Gate Institute: Ethereum volume in July approached $240 billion | Sei daily active users surpassed Solana for the first time

Crypto Market Overview

  • BTC (-0.19% | Current price 114,455 USDT): BTC has seen a slight decline of 0.19% in price over the past 24 hours, with an increase in trading volume, indicating a high level of market activity. Technical analysis shows that BTC is stabilizing at the support level of 114,000 USD, with an RSI of 43 suggesting oversold conditions, and the MACD shows a positive crossover but weakening momentum. Market sentiment is cautious, with investors focused on whether it can break through the resistance level of 120,000 USD to confirm a further upward trend. On August 4, BTC ETF saw an outflow of 323 million USD, with IBIT accounting for 292 million USD and FBTC for 40.1 million USD.
  • ETH (+2.39% | Current Price 3,665 USDT): ETH has increased by 2.39% in the past 24 hours. Technical analysis shows an RSI of 72, indicating overbought conditions, while the MACD shows a sell signal, but moving averages support a bullish trend. Market sentiment is optimistic, but there may be short-term risks of a pullback, with attention needed on the $3,400 support level and $4,000 resistance level. On August 4, ETH ETF saw an outflow of $465 million, with BlackRock's ETHA seeing an outflow of $375 million and Fidelity's FETH seeing an inflow of $55.1 million.
  • Altcoins: Over the past 24 hours, altcoins have shown an upward trend. However, the fear and greed index is currently at 60, indicating a decline in investor optimism towards the market.
  • Macroeconomic: On August 4, the S&P 500 index rose by 1.47%, closing at 6,329.94 points; the Dow Jones index increased by 1.34%, reaching 44,173.64 points; the Nasdaq index climbed by 1.95%, ending at 21,053.58 points. As of August 5, 11:00 (UTC+8), the spot gold price per ounce is temporarily reported at 3,373 USD, with a 24H increase of 0.01%.

Trending Tokens on Juejin

M MemeCore (+28.36%, circulating market cap 897 million USD)

According to Gate.io market data, the current price of M token is 0.567 USD, with a 24-hour increase of 28.36%.

MemeCore is a public blockchain (Layer 1) compatible with the Ethereum Virtual Machine (EVM), using an innovative "Meme Consensus Mechanism (PoM)" to maintain network security. Users can delegate their meme coins to nodes for staking in a multi-chain environment, thereby enhancing network stability and earning dual block rewards. MemeCore is specifically designed for the meme coin ecosystem, and its mainnet was officially launched on February 12, 2025. Its goal is to create a playground for the community to collaboratively build the future of Web3 through memes and decentralized applications.

M has increased the visibility and accessibility of the token by listing it on mainstream exchanges, attracting investors and thereby increasing trading volume. Additionally, MemeCore announced its entry into the South Korean market by acquiring a company listed on the KOSDAQ, a strategic move that may enhance investor confidence and expand market coverage. Furthermore, MemeCore launched a large trading competition at the end of July, with a prize pool of up to 5.7 million dollars, which also boosted the trading popularity and attention of the M token.

MNT Mantle (+15.42%, circulating market cap 2.764 billion USD)

According to Gate.io market data, the current price of IOTX token is 0.821 USD, with a 24-hour increase of 15.42%.

Mantle is committed to building the world's largest sustainable on-chain financial hub, relying on core products such as the Mantle network, mETH protocol, and FBTC to reshape the banking industry with blockchain technology. With the largest community treasury in the ecosystem, Mantle Treasury, Mantle ensures good liquidity and financial stability. Its over $4.3 billion in assets not only continuously invests in core product development but also supports the development of partners like Agora AUSD and Ethena USDe, thereby enhancing the network's sustainable yield, liquidity, and financial utility.

MNT has seen a significant increase in the past 24 hours, which may be related to a recent 9-day rewards event called "Mantle Tide" launched by the Mantle network. The event started on July 30 and offers $25,000 in MNT rewards, encouraging users to participate in tasks on Mantle dApps and UR, which may increase the demand for MNT. In addition, on August 2, Mantle announced its on-chain data for the past 30 days, showing that its daily active users exceeded 123,000, a growth of 1387%; TVL was $1.4 billion, an increase of 47%. These impressive on-chain metrics may also serve as a driving force behind the rise in token prices.

LTC Litecoin (+8.62%, Market Cap 9.219 billion USD)

According to Gate.io market data, the current price of LTC token is $121.07, with an increase of 8.62% in the last 24 hours.

