The memecoin frenzy earlier theseย 30ย days โ which saw active Bitcoinย (BTC) users plummet and users flock to Solana (SOL) โ appearsย to be disrupting activity elsewhere, with the volume of Ethereumย (ETH) on-chain cryptoย stablecoin trading theseย 30ย days on track to be the lowest since Dec. 2020.
On-chain trading of USDC has reached only $73.1 Billion so far theseย 30ย days, less than half the $158.9 Billion that changed hands in April, reportsย by data from The Block.
Nearly $69 Billion of Tetherโs USDT has changed so far theseย 30ย days, after seeing volume theย previousย 30ย days of $110.6 billion.ย
โItโs likely caused by highย charges on Ethereumย (ETH) resulting in a drawback of cryptoย stablecoin activity,โ The Block data research analyst Rebecca Stevens stated, pointing out that most trading attention theseย 30ย days had been focused on memecoins.
โUSDCโs volume relative to USDTโs volume has really fallen off,โ Stevens added. โThis appearsย to be a result of the depegging. Its supply has likewise dropped so thereโs likewise less USDC to trade.โ
The Binanceย Cryptoย exchange USD cryptoย stablecoin has seen a wholeย lotย of decline in volumes since February when minting was stopped, she said.ย
Althoughย while the average transaction fee on Ethereumย (ETH) has come down after peaking theseย 30ย days on May 11, the 7-day moving average isย still well over levels seen earlier this year.
