Gate Research: Ethereum Transaction Volume Nears $240 Billion in July | Sei Daily Active Users Surpass Solana for the First Time

Crypto Market Overview

• BTC (-0.19% | Current price 114,455 USDT): BTC price slightly decreased by 0.19% in the past 24 hours, with increased trading volume indicating high market activity. Technical analysis shows BTC stabilizing at the $114,000 support level, RSI at 43 suggesting oversold conditions, MACD showing positive crossover but weakening momentum. Market sentiment is cautious, with investors watching for a breakthrough of the $120,000 resistance level to confirm further uptrend. On August 4th, BTC ETFs saw outflows of $323 million, with IBIT accounting for $292 million and FBTC for $40.1 million.
• ETH (+2.39% | Current price 3,665 USDT): ETH rose 2.39% in the past 24 hours. Technical analysis shows RSI at 72, indicating overbought conditions, MACD showing sell signals, but moving averages support a bullish trend. Market sentiment is optimistic, but short-term correction risks exist. Key levels to watch are $3,400 support and $4,000 resistance. On August 4th, ETH ETFs saw outflows of $465 million, with BlackRock’s ETHA accounting for $375 million outflow and Fidelity’s FETH seeing $55.1 million inflow.
• Altcoins: Altcoins showed an upward trend in the past 24 hours. However, the Fear and Greed Index currently stands at 60, indicating a slight decrease in investor optimism.
• Macro Environment: On August 4, the S&P 500 index rose 1.47% to 6,329.94; the Dow Jones Industrial Average increased 1.34% to 44,173.64; and the Nasdaq Composite gained 1.95% to 21,053.58. As of August 5, 3:00 (UTC), spot gold was priced at $3,373 per ounce, up 0.01% in the last 24 hours.

Trending Tokens

M MemeCore (+28.36%, Market Cap $897 million)

According to Gate.io data, M token is currently priced at $0.567, up 28.36% in the last 24 hours. MemeCore is an Ethereum Virtual Machine (EVM) compatible Layer 1 blockchain using an innovative “Proof of Meme (PoM)” consensus mechanism for network security. Users can delegate their meme coins to nodes for staking in a multi-chain environment, enhancing network stability and receiving dual block rewards. MemeCore, designed for the meme coin ecosystem, launched its mainnet on February 12, 2025. It aims to create a playground where the community can build the future of Web3 through memes and decentralized applications.

M’s listing on major exchanges increased the token’s visibility and accessibility, attracting investors and increasing trading volume. Additionally, MemeCore announced its entry into the Korean market through the acquisition of a KOSDAQ-listed company, potentially boosting investor confidence and expanding market coverage. Furthermore, MemeCore launched a major trading competition in late July with a prize pool of $5.7 million, which increased trading activity and attention for the M token.

MNT Mantle (+15.42%, Market Cap $2.764 billion)

According to Gate.io data, MNT token is currently priced at $0.821, up 15.42% in the last 24 hours. Mantle aims to build the world’s largest sustainable on-chain financial hub, leveraging blockchain technology to reshape banking through core products like the Mantle Network, mETH protocol, and FBTC. With the ecosystem’s largest community treasury, Mantle Treasury, Mantle ensures good liquidity and financial stability. Its over $4.3 billion in assets not only supports core product development but also aids partners like Agora AUSD and Ethena USDe, enhancing the network’s sustainable returns, liquidity, and financial utility.

MNT’s significant rise in the past 24 hours may be related to Mantle Network’s recent “Mantle Tide” 9-day reward event. Starting July 30, the event offers $25,000 in MNT rewards, encouraging user participation in Mantle dApps and UR tasks, potentially increasing demand for MNT. Additionally, on August 2, Mantle published its on-chain data for the past 30 days, showing daily active users exceeding 123,000 (up 1387%) and TVL at $1.4 billion (up 47%). These impressive on-chain metrics may also be driving factors for the token’s price increase.