Litecoin is a peer-to-peer decentralized encryption currency created in 2011 by former Google engineer Charlie Lee, designed to be a "lightweight alternative to Bitcoin." LTC is based on the development of Bitcoin and is open-source, but has been optimized in terms of block generation time, transaction efficiency, and total supply design. It can generate a new block every 2.5 minutes, much faster than Bitcoin's 10-minute cadence, and has a total supply of 84 million coins, four times that of Bitcoin. This makes Litecoin widely regarded as "digital silver," suitable for everyday small payments and quick transactions.

Overall, the price increase of LTC in the past 24 hours has been driven by the combined effects of KOL social media platform promotion, technological breakthroughs, increased trading volume, and positive market sentiment.

Alpha Interpretation

Phantom acquired the Solana chain Memecoin trading platform Solsniper.

The crypto wallet Phantom announced the acquisition of the AI-based Memecoin trading platform Solsniper on the Solana chain. Phantom stated: "Solsniper is designed for precision and speed, helping traders monitor tokens, track wallets, and react instantly. Phantom is not just a wallet... As we expand our product line and accelerate our development pace, we anticipate more strategic acquisitions. The Solsniper web platform will continue to operate as an independent service, with more features and improvements launching in the coming months."

The acquisition of Solsniper by Phantom marks an important step towards intelligence and efficiency in the crypto wallet sector. This event not only enhances Phantom's competitiveness within the Solana ecosystem but also highlights its ambition to transform from a single wallet to a comprehensive trading platform. By integrating AI-driven trading tools, Phantom is able to provide users with more accurate and rapid market insights and operational experiences, significantly improving efficiency in trading high-volatility assets like Memecoins. Looking ahead, Phantom's strategic layout suggests more innovative features and ecosystem expansion. Its ongoing acquisitions and product upgrades may reshape the trading landscape on the Solana chain, promoting the popularization and intelligent development of decentralized financial services.

The recovery trend on the Ethereum chain in July is evident, with trading volume approaching 240 billion USD.

In July, the on-chain monthly trading volume of Ethereum exceeded $238 billion, representing a month-on-month increase of 70%. This is also the highest monthly trading volume since December 2021, setting a new high in nearly four years. The trading volume on the Ethereum network also reached 46.67 million transactions, setting a monthly record, up 3.6% from the historical peak of May 2021. The 7-day moving average of the number of transactions on the Ethereum network (7 DMA) is also close to the historical highest level, reaching 1.64 million transactions, slightly lower than the historical peak of 1.66 million transactions in May 2021. In July, the number of active addresses on the Ethereum network was 17.55 million, the highest level since May 2021. With all the positive updates in Ethereum network metrics, the price of ETH also reached a high of $3,700.

Ethereum's on-chain transaction volume and transaction count both hit recent highs in July, demonstrating a significant recovery in network activity and a notable increase in user participation. This strong performance has boosted the activity and market confidence of the Ethereum ecosystem, with ETH prices climbing to high levels accordingly. In the future, as network usage continues to grow and active addresses increase, Ethereum is expected to further solidify its core position in the public chain space.

Sei daily active user count exceeded Solana for the first time on August 2.

According to data from the Artemis website, Sei's daily active users surpassed Solana for the first time on August 2. Sei has recently launched native USDC and introduced Ondo and Backpack, doubling its daily active user count in the last three months: from 380,000 to the current 752,000. On August 2, the significant decline in Solana's daily active users and trading volume allowed Sei's daily active users to surpass Solana for the first time. Additionally, within just 10 days, the issuance of native USDC on Sei reached 108 million, exceeding that of chains like zkSync, Algorand, and Polkadot.

The daily active users of the Sei blockchain have surged recently, surpassing Solana for the first time, demonstrating its potential for rapid rise in the fiercely competitive public chain market. The introduction of native USDC and the expansion of ecological projects have significantly boosted network activity, showcasing Sei's strong momentum in attracting users and capital. In the future, if Sei can continue to optimize its ecosystem and improve transaction efficiency, it may occupy a more significant position in the public chain field.
References:


[Gate Research Institute](https://www.gate.com/learn/category/research) is a comprehensive blockchain and crypto market research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend predictions, and macroeconomic policy analysis.

Disclaimer Investing in the crypto market involves high risks, and users are advised to conduct independent research and fully understand the nature of the assets and products purchased before making any investment decisions. Gate shall not be responsible for any loss or damage caused by such investment decisions.

ETH-3.72%
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