- The new $PEPE token price peaked at +4300%.
- $SG from SharesGram SocialFi platform seems to have rugged.
- A DC court ruling about Bitcoin ETF approvals sent on-chain metrics soaring.
A New PEPE Token Hops Onto the Scene
Everyone in the crypto markets has heard of the original $PEPE token at this point, but they haven’t heard of all the copycats. The most notable token among them, also with the $PEPE ticker, has been trending since the weekend due to the amount of trades Blockpour shows it has logged (73,923) and total volume it has racked up ($125M). It launched on the 26th and the price rose 4300% by the 29th to $0.044. It has since settled to about $0.017 with decent volatility from bottom to top. Volatility makes (some) traders happy.
Everyone’s Talking About the Bitcoin ETF
News that the DC Circuit Court rejected the grounds on which the SEC denied Grayscale’s Bitcoin spot ETF application jolted the market into buy-mode. The news even sparked presidential hopeful Vivek Ramaswamy to note that the decision “clears a path” to keeping Bitcoin innovation in the US. On-chain from the 27th to the 29th on Ethereum and Arbitrum, daily trade volumes were up 213% and 553% respectively. Average trade sizes jumped 152% and 247% respectively.
The Anatomy of a Rugpull
DeFi traders in the crypto market are no strangers to the rugpull - when the team behind a token rapidly removes liquidity from their token. This week saw $X from X Coin, yet another X memecoin, and $SG from the SharesGram SocialFi platform rug users. The rug on $X took less than 24 hours, which is a unique characteristic of the modern rugpull. The $SG rugpull took about 3 days, and may have been caused by a sleepy developer.
Let's Talk About CEX: The top ERC-20 tokens transferred at centralized exchanges
This section reviews the ERC-20 token transfer flow trends from the largest centralized exchanges from August 25 - 31, such as Coinbase, Bitfinex, Kraken, and Bitstamp.
Coinbase
- Net Flows (USD): +$307,935,009
- Total Transfers: 153,453, 51,254 IN / 102,199 OUT
The top five ERC-20 tokens transferred through Coinbase were:
Bitfinex
- Net Flows (USD): -$128,512,376
- Total Transfers: 3,558, 1,315 IN / 2,243 OUT
The top five ERC-20 tokens transferred through Bitfinex were:
Kraken
- Net Flows (USD): -$92,635,147
- Total Transfers: 26,460, 7,616 IN / 18,844 OUT
The top five ERC-20 tokens transferred through Kraken were:
Bitstamp
- Net Flows (USD): -$2,860,137
- Total Transfers: 2,069; 1,802 IN / 267 OUT
The top five ERC-20 tokens transferred through Bitmex were:
About Blockpour
Blockpour is a technology firm specializing in Web3 data and analytics, offering individuals and businesses indispensable data and tools to navigate the dynamic on-chain universe while bridging seamlessly to the off-chain world.
Through our real-time and historical multi-chain data feeds, businesses and traders can fully unlock the power of blockchain data to inform their strategies, optimize operational efficiency, and drive top-line growth.
To learn more about Blockpour check out our website and follow us on Twitter or LinkedIn. For sales or inquiries about the API, contact [email protected].
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.
