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Gate.io Blog Weekly Web3 Research | Dogecoin Daily Transactions Spiked 8,220% In May, Bitcoin Trading Volume Booms By $15 Billion As Whales Dive In

Weekly Web3 Research | Dogecoin Daily Transactions Spiked 8,220% In May, Bitcoin Trading Volume Booms By $15 Billion As Whales Dive In

02 June 10:09

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![](https://gimg2.gateimg.com/image/article/168388743720230512-182447.jpeg)
## Weekly Trend Overview
Across the past week, a majority of the top 100 cryptocurrencies have been privy to moderate price inclines or declines, suggesting the market is trading horizontally. These price fluctuations vary from -4% to +5% for the majority of assets. As of now, the global crypto market cap stands at $1.175T.
## Crypto Market
🔥 DOGE saw a tremendous spike in daily transactions throughout May, totaling 8,220%, thus hitting a peak above 2 million. Only a month prior to this, the average daily transactions of DOGE were around 25,000.

🔥 <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> has been privy to a $15 billion surge in trading volume, leading to speculation surrounding the involvement of whales. Santiment reported that addresses holding between 10 and 10,000 BTC accumulated a combined 93,000 BTC since mid-April.

🔥 The monthly cryptocurrency exchange volume has fallen by over 37% since April, with last month’s volume being the lowest recorded level since October 2020, coinciding with major layoffs seen across various international crypto exchanges.
## Regulatory Policies
🔥 The Hong Kong-based qualified custodian and trust company First Digital is set to introduce a new stablecoin pegged to the US dollar or an asset of equivalent fair value but regulated in Asia. It is called “First Digital USD” or FDUSD.

🔥 The WEF has published crypto asset recommendations for international governments and regulators assisted by its Digital Currency Governance Consortium, urging that the “need for regulation is urgent and cooperation is key”.
## Macro Economy
🔥 Global factories are facing a decline in momentum as sluggish demand deepens across Europe and the United States, resulting in a major challenge for major Asian exporters.

🔥 Despite the global economy appears to have dodged the repercussions of the US debt crisis, a litany of issues are set to arise from the high inflation, rising interest rates, and sluggish growth that have been overshadowed by the US debt crisis. Analysts suspect this will further slow down international growth. 
## Crypto Market Highlights
⭐️ Assets from across the LSD (Liquid Staking) ecosystem have been privy to major gains across the past week as speculation rises regarding the threat the liquid staking poses to the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ecosystem due to their high rewards and seamless access to funds – which the Ethereum network historically lacked prior to the Shanghai Upgrade. Marinade Staked SOL and Jito Staked SOL stood neck and neck, vying for the top gaining spot, with the former gaining 6.6% and the latter 6.5% across the past week. 
![](https://gimg2.gateimg.com/image/article/16856711381.png)
(Data Courtesy Of CoinMarketCap)

⭐️ **[Learn more: LSD - Tokenomics and Valuation Comparison](https://www.gate.io/blog_detail/2411/lsd-tokenomics-and-valuation-comparison "Learn more: LSD - Tokenomics and Valuation Comparison")**

⭐️ From across the wider cryptocurrency market, immense valuation increases have been seen again from across various formerly low market cap projects. However, CENTER COIN (CENT) far surpassed its peers and has seen a staggering 24,808.91% price increase in the past 24 hours, bringing it to $0.01214. Having come into existence a little under a month ago, CENT operates as a business that combines NFTs and P2E gaming and has suddenly soared in popularity. This is likely attributed to the current trend of pumping value into low-market-cap projects, which was re-popularized by the PEPE craze seen early last month.
![](https://gimg2.gateimg.com/image/article/16856711942.png)
(Data Courtesy Of CoinMarketCap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/16856712143.png)
(Data Courtesy Of TradingView)

Bitcoin has seen a reversal from the downtrend line painted on May 29th which indicates that the bears continue to sell near crucial resistance levels. As of now, the relatively flat exponential moving average (EMA) of $27,273 and the relative strength index (RSI) just below the midpoint fail to give a clear advantage to either the bulls or the bears. However, if the price sustains below the 20-day EMA, it is possible the pair could fall to the $25,250 support threshold.

Analysts predict that buyers are likely to defend the $24,000-$25,250 zone profusely as if BTC falls beneath this safe haven, it is plausible that the pair can nosedive to $20k. On a more positive note, the bulls will have to surmount the downtrend line to signal the start of a new upward trend. This could lead the pair to rise to $30k, or potentially $31k.
### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/16856712564.png)
(Data Courtesy Of TradingView)

The bulls have been struggling to maintain ETH above the 50-day simple moving average (SMA) of $1,883, suggesting an inherent lack of demand at higher levels. This has left room for the bears to sink the price back into the falling wedge pattern and trap the bulls, which opens up the potential for the ETH/USDT pair to fall to $1,762 and then to the support line of the wedge.
## Web3 Project Trend
This week, there have been notable valuation and volume increases across a majority of the sectors, with the exception of the NFT and Meme sectors, which both saw sector-wide declines this past week. At the top of the scale, BRC-20 tokens have exhibited the highest gains, with this totaling 18.8% amid a restrengthening from when the sector amassed losses of nearly 42% the week prior. This can be attributed to the growing interest in innovative blockchain technology as more investors understand the utility and potential the space has to offer.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 |  +1.7% | DNX, CUDOS, INJ | The prices of layer-1 tokens have taken a positive turn, with many seeing up to 30% increases. |
| Layer 2  | -3.7%  | CTSI, ARB, SKL | There have been minor price increases across the layer-2 sector as it begins to strengthen. |
| DeFi  | +3.2%  | LINA, JOE, INJ  | DeFi has seen a strengthening, with many assets exhibiting notable price inclines and surges in volume.  |
| NFT  | -0.5%  | ALI, PAINT, MONSTA | The NFT sector has stagnated across the past month, with very few assets breaking this pattern. |
| MEME  | -0.5%  | IOSHIB, HOTDOGE, CHILI  | Interest in meme coins has continued to slow as controversy arises from Elon Musk’s alleged “market manipulation” with DOGE. |
| LSD  | +7.8%  | MSOL, JITOSOL, STSOL |The LSD sector has seen major gains as it is pitted as a ‘threat’ to Ethereum. |
| BRC-20  |  +18.8% | INSC, OHMS, NOOT |  After a tumultuous previous week the BRC-20 sector is regaining momentum and strengthening. |

<div class="blog-details-info">
<div>Author: Gate.io Researcher: **Matthew Webster-Dowsing**
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
</div>

BTC/USDT -1.12%

ETH/USDT + 3.08%

GT/USDT + 2.42%

Weekly Trend Overview

Crypto Market

Regulatory Policies

Macro Economy

Crypto Market Highlights

BTC & ETH Weekly Performance

Web3 Project Trend

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