Nansen CEO Alex Svanevik discusses the multichain future and other trends shaping up the crypto industry in an exclusive chat.
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Nansen data showed that the largest stablecoin by market capitalization, Tether, processed $654 billion in the past 30 days, while DAI managed over $394 billion of flows and USDC saw $321 billion in trading volume. "The total for the three at $1.369 trillion is higher than the monthly average for market leader Visa in 2023," said Nansen. That compares to $1.23 trillion, the monthly average of Visa's yearly $14.8 trillion volume in 2023.
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Conversely, Nansen chief data journalist Martin Lee told Cointelegraph that memecoin trends are a function of the crypto market, which is “the most open and free market there is in the world. The ability to create a token and traders being able to actively trade those tokens are all enabled by the benefits of crypto. They’re not inherently good or bad.”
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Pudgy Penguins has only generated $8 million in royalties since inception according to crypto data research firm Nansen
Read More -->Nansen data journalist Martin Lee told Cointelegraph that the integration provides a high-level overview of both ecosystems, allowing cryptocurrency teams to run their own queries and get insights from the raw data itself via Nansen query: “Users can gain insights into the daily active users and transactions on the chain, as well as which entities and protocols are seeing the most usage via the macro dashboard.”
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The exchange experienced $1.083 billion in outflows via Ethereum Virtual Machine-compatible (EVM) chains during the period, and only $144 million of inflows. Nansen data did not include bitcoin (BTC) withdrawals. Net outflows on the Ethereum network reached $840 million, according to Nansen. "This is more than a 15% drop in assets held by the exchange," Nansen said in an X post Wednesday.
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The accused crypto exchange KuCoin witnessed around $1 billion in crypto withdrawals over the past 24 hours and assets under management plunged 20% amid the exchange facing charges from U.S. authorities, as reported by CoinDesk citing Nansen
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“A lot of the surge we’ve seen in Solana DEX trading volumes will likely come from the memecoin wave that we’ve seen over the past few weeks,” Martin Lee, a data analyst at Nansen, told Fortune.
Read More -->Nansen data shows transactional count increased from the usual levels of under 200,000 a day, since late February, to over 600,000 on Monday. "Due to high network traffic on the Base network, transaction fees increased over the last 24 hours. Some user transactions that were submitted with lower fees may be stuck in a 'pending' state," a representative for Coinbase told CoinDesk in an emailed statement. "If possible, users with pending transactions should cancel their transaction and resubmit with the latest estimated gas fee. If you are unable to cancel your pending transaction, the transaction will complete once traffic subsides." "Rest assured, funds are safe," the statement concluded.
Read More -->Both Spencer and Aurielle Barthere, a research analyst at Nansen, pointed out that big names could help soothe regulators’ concerns as they did with Bitcoin. Someone like BlackRock CEO Larry Fink could help sway Gensler by citing his near-perfect ETF track record. “This is a very powerful man,” added Spencer. Spencer predicts there’s a 60% to 70% chance of a May approval. Nansen’s Barthere agrees, adding it’s “rather likely,” citing the token’s absence from recent SEC lawsuits against top exchanges Binance and Coinbase.
Read More -->"We do not expect the U.S. Consumer Price Index (CPI) data to end the crypto bull market yet, nor to impact prices significantly in the coming weeks. There is too much bullish momentum in crypto at the moment," Nansen Principle Research Analyst Aurélie Barthere told The Block.
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