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In 2024, Binance's market share declined significantly, dropping from 49% to 39% in the spot market and from 50% to 38% in contracts, as competitors like Bybit and Bitget gained ground. Spot trading volumes surged by 14% in December, with Bitget leading at 102% growth, while Crypto.com dominated the derivatives market with a staggering 930% increase. Overall, website traffic across exchanges rose by 22%, with Bitget achieving a notable 103% increase, highlighting a shift in the competitive landscape of cryptocurrency exchanges.
Justin Sun, founder of the Tron network, has applied to unlock 52,905 ETH from Lido Finance, raising concerns about a potential sell-off as Ethereum approaches the $4,000 mark. This withdrawal is part of a larger stash of 392,474 ETH he acquired earlier this year, realizing a profit of approximately $349 million. Additionally, Sun has been active in selling other assets, including moving 198,380 EIGEN to HTX, further indicating his profit-taking strategy amidst the recent bullish momentum in the crypto market.
Solana topped the daily net inflows among major blockchains on December 15, attracting $12 million, surpassing Arbitrum and Sui combined. This surge follows Solana's recent milestones, including a record monthly trading volume of $109.73 billion in November and a significant price increase, currently trading at $220.76.In a separate development, Justin Sun has applied to withdraw $209 million worth of ETH from Lido Finance, raising concerns about potential market impacts and liquidity in Ethereum's Proof-of-Stake infrastructure.
Peanut the Squirrel (PNUT), a Solana-based meme coin, surged by 25% to nearly $1.40 before stabilizing at $1.27, following its addition to Coinbase's "roadmap" and a revival in the meme coin market, which saw an 8% increase in market capitalization.Launched in November, PNUT gained traction after a controversial incident involving a pet squirrel, leading to significant profits for early investors during its bull run. Major exchanges like Binance and Bybit have already listed PNUT, contributing to its growing popularity.
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bitget and bybit surge as binance market share declines in 2024
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