This past weekend was filled with significant activity and notable announcements across the cryptocurrency ecosystem. From major platform revenues and founder statements to market data and protocol upgrades, here’s a detailed look at the most important updates.
Bitcoin and Ethereum: Holding Strong
Bitcoin Long-Term Holders Increase Accumulation
Data from on-chain analytics platform Spot On Chain reveals that despite September historically being a weak month for Bitcoin, this year might break the trend. In August, long-term Bitcoin holders accumulated an additional 262,000 BTC. This brings their total holdings to 14.82 million BTC, representing 75% of the total supply.
Furthermore, among the top 10 anonymous Bitcoin wallets, seven have shown no activity for over two years. Together, these wallets hold 237,816 BTC, valued at approximately $14.04 billion, accounting for 1.2% of the circulating supply.
Major selling pressures from entities like the German government and Mt.Gox have largely subsided after releasing 170,917 BTC throughout July and August. Analysts suggest that these factors, combined with potential demand from Bitcoin ETFs, could positively influence Bitcoin’s market performance in September.
Vitalik Buterin Clarifies ETH Sales
Prominent trader Ansem commented on social media platform X that Vitalik Buterin, having created the second most important project in crypto history, has every right to take profits. In response, Buterin clarified that since 2018, he has never sold ETH for personal gain. All sales were made to donate to projects he believes in, whether within the Ethereum ecosystem or charitable causes such as biomedical research.
Platform and Protocol Updates
Pump.fun SOL Sales Exceed $40 Million
According to data from Lookonchain, meme coin launch platform Pump.fun has generated over 680,000 SOL in total revenue, equivalent to approximately $91 million. The platform has sold 254,074 SOL at an average price of $158 per SOL, totaling around $40.26 million.
Sui Co-Founder Addresses Token Unlock Concerns
Sui co-founder and CEO Evan Cheng responded to market rumors claiming SUI’s annual inflation rate exceeded 250%. Cheng clarified that monthly unlock volumes only represent about 2.6% of the circulating supply, a figure that continues to decrease. He emphasized that Sui is one of the few proof-of-stake (PoS) blockchains with a fixed supply, contrasting with many other chains that experience annual inflation rates between 5% and 8%. Cheng welcomed constructive criticism as essential for the project’s growth.
Telegram’s Lean Team and Recruitment Strategy
Telegram founder Pavel Durov disclosed that the company operates with a team of roughly 50 employees, including 30 rigorously vetted engineers. The team primarily sources talent through programming competitions, with many programmers coming from Ukraine. An insider mentioned that Telegram employees are often “super young Eastern Europeans” earning annual salaries of around $500,000.
Polymarket Outperforms NFT Market in Trading Volume
Recent data from The Block and CryptoSlam shows that decentralized prediction market Polymarket reached $463 million in trading volume in August 2024. This figure surpasses the total NFT trading volume across all blockchains, which stood at $377 million during the same period. As the 2024 U.S. presidential election approaches, Polymarket has seen steady growth in active users since May. Current market predictions show Donald Trump with a slight lead at 50%, ahead of Kamala Harris at 48%, with over $770 million in bets placed on the event.
DOGS Introduces New Token Claim Options
The DOGS team announced on its Telegram channel that starting September 2, users who haven’t claimed their tokens will have two new options:
- Faster withdrawal: Requires a small fee paid in DOGS tokens.
- Slower withdrawal: No fee required.
This update aims to reduce network congestion and speed up the overall claiming process.
Upbit Supports MATIC Migration to POL
South Korean exchange Upbit will support the migration of MATIC tokens to POL. Deposit and withdrawal services for MATIC will be suspended on September 2 at 5 PM local time. Services will resume once the migration is complete and stability is confirmed, with a separate announcement to follow.
Coinbase Develops Multi-Functional SDK for Crypto Automation
Coinbase senior software engineer Yuga.eth revealed that the company is developing a comprehensive Software Development Kit (SDK). This toolkit is designed to enable bots and AI agents to perform a variety of cryptocurrency operations, significantly expanding possibilities for automated trading and asset management.
The SDK is expected to support features including:
- Free USDC transfers
- Trading for various cryptocurrencies
- Participation in prediction markets
- Staking of assets like ETH and SOL
- Fiat-to-crypto conversions and vice versa
- NFT deployment and creation
- Cross-layer-2 asset bridging
👉 Explore more strategies for automated crypto management
Frequently Asked Questions
What does long-term holder accumulation mean for Bitcoin?
When long-term holders accumulate more Bitcoin, it typically indicates strong confidence in its future value. This reduces available supply on exchanges, which can lead to upward price pressure if demand remains steady or increases.
Why did Vitalik Buterin clarify his ETH sales?
Buterin wanted to emphasize that his sales were not for personal profit but for philanthropic and ecosystem support purposes. This clarification addresses community concerns about founders cashing out heavily.
How does Polymarket compare to traditional prediction markets?
Polymarket operates on blockchain technology, offering global access, transparency, and censorship resistance. Its recent trading volume exceeding the entire NFT market highlights growing interest in decentralized event speculation.
What is the significance of SUI’s fixed supply?
A fixed supply means no new tokens are minted beyond the initial allocation. This contrasts with inflationary proof-of-stake chains and can make the asset more scarce over time, potentially benefiting long-term holders.
How can users benefit from the new DOGS claim options?
Users can choose between speed and cost. Those in a hurry can pay a fee for faster processing, while others can avoid fees by waiting longer. This flexibility improves user experience during high-demand periods.
What impact could Coinbase’s SDK have on crypto automation?
The SDK could democratize access to advanced trading and management tools, allowing developers to create sophisticated bots and AI agents. This may lead to increased market efficiency and new DeFi applications.