Looking at specific transaction types on Dec. 9, CryptoSlate analysts revealed huge movements in stablecoins and ERC20 transactions.
This category includes all transactions that initiate ERC20 contracts, excluding the contracts in the Stablecoins category. The chart below represents the volume of these transactions with the purple areas.
The data demonstrate a visible spike in the number of ERC20 transactions on Dec.9, which marks a new ATH for the category. The previous ATH level was recorded in early August at just above 20%.
The term stablecoins refer to fungible tokens that have their value pegged to an off-chain asset, either by the issuer or by an algorithm. This category includes over 150 stablecoins, with Tether (USDT), USD Coin (USDC), Terra Classic (UST), Binance USD (BUSD), and DAI (DAI) being the most prominent ones.
The chart above reflects the size of stablecoin transactions to and from ETH addresses. Although it didn’t record a new ATH, the number of stablecoin transactions spiked on the given date. The ATH for this category was recorded in the second half of May.
This category includes all other transactions on the ETH network that are not included in either of the categories above.
The chart below visualizes the number of other transactions with the pink areas since the beginning of the year.
After a significant fall in mid-October, the volume of this category started to increase steadily with some volatility. The volume of this category also recorded a new ATH in early December at just above 52%.