Web3đMonday Highlights: Neiro Coin Rises 110%, Bitcoin ETFs Hit Record Outflows, Aave Profits Amid Market Plunge, and Japan Trading Halts
1. Neiro Meme Coin Soars 110% Despite Vitalik Buterinâs Full Sell-Off
2. US Bitcoin ETFs Face Largest Single-Day Outflow in 90 Days
3. DeFi Leader Aave Gains $6M Amid Crypto Market Plunge
4. Crypto Market Rout Continues as Japanese Stock Trading Halts Briefly
Stay tuned for more in-depth insights!đâ¨
Happy Monday, Web3 enthusiasts! Today's highlights are brimming with excitement and pivotal shifts in the crypto world. First up, Neiro Meme Coin has skyrocketed 110% despite a major sell-off by Vitalik Buterin, turning heads with its resilience. Meanwhile, U.S. spot Bitcoin ETFs are experiencing their largest single-day outflow in 90 days, signaling market turbulence. In the DeFi space, Aave has defied the odds, generating $6M in revenue amidst the broader market downturn. To top it off, the crypto market rout has resumed, leading to a temporary halt in Japanese equities trading. Read on for a deeper dive into these stories and more!
1. Neiro Meme Coin Soars 110% Despite Vitalik Buterinâs Full Sell-Off
Neiro (NEIRO) meme coin surged 110% despite Ethereum co-founder Vitalik Buterin selling his entire holding. Launched in July following the passing of Kabosu, the Shiba Inu behind Dogecoin, Neiro quickly garnered community interest. Despite a 60% drop after Buterin sold 17.15 billion Neiro for $119,000, the coin rebounded strongly, achieving an $11 million market cap and gaining 3,340 holders. This rise is notable amidst a broader market downturn, where major meme coins like Dogecoin and Shiba Inu fell over 20%. Neiroâs resilience highlights its unique position in the volatile crypto landscape.
Author FXStreet
2. US Bitcoin ETFs Face Largest Single-Day Outflow in 90 Days
US spot Bitcoin ETFs saw their biggest single-day outflow in 90 days, losing $237.45M on August 2. Grayscaleâs Bitcoin Mini Trust and BlackRockâs IBIT were exceptions, logging modest inflows. Despite these outflows, total ETF net assets remain near historical highs. Meanwhile, Ether ETFs experienced a smaller outflow of $54M, with Grayscaleâs ETHE seeing the largest outflow of $61M.
AICoinĺŽćš
3. DeFi Leader Aave Gains $6M Amid Crypto Market Plunge
Aave defied the market downturn during Monday's crypto sell-off, generating $6 million in revenue from user liquidations. The sell-off, triggered by the Bank of Japan's interest rate hike and a U.S. jobs report, saw Ether (ETH) drop over 20% and Aave (AAVE) lose 23.7% of its market cap. Despite the turmoil, Aave's platform secured $21 billion in value across 14 active markets. Major liquidations, including a $7.4 million wrapped ether position, added $802,000 in revenue. The total value locked (TVL) on DeFi protocols dropped to $71 billion from $100 billion earlier this month.
Oliver Knight
4. Crypto Market Rout Continues as Japanese Stock Trading Halts Briefly
The crypto market has plunged to its lowest in over five months, driven by recession fears following Japan's central bank rate hike. Bitcoin and Ethereum have fallen 9% and 18%, respectively, in the past 24 hours. Trading volumes surged by 214% on Sunday as investors engaged in heavy dip buying, with Bitcoin, Solana, and Ethereum dominating 67% of the market. The marketâs turmoil follows a significant drop in Japanese stock indexes and heightened recession concerns. Over $780 million in crypto liquidations occurred, reflecting a shift towards traditional safe-haven assets amidst growing economic uncertainty.
Sebastian Sinclair
Thatâs a wrap on todayâs Web3 highlights! As we navigate these dynamic developments, stay tuned for more updates on the ever-evolving crypto landscape. Whether it's the meteoric rise of meme coins, shifts in ETF flows, or resilience in DeFi, weâve got you covered. Until next time, keep exploring and stay informed!
