BTC at 55K, ETH at 2900! Market continues to collapse, on-chain transactions surge, sentiment turns to fear.

The German government has been seen transferring confiscated bitcoins, and with the bankrupt Mt. Gox exchange in Japan starting to transfer billions of dollars' worth of bitcoins expected to be paid out this month. The overall sentiment in the cryptocurrency market seems to be weakening. The fear and greed index has dropped to 38, indicating a state of fear.

Bitcoin falls below 57K as institutions sell off, triggering market panic, Sun Ge expresses willingness to take over

Ten major tokens all plummet, ETH ETF gains wiped out

Looking back at the 30-day gains, BTC dropped by 22%, ETH dropped by 23%, with Bitcoin returning to February levels this year, and Ether sending back the gains it had made partially through the approval of a spot ETF in May.

BNB, which this year included two token issuance platforms, Launchpad and MegaDrop, saw historic highs but has now broken down, dropping by 30% on the 30th day.

SOL, known for its strong recovery ability, lost its upward momentum after the hype around meme coins faded, and also dropped by nearly 30% in the market recently.

XRP, despite plans for stablecoin issuance and a positive lawsuit outcome with the SEC, has a low token usage rate, dropping by 25% on the 30th day.

TON, riding on the Telegram brand, continuously attracts users by issuing meme coins through games similar to WeChat mini-programs. With the high control by the Ton Foundation, it has achieved multiple growths this year. Despite its resilient operation, it fell by 13% today, unable to withstand the market pressure. Will the supposedly unbreakable TON rely on them? Chain Decryption: The same group of TON Foundation miners mined 85% of the supply

DOGE, an ancient meme coin, failed to keep up with the meme trend and dropped by 42% on the 30th day, suffering the most severe decline among all currencies.

ADA, no longer a hot topic in mainstream communities, still has a loyal support community. With no significant developments, it also dropped by 30% on the 30th day.

TRX, founded by Justin Sun, the founder of TRON, and the platform with the highest USDT issuance volume, earns incomparable profits just from USDT trading. As the emperor of the grey area, it even rose by 8% in the past 30 days.

Avalanche, which had expressed strong support for the development of meme coins this year, does not seem to be well received by the market, dropping by nearly 40% in the past 30 days. The Avalanche Protocol announced official meme coin collection standards, revealing that they have started buying meme coins.

Active trading, Gas Price surge! MEV bots are snatching orders

According to Etherscan, Ethereum Gas Price has surged from single digits to 54 gwei, making a swap transaction cost $60. Selling an NFT may cost up to $100.

Looking at the usage sources of Gas Fees, the most active one is Uniswap, showing active token swapping activities. Next is the new token DOP1 listed on Bybit, which consumes Gas due to massive token transfers.

The high activity of USDT and Gas consumption by MEV bots further reveals the trend of on-chain migration and the situation where MEV bots are profiting significantly from transaction arbitrage.

The EU considers MEV as market abuse, and feedback is open until the end of June.