According to BlockBeats, on September 6, Binance Research released its August market report: In August 2024, driven by global macroeconomic concerns and weak U.S. unemployment data, the total market value of the cryptocurrency market fell sharply by 13.1%, exacerbating concerns about a recession. On August 5, the Bank of Japan’s decision to raise interest rates caused considerable disruption to global stock markets, especially affecting Asian indices such as the MSCI Asia Pacific Index and Japan’s Nikkei 225 Index, which fell sharply during the session. This volatility extended to the cryptocurrency market, resulting in a single-day liquidation amount of more than $819 million. Despite the “flash crash”, the market began to stabilize after Federal Reserve Chairman Jerome Powell hinted at a possible rate cut in September. In addition, the U.S. Bureau of Economic Analysis revised the GDP growth rate in the second quarter to 3%, exceeding expectations.
Driven by the launch of the SunPump memecoin launchpad, TRX outperformed the market in August with a gain of 19.5%, resulting in a 65.6% increase in trading volume and a 245.2% surge in TRON DEX trading volume to over $3B. Affected by macroeconomic and geopolitical factors, BTC fell 11.1%, with the spot BTC ETF seeing a net outflow of $142 million and Grayscale’s GBTC seeing a net outflow of $838 million. ADA, AVAX, and XRP all fell around 13%, while DOGE fell 19.8%. TON price fell 20.4% after news of the arrest of Telegram founder Pavel Durov, and congestion in the popular memecoin DOGS caused a six-hour network outage, adding insult to injury.
ETH fell 24.9% amid lower on-chain activity, low gas fees, and massive outflows from DeFi TVL. Concerns were raised about massive ETH liquidations and sell-offs by major players and underperformance of spot ETH ETFs. SOL fell the most among the top coins, down 24.4%. Initial interest in memecoin trading appears to have waned due to rug pulls and hacking incidents, resulting in a 27.7% drop in Solana DEX volume and reduced on-chain activity.
