostly traded on Ethereum, but all nine of the networks tracked by Blockpour featured memecoins. The top Ethereum tokens from the week chart tells the whole story.
Many of the top traded tokens on Ethereum are memecoins.
CEX Check: The top ERC-20 tokens transferred at centralized exchanges
This section reviews the ERC-20 token transfer flow trends from the largest centralized exchanges, such as Binance, Coinbase, OKX, and Kucoin.
Binance
- Net Flows (USD): +$1,739,454,722
- Total Transfers: 419,773 (151,097 IN / 268,676 OUT)
The top five ERC-20 tokens transferred through Binance were mostly stablecoins:
Coinbase
- Net Flows (USD): +$416,600,123
- Total Transfers: 220,887 (103,907 IN / 116,980 OUT)
The top five ERC-20 tokens transferred through Coinbase were:
OKX
- Net Flows (USD): -$19,317,135
- Total Transfers: 61,523 (9,993 IN / 51,530 OUT)
The top five ERC-20 tokens transferred through OKX were:
Kucoin
- Net Flows (USD): -$102,050,850
- Total Transfers: 60,747 (23,449 IN / 37,298 OUT)
The top five ERC-20 tokens transferred through Kucoin were:
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Disclaimer:
The above article is for informational purposes only and is not financial advice. Blockpour is a data aggregation and analytics platform only and does not provide financial advice or services of any kind.