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

According to Gate.io data, LTC token is currently priced at $121.07, up 8.62% in the last 24 hours. Litecoin, created in 2011 by former Google engineer Charlie Lee, is a peer-to-peer decentralized cryptocurrency designed as a “lightweight alternative to Bitcoin.” LTC is based on Bitcoin’s open-source code but optimized for 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 cycle, and has a total supply of 84 million coins, four times that of Bitcoin. This makes Litecoin widely recognized as “digital silver,” suitable for daily small payments and quick transactions.

Overall, LTC’s price increase in the past 24 hours is mainly driven by KOL social media promotion, technical breakthrough, increased trading volume, and positive market sentiment.

Alpha Insights

Phantom Acquires Solana-based Memecoin Trading Platform Solsniper

Crypto wallet Phantom announced the acquisition of Solsniper, an AI-powered Solana-based Memecoin trading platform. Phantom stated: “Solsniper is built for precision and speed, helping traders monitor tokens, track wallets, and react instantly. Phantom is becoming more than just a wallet… As we expand our product line and accelerate growth, we anticipate more strategic acquisitions. The Solsniper web platform will continue to operate as an independent service, with more features and improvements coming in the next few months.”

Phantom’s acquisition of Solsniper marks a significant step towards intelligence and efficiency in the crypto wallet sector. This move not only enhances Phantom’s competitiveness in the Solana ecosystem but also demonstrates its ambition to transform from a single wallet into a comprehensive trading platform. By integrating AI-driven trading tools, Phantom can provide users with more precise and rapid market insights and operational experiences, significantly improving efficiency in trading volatile assets like Memecoins. Looking ahead, Phantom’s strategic layout suggests more innovative features and ecosystem expansions, with its ongoing acquisitions and product upgrades potentially reshaping the Solana on-chain trading landscape and promoting the popularization and intelligent development of decentralized financial services.

Ethereum On-Chain Recovery Trend Evident in July, Transaction Volume Approaches $240 Billion

Ethereum’s on-chain monthly transaction volume exceeded $238 billion in July, a 70% increase month-on-month. This is the highest monthly transaction volume since December 2021, setting a new high in nearly four years. The Ethereum network transaction count also reached 46.67 million, setting a monthly record and rising 3.6% above the all-time high set in May 2021. The 7-day moving average (7 DMA) of Ethereum network transaction count is also approaching an all-time high, reaching 1.64 million, slightly below the record of 1.66 million set in May 2021. The number of active addresses on the Ethereum network in July was 17.55 million, the highest level since May 2021. With all these positive updates in Ethereum network metrics, the ETH price also reached a high of $3,700.

Ethereum’s on-chain transaction volume and transaction count both hit recent year highs in July, indicating a significant recovery in network activity and user engagement. This strong performance has boosted the activity and market confidence in the Ethereum ecosystem, with ETH prices climbing to high levels as a result. In the future, as network usage continues to grow and active addresses increase, Ethereum is poised to further consolidate its core position in the public chain domain.

Sei’s Daily Active Users Surpass 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’s recent launch of native USDC and the introduction of Ondo and Backpack have doubled its daily active users in the last 3 months: from 380,000 to the current 752,000. On August 2, due to a significant drop in Solana’s daily active users and transaction volume, Sei’s daily active users surpassed Solana for the first time. Additionally, in just 10 days, the issuance of native USDC on Sei reached 108 million, surpassing chains like zkSync, Algorand, and Polkadot.

The rapid growth in Sei blockchain’s daily active users, surpassing Solana for the first time, demonstrates its potential for quick rise in the competitive public chain market. The introduction of native USDC and the expansion of ecosystem projects have significantly boosted network activity, showing 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 important position in the public chain domain.


Reference

• Gate, https://www.gate.com/trade/BTC_USDT
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/btc/
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• The Block, https://www.theblock.co/post/365524/phantom-acquiring-solana-memecoin-trading-platform-solsniper
• The Block, https://www.theblock.co/post/365482/ethereums-onchain-revival-on-full-display-last-month-as-transaction-volume-nears-240-billion
• X, https://x.com/EmberCN/status/1952297437953192387

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Disclaimer Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.