Momentum Exchange has revealed the tokens that were traded the most over the past month.
Let's take a look at the main pairings and trading volumes of @MMTFinance, and what this means.
In first place is USDC, which is naturally in high demand for stablecoins. This is essential for moving volatile tokens into safe assets, and since most LPs are paired with USDC and SUI, the trading volume is correspondingly high. The fact that USDC is positioned higher than SUI indicates that while traders often use SUI as a pairing, they prefer to complete their trades with USDC.
In fact, it is neither strange nor a bad phenomenon for a DEX on a single chain to have the highest trading volume in stablecoins. The reason is that sufficient liquidity in stablecoins like USDC enables trading and price increases in other pairings.
In third place is USDT, the stablecoin version of SUI, which shows that the Sui chain utilizes USDC more than Tether.
Fourth place is taken by the $WAL token of @WalrusProtocol, the only native token of the Sui ecosystem. This indicates that it is the most important ecosystem token within the Sui liquidity ecosystem.
Of course, most of the trading of $WAL tokens forms liquidity depth on centralized exchanges, but the absolute trading volume on DEXs indicates that the power of the ecosystem's native token is significant, which is a positive aspect.
Finally, in fifth place, we can see that the trading volume of xBTC, brought in through collaboration with OKEx, has also increased in August.
In September, when we last checked, the overall volume was observed to have slightly decreased, so we should watch for any changes in the token rankings by trading volume. If possible, it would be nice to see at least one more trading volume of a native ecosystem token alongside Walrus's WAL in the top five.
Altcoin Buzz
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STORAGE, ENCRYPTION, AND ACCESS CONTROL BAKED RIGHT INTO $SUI!!!
Walrus 🦭/acc
Walrus is now the first decentralized data platform with onchain access control.
With Seal live on Sui Mainnet, developers can store, encrypt, and control access to data - all onchain, all decentralized.
Programmable privacy is finally here.
jayplayco
One of the representative DEXs on the SUI chain, @MMTFinance, saw its overall trading volume peak at the end of August and has shown a slight decline as we entered September.
In terms of revenue, there are fees and revenue, and we can see that this part has also slightly decreased on a weekly basis. For reference, the revenue includes the profits that go back to token holders, so it may not be the case that the foundation takes all of that revenue.
In August, @overtake_world listed and even ran trading events, so I wonder if the increase in trading volume is normalizing.
The $WAL token of @WalrusProtocol still holds the highest share among native tokens in the SUI ecosystem at 3.52% in momentum, amounting to about 5.6M.
It is evident that WAL still occupies a significant portion in Momentum, and excluding stablecoin pairings, it is the most important LP in terms of volume and fees.
About Walrus (WAL)
Walrus (WAL) is a decentralized digital currency leveraging blockchain technology for secure transactions.
Why invest in Walrus (WAL)?
As a decentralized currency, free from government or financial institution control, Walrus is definitely an alternative to traditional fiat currencies. However, investing, trading or buying Walrus involves complexity and volatility. Thorough research and risk awareness are essential before investing.
Find out more about Walrus (WAL) prices and information here on OKX today.
How to buy and store WAL?
To buy and store WAL, you can purchase it on a cryptocurrency exchange or through a peer-to-peer marketplace. After buying WAL, it’s important to securely store it in a crypto wallet, which comes in two forms: hot wallets (software-based, stored on your physical devices) and cold wallets (hardware-based, stored offline).
Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 1.7K new posts about Walrus, driven by 834 contributors, and total online engagement reached 145K social interactions. The sentiment score for Walrus currently stands at 83%. Compared to all cryptocurrencies, post volume for Walrus currently ranks at 2413. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of Walrus.
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Posts
1,668
Contributors
834
Interactions
145,041
Sentiment
83%
Volume rank
#2413
X
Posts
1,665
Interactions
145,038
Sentiment
84%
Walrus FAQ
What is cryptocurrency?
Cryptocurrencies, such as WAL, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as WAL have been created as well.
Can I buy WAL on OKX?
No, currently WAL is unavailable on OKX. To stay updated on when WAL becomes available, sign up for notifications or follow us on social media. We’ll announce new cryptocurrency additions as soon as they’re listed.
Why does the price of WAL fluctuate?
The price of WAL fluctuates due to the global supply and demand dynamics typical of cryptocurrencies. Its short-term volatility can be attributed to significant shifts in these market forces.
Monitor crypto prices on an exchange
Watch this video to learn about what happens when you move your money to a crypto exchange.
Disclaimer
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