Data & Insights: "Onchain" becomes more popular on Google

by The Block

TLDR Highlights include the rise of a new peak in search volumes for a crypto term, Solana memecoins' impact on the network, low NFT trader numbers on Ethereum, bitcoin's increased volatility, and futures open interest in BTC terms compared to USD.

Key Insights (click to read)

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    Growing Popularity of 'Onchain' Term: 'Onchain' has gained significant traction recently, surpassing terms like 'web3' and 'crypto,' showing a rising interest in the concept.

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    Solana Memecoins Surge: Solana-based memecoins, like WIF and PEPE, have seen significant price increases, with WIF experiencing a 600% surge over the past 30 days.

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    Decrease in NFT Traders: While DEX trading is active, the number of NFT traders on Ethereum is at its lowest since July 2021, possibly influenced by market volatility and asset value changes.

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    Bitcoin's Volatility and Price Movements: Bitcoin reached new all-time highs but experienced intraday price swings, with a 30-day annualized volatility of 58.15%, the highest since 2023.

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    Record Futures Open Interest: Futures open interest for bitcoin hit a new peak, aligned with bitcoin's price surge, showcasing continued interest in trading futures contracts.