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USDT and USDC Combined Supply Grew $3B Amid Crypto Market Rebound

The supply of the two top stablecoins, USDT and USDC grew nearly $3 billion in a week, a sign that investors rushed to buy crypto at lower prices after the market tumble last Monday. According to data from Lookonchain, 1.3 billion USDT was transferred to exchanges in the days after the market crash on August 5th. USDC’s market cap also grew some 1.6 billion this week, the highest since March last year. CoinDesk's Jennifer Sanasie presents the "Chart of the Day."

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XRP Surges as Ripple-SEC Case Ends

A federal judge ordered Ripple to pay $125 million in civil penalties and imposed an injunction against future securities law violations, ending the long-running SEC case against the platform. XRP, the native token of Ripple, surged nearly 20% on the news, leading market-wide gains. CoinDesk's Jennifer Sanasie presents the "Chart of the Day."

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Memecoins on Solana Surge as SOL Warms Up From Losses This Week

Memecoins on the Solana ecosystem jumped more than 30% in the past 24 hours, leading gains in the crypto market. This comes as the network’s underlying token SOL recovered losses from earlier in the week. Cat-themed popcat, surged 40% on the day and dog-themed token, dogwifhat has also jumped more than 25%. CoinDesk's Jennifer Sanasie presents the "Chart of the Day."

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Donald Trump-Themed DJT Token Slumps 90%

Trump-themed DJT token, issued by Martin Shkreli dove 90%. The token plummeted after a single wallet sold $2 million worth in one transaction reducing its market cap to $3 million from $55 million. Martin Shkreli claimed he and Barron Trump created the token but denied that he held any tokens or keys. CoinDesk's Jennifer Sanasie presents the "Chart of the Day."

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Bitcoin Risk-Reward Remains Compelling Even After Price More Than Doubled in a Year

Data tracked by CryptoQuant shows that bitcoin's "reserve risk" indicator, which measures the confidence of long-term holders based on their willingness to defer spending coins, remains entrenched in the so-called green zone below 0.002. The low reading indicates an attractive risk-reward ratio for those looking to make additional or fresh investments. CoinDesk's Jennifer Sanasie presents the "Chart of the Day."

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What Do EigenLayer's Outflows of $2.3B Signal?

Total value locked on EigenLayer has dropped by 13% to $15.1 billion in the last 30 days, even though ether is trading at a similar level to June. DefiLlama data also shows that restaking protocols like Renzo and Kelp have respectively lost 42% and 20% of their TVL. Is the slump in total value locked a signal that the restaking sector is sliding? CoinDesk's Jennifer Sanasie presents the "Chart of the Day."

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Ether Slides as Grayscale's ETHE Outflows Ramp Up

Ether was down over 7.5% in the first hours of East Asia's business day, this comes as the market continues to be concerned about outflows from Grayscale's converted Ethereum Trust ETF. Market data from SoSoValue shows that ETHE had a cumulative net outflow of over $810 million in the first two days of trading while most of the other ETH ETFs continued in the green for flows. CoinDesk's Jennifer Sanasie presents the "Chart of the Day."

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Copper-to-Gold Ratio Drops, What Does This Mean for Crypto?

The copper-to-gold ratio, which measures the division of the market price per pound of copper by the per ounce price of gold, has dropped over 8% this month, according to data tracked by TradingView and MacroMicro. The ratio has dipped to its lowest level since November 2020, offering bearish cues to risk assets, including cryptocurrencies. CoinDesk's Jennifer Sanasie presents the "Chart of the Day."

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Ether Jumped Above $3.5K Ahead of ETH ETF Trading

Ether price jumped above the $3,500 level as the spot ETH ETFs went live Tuesday. This comes after eight issuers of the product, including BlackRock, received approval for their latest S-1 filings from the SEC on Monday. CoinDesk's Jennifer Sanasie presents the "Chart of the Day."

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HNT Token Scores 40% Gains on Growing Adoption of Helium Mobile

Helium Network's HNT token has surged over 40% in the past seven days, outperforming bitcoin and other major cryptocurrencies. Data from CoinGecko shows that the token is placed at the No. 2 spot on the list of the biggest gainers among the top 100 coins by market value, just behind the meme coin dogwifhat. This comes as the number of Helium Mobile subscribers exceeded 100,000 early this month. CoinDesk's Jennifer Sanasie presents the "Chart of the Day."

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