OVERVIEW

Bulls Buy Before PPI 

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Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

Most bullish/bearish symbols on Stocktwits at the close: 📈 $STX, $RUNE, $TIA, $APT, $IMX, 📉 $SUI, $WIF, $DOGE, $OP, and $FLOKI.

*If you’re a business and want to access this data via our API, email us.

News In Three Sentences
Bitcoin, Ethereum, And SolanaNews 🪙 

📉 Bitcoin's Runes Protocol Cools Off as Fee Share Drops to 8.37% 

The once-explosive Runes protocol on $BTC is cooling off fast, with its fee share dropping to 8.37%, nearing its all-time low of 2.16%. Despite accounting for roughly 50% of Bitcoin’s transactions in July, the protocol struggles to capture significant fee revenue. Runes’ decline offers a sobering reminder that high usage doesn’t always translate to high value, especially when the market moves on. TheBlock.

📈 Ethereum Climbs to Weekly High as Grayscale ETHE Finally Sees No Withdrawals 

Ethereum touched a weekly high at $2,750, a small victory as Grayscale's Ethereum Trust ($ETHE) recorded its first day without outflows since converting to a spot ETF. Millions have flowed into spot $ETH ETFs. Institutional interest in ETH might just be warming up. Decrypt.

💰 Pump.fun Hits $28.7M in Monthly Income, Solana-Based Memecoins Lead the Charge 

$SOL’s memecoin creation platform, Pump.fun, hit an all-time high in monthly income at $28.7 million, fueled by retail mania and celebrity-backed tokens. Memecoins like $WIF and $BONK are leading the charge, with WIF surging 20% in a week, proving that when it comes to memecoins, the hype train shows no signs of slowing down. However, most Pump.fun tokens don’t even make it to the first DEX, so choose your memecoins wisely, or prepare to be rugged. Cointelegraph.

📊 Solana Overtakes Ethereum in PayPal USD Supply, What's Next for PYUSD? 

Solana has officially overtaken Ethereum as the leading blockchain for PayPal USD ($PYUSD), with 51.47% of the stablecoin now residing on the Solana network. This shift is driven by generous yields in Solana’s DeFi landscape, making PYUSD a hot commodity on the network. With PayPal launching a global hackathon to push PYUSD even further, the stablecoin’s future on Solana looks bright, but it's still got a long way to go to dominate the stablecoin market. SolanaFloor.

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News In Three Sentences
Altcoin News 🗞️ 

💸 Cardano Processes $7.2B Daily in On-Chain Volume, ADA Undervalued 

Cardano’s on-chain volume is flexing at $7.2 billion daily, but its impressively low NVT ratio of 2.62 suggests $ADA might be seriously undervalued. With 40% of ADA held by long-term believers, the network’s stability is undeniable, even if new user growth is slowing. Cardano’s ability to process massive transactions with a low market cap indicates it’s a sleeping giant that might be trading below its true market value. IntoTheBlock.

🔄 OKX Web3 Wallet Integrates with Arbitrum Bridge, Simplifying Cross-Chain Transactions 

The OKX Web3 Wallet is now integrated with the Arbitrum Bridge, making cross-chain transactions between Ethereum and Arbitrum ($ARB) easier than ever. This move enhances user experience, allowing them to explore dApps, earn rewards, and transfer assets seamlessly within the Arbitrum network. It’s a good move to simplify the use of DeFi. coincu.

🔥 PancakeSwap Burns CAKE Tokens, Boosting Deflationary Hopes 

PancakeSwap just burned a chunk of $CAKE tokens from trading fees, prediction markets, and other activities, decreasing supply and potentially boosting the token’s value. With trading fees and prediction markets driving most of the burn, the platform continues to show healthy engagement. In total, $14 million in CAKE tokens were burned. AltcoinBuzz.

🚀 SUI Doubles Price in a Day, Riding High on Social Media Hype 

$SUI, a Layer 1 blockchain asset, doubled its price in a single trading day, thanks to a social media-fueled frenzy and a spike in open interest. Despite its underperformance in the 2024, SUI’s recent rally shows that crypto investors are still on the lookout for the next big thing. With longs piling up and a token unlock looming, SUI’s next move could be just as volatile. Cryptopolitan.

⚖️ Three Arrows Capital Liquidators Sue TerraForm Labs for $1.3 Billion 

The liquidators of the now-defunct Three Arrows Capital are going after TerraForm Labs, seeking $1.3 billion in damages for the 2022 $LUNA and TerraUSD collapse that wiped out their investments. The lawsuit alleges that TerraForm manipulated prices and persuaded Three Arrows into bad investments, leading to massive losses and the eventual downfall of the hedge fund. Crypto Economy.

💥 Binance to Delist PowerPool, Ellipsis, and Four Other Tokens by August 26 

Binance is doing some housekeeping and decided to sweep PowerPool, Ellipsis, ForTube, Loom Network, Reef, and VGX, out the door. Trading for these tokens will cease on August 26, with withdrawals supported until November 26, after which users might find their tokens magically transformed into stablecoins. CoinPedia.

🔗 TON DNS Introduces Human-Readable Addresses, Simplifying Blockchain Transactions 

TON DNS is making blockchain interactions as simple as sending an email by replacing long, confusing addresses with human-readable names like “yourname.ton.” $TONCOIN wants to bridge the gap between complex blockchain technology and everyday web users, making the TON network more accessible to the masses. By adopting familiar naming conventions, TON DNS is lowering the entry barriers and improving user experience, potentially driving broader adoption. AltcoinBuzz.

Links That Don’t Suck 🔗

🖼️ DMarket, Guild of Guardian Heroes lead NFT market

👩‍⚖️ Coinbase Vs. SEC: Fight over internal documents intensifies

👍️ Arthur Hayes expects a crypto bull run to start in September

🐟️ A homemade aquarium appeared in a Brooklyn tree bed. Then came the goldfish heist

🤖 AI could be the breakthrough that allows humanoid robots to jump from science fiction to reality

💊 Parkinson's: Common type of seaweed may help prevent disease

🃏 Poker star Justin Bonomo, who's won over $60 million, made his first bankroll by selling his EverQuest druid: 'It was over AIM and he offered me $500'e $500'

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Author Disclosure: The author of this newsletter holds positions in Bitcoin, Cardano, Ethereum, Dogecoin, and Arbitrum. 📋