May 30, 2023 at 06:49Contents
What’s new in the crypto market over the past 24 hours? We list the main events in the world as briefly as possible.
Weird news around DEX
Minswap (that’s Cardano’s DEX) has seen a jump in transaction volume in recent days. Volumes have gone from just over $1 million in early May to $18 million as of today. Our investigation shows that much of the increase in volume came from local meme coins #SNEK and #BANK. The data shows that the prices of these two tokens have risen an average of 34% over the past 24 hours. If you were looking for alternatives to the already promoted and expensive meme tokens, you can take a closer look at these strange exotics.
By the way, both #SNEK and #BANK were included in the “Memecoins of the month” rating from Flawless resource.
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No less strange news came from another famous DEX: PancakeSwap launched its own play-to-earn game. Now, when you come to trade on this popular exchange, it’s important not to forget what you’re doing there. At least there is a non-boring alternative to how you can earn money on the exchange.
The 5 most liquid exchanges in the world
Kaiko did interesting research, studying the trading volumes and structures of different exchanges. Although she was interested only in Ethereum, this result can be confidently regarded as a characteristic of the exchange’s quality (its liquidity).
So, 72% of ETH market depth falls on just 5 exchanges: Binance, Bitfinex, OKX, Coinbase, and Kraken. All other exchanges (more than forty others) account for only 28% of the market depth. If you are actively trading, here is a ready list of real-live exchanges for any volume of buying and selling.
Where the biggest growth of crypto holders is
Citizens of which countries are most actively investing in crypto right now? Interesting fresh data from Statista. India, Brazil, the U.S., South Africa, and Germany are now leading in the growth of new crypto users.
Another masterclass from SmartMoney
Trader SmartMoney previously became known for speculating on meme tokens, on which he made a million dollars. This time, researchers have reconstructed the chain of his incredibly successful trades on #ARB — everything is just like the books teach: he buys at deeps and sells at highs:
His address started with 250k USDC and, after three trades, had 328.4k USDC, making a profit of 78.4k USDC for the week.
Do you believe in copy trading? A lot of traders are following his bets here, trying to repeat his actions in the hope of making profits as well.
Solana is on the rise
Yesterday, the Huobi exchange recorded a $1.25 billion purchase of SOL coins. That’s just a gigantic amount, in case you didn’t realize that figure. They write that Hong Kong has joined in the trade. For example, user @martypartymusic describes the event this way:
“$1.25 billion of Solana bought on @HuobiGlobal today. China is aping into @solana.”
But what happened, and why Solana specifically?
According to the latest news, Solana has integrated its blockchain into ChatGPT. This will allow users to work directly with the Solana network using the ChatGPT neural network interface for queries.
Solana Labs CEO Anatoly Yakovenko said ChatGPT will make working with Solana’s blockchain easier and clearer. For example, users will be able to use the ChatGPT interface to buy NFTs on Solana or for crypto transactions simply by giving verbal commands.
It’s not yet clear how effective and workable this approach really is, but the combination of the hot keywords ChatGPT, China, and $1 billion has pumped up the Solana market, which is up 8% in 24 hours.
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