Meme Coin 'I Came in Like a Wrecking Ball' Market Cap Plunges to Below $20 Million in a Short Period, With Nearly 50% Drop in 24 Hours

On February 7th, on-chain analyst Ai Auntie (@ai_9684xtpa) reported that the "BTC OG Insider Whale" has again deposited 69.08 million USDT into a Binance deposit address linked to Yilihua. Over the past 11 hours, the whale has deposited a combined 10,000 ETH (10k ETH) and 69.08 million USDT, totaling approximately $89.47 million. Earlier this morning, news broke that Yilihua and the "BTC OG Insider Whale" share the same Binance deposit address. A day prior, the Trend Research address sent 7.989 million USDT to an address starting with 0xcdF, which was then transferred to a Binance hot wallet beginning with 0x28C. Two hours ago, the whale sent 10k ETH to the 0xcdF-starting address, which was subsequently transferred to the same 0x28C Binance hot wallet.

February 7th: Per Onchain Lens monitoring, a whale dormant for two years withdrew 34,233 ETH (valued at $68.78 million) from Binance. Over the past 24 hours, this whale has withdrawn a total of 44,233 ETH (worth $88.02 million) from the exchange.

On February 7, Avalanche announced that its C-Chain now supports ERC-8004, allowing developers to natively deploy AI agents on Avalanche with on-chain identity, discovery, and portable reputation.

February 7th Main selling pressure in the crypto market this week stemmed from Bitcoin spot ETF outflows, forced liquidations tied to sharp price drops, and collateral impacts from altcoin sell-offs—factors that amplified volatility. Some investors stepped in to buy the dip, however, sparking a rapid short-term rebound. Most market participants still remain cautious about whether a bottom has been reached. Crypto research firm 10X Research noted Bitcoin could see a brief countertrend rebound or consolidation in the near term—but may hit a new low this summer. Markus Thielen, the firm’s research director, estimates the subsequent low could fall to $50,000, or even trade in a $40,000-$50,000 range. (CNBC)

**On-chain Alert (Feb 7)** Per on-chain monitoring data from onchainschool.pro, ~$560k worth of CYS tokens were transferred from 4 wallets to exchange Gate over the past 30 minutes. These tokens trace back to multiple wallets that previously received funds from a shared ownership contract. Separately, centralized exchanges (CEXs) processed large CYS withdrawals totaling ~$3.3 million in the past week. The tokens are currently held in user wallets.

February 7th — Over the past two weeks, the crypto market has cooled off, with total cryptocurrency market capitalization dropping sharply below $2.4 trillion. Still, the stablecoin market cap remains elevated. Per DefiLlama data, the total stablecoin market cap now stands at $307.152 billion, holding near all-time highs. USDT currently holds a 60.28% market dominance. Notably, the WLFI-backed stablecoin USD1 has seen significant growth: its circulating market cap jumped 50.64% over the past month to $5.217 billion.