🦎🚀 So close, yet so far 😰

Tuesday, March 5, 2024

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Are you feeling it now, Geckos?

As Ethereum tries to catchup to Bitcoin, it seems that NFT season might just be around the corner.

In today's news:

Just maybe, there is a second-best 💎
The Punk Nine 🖼️

Read on!

24h Hot Searches Worldwide 🔥

HPOS10Inu (-24.6%)
Newscrypto Coin (+16.8%)
MAGA (-20.7%)
Only1 (+31.7%)
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DexCheck (-2.4%)
Open Campus (+1.8%)

AI Crypto Coins Have Had a Good Start to the Year

AI Crypto Coins rose an average of ~257% since the start of the year. This was in part thanks to the launch of OpenAI's Sora, a text-to-video tool. The largest gainers were Nosana (987.9%), DeepFakeAI (628.6%), and Synesis One (595.4%). Read more here!

Just maybe, there is a second-best 💎

Is it Ethereum's time to shine, or do we have a lot more waiting to do?

According to yesterday's filing from the SEC, they've delayed their decision on Blackrock and Fidelity's spot Ether ETF proposals.

However, this update from the SEC did little to affect the price of Ether.

Since the news went public, ETH has continued to climb by 3.5% from $3,594 to $3719.

But price isn't the only thing that's going up, as massive on-chain congestion has pushed up the price of Ethereum transaction fees to exorbitant levels.

For example, users would have to pay close to $50 a transaction just for transferring assets and close to $100 to swap them.

While the overall crypto markets have been performing well, the increase in gas fees is mostly likely due to the rising popularity of memecoins on Ethereum, such as SHIBA, FLOKI, and PEPE.

Editor's Take:
This situation is reminiscent of the memecoin season of 2021, where users were piling into Dogecoin and its various forks based on Ethereum. With the high network fees that we're seeing now, users with smaller amounts of capital may have to migrate their on-chain activity to altchains such as Solana or L2s such as Base or Optimism if they haven't done so already.

Crypto moves fast - check out the latest trends and narratives to watch in 2024!

Watch now!

The Punk Nine 🖼️

Are people into CryptoPunks again?

An anonymous wallet just purchased a rare CryptoPunk NFT for 4,500 ETH, or approximately $16M.

The Punk in question, CryptoPunk #3100, is one of only 9 Alien CryptoPunks in the collection, which explains the enormous price tag.

The Punk's new owner had been withdrawing and placing bids relentlessly over the past few days until they increased their previous offer of 4,250 ETH to 4,500 ETH, which was enough to seal the deal.

However, it is still only the second-most expensive Punk ever sold, just behind the sale of another Alien Punk for 8,000 ETH or $24M, back in early 2022.

While the sale did result in some rejuvenated interest in the CryptoPunks collection, the floor price of these NFTs has remained largely unchanged.

Vertex is a DeFi platform that features spot, perpetual, and integrated money markets, powered by a hybrid order book-AMM design. Check out this article to explore its key features and how it works.

Learn about Dymension, a blockchain specializing in settlement, and RollApps, which leverage modular architecture and are app-specific chains.

Learn more

In Other News...

All-in! MicroStrategy seeks to raise $600 million to buy even more Bitcoin.
Wormhole's airdrop could be worth up to $3B. W traded for $2.49 USDT in OTC recorded through Bybit, five times higher than it traded for one month ago in the perpetual futures market.
Tether USDT circulating supply inches $100B. For comparison, the total market cap for stablecoins is around ~$146B.
Bull market things. Coinbase glitch shows $0 balances again amidst rising BTC prices and a surge in volume.
$600M restaking deal. The $600 million will be used to secure the Omni network and enhance the security of the EigenLayer ecosystem as a whole.
Fantom seeks Multichain liquidation to recover $122M from the exploit in July.

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