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Data: The entire crypto market is under pressure, with the Meme sector leading declines of over 8%, and ETH temporarily falling below $4,500.
ChainCatcher message: According to SoSoValue data, expectations for a major rate cut in September weakened sharply after the U.S. July PPI came in far above expectations. Market sentiment cooled, and over the past 24 hours the entire crypto market was broadly hit, with typical losses of about 2% to 9%. Among them, the Meme sector fell 8.62% over 24 hours; within the sector, Pepe (PEPE), SPX6900 (SPX), and Fartcoin (FARTCOIN) declined by 10.43%, 10.97%, and 13.52%, respectively. In addition, Ethereum (ETH) fell 2.43%, briefly dropping below $4,500 and then rebounding to above $4,600. Bitcoin (BTC) fell 3.85%, slipping below $119,000.
In other sectors, the CeFi sector fell 1.18% over 24 hours; within the sector, LEO Token (LEO) was relatively resilient, up 1.57%. The Layer1 sector fell 3.25%, including Algorand (ALGO) down 9.86%. The PayFi sector fell 6.57%, with Velo (VELO) down 10.55%. The DeFi sector fell 6.65%, but Saros (SAROS) and AERO (Aerodrome Finance) rose 2.19% and 2.28%, respectively. The Layer2 sector fell 6.73%, while SKALE (SKL) surged 47.98% against the trend.
Crypto sector indexes that reflect historical sector performance show that the ssiGameFi, ssiMeme, and ssiAI indexes fell 8.57%, 8.55%, and 8.35%, respectively.