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Hello and welcome back to the TechCrunch crypto newsletter.
I hope all of you crypto-bros-choose-rich-elon-235012898.html” target=”_blank” rel=”noopener”>“choose rich” this week, which may be the newest slogan being adopted by the crypto community, thanks to Nick O'Neill, co-founder and CEO of Nifty Portal, who said it in a parody video on Friday. This is arguably a more empowering message, as opposed to the old crypto slogan of telling people that “Have fun staying poor.”.”
Will this help attract more people to the space? Uh, let's stop answering that question.
It was an eventful week in the world of cryptocurrencies: bitcoin price hit a new all-time high, Solana jumped to early 2022 levels as memecoins on its chain skyrocketed, Sei Labs created a new framework to help to ethereum, Nigeria is at odds with Binance and Worldcoin faces the heat in Spain.
More details below.
This week on web3
- Solana price rises to $160, highest since January 2022 as memecoin mania heats up
- Blockchain startup Sei Labs creates interesting solution to make ethereum faster
- Nigeria demands Binance reveal top users, executives still detained
- Worldcoin fails to obtain court order against privacy suspension in Spain
- And… Worldcoin says it has paused its services in Spain, after filing a legal challenge to the temporary ban
- bitcoin Hits New All-Time High of $72,700, But Index Warns We're in 'Extreme Greed' Territory
- Zora nft Platform Offers Novel Way for ai Model Makers to Make Money
Analyzing the numbers
As mentioned, this week the crypto space once again recorded all-time highs for bitcoin. It is up 8.5% on the week to $72,500 and up 40.4% on the month, at press time. The second-largest cryptocurrency, ether, is up 3.8% on the week to $3,900, according to CoinMarketCap. data. He total crypto market capitalization rose 8.3% over the same period to $2.75 trillion.
Memecoins on the ethereum, Solana, and Avalanche blockchains have seen a huge rally as the cryptocurrency market continues to expand.
The Mog coin, a self-proclaimed “cultural currency” on ethereum, has a market capitalization of $435.3 million and is up 4% on the week. Solana's dogwifhat, which is based on a Shiba Inu wearing a knitted hat, was up 79% over a seven-day period, and Coq Inu, on Avalanche, was up 36% over the same period.
It is important to remember that while some memecoins will maintain price support for an extended period, some can plummet in a matter of days or hours. So, DYOR.
The last pod
Chain Reaction is running a monthly series that delves into different topics and topics in crypto. This month we will focus on blockchain and ai integrations.
For this week episodeI interviewed Melody Hildebrandt, CTO of Fox Corporation, and Mike Blank, COO of Polygon Labs.
Why these two companies? Well, Polygon Labs, the Layer 2 blockchain focused on scaling ethereum, and Fox Corporation, the well-known media conglomerate, joined forces in January to address deepfakes as artificial intelligence becomes more prevalent.
Fox launched Verify, an open source technical protocol for media companies to register content and grant usage rights to artificial intelligence platforms, while allowing consumers to verify content through Polygon technology.
We discuss:
- The Fox and Polygon partnership
- Protect content from misuse
- What role can blockchain technology play in news verification?
- How deepfakes can affect the 2024 US elections
Subscribe to Chain reaction in apple podcasts, Spotify or your favorite pod platform to keep up to date with the latest episodes and leave us a review if you like what you hear!
follow the money
- Former web3 gaming founders raise $2.5M for their nft marketplace to retain users even when 'you can't make money'
- Netherlands-based institutional exchange D2X raised $10 million in Series A led by Point72 Ventures
- Web3 Infrastructure Provider Polyhedra Network Raises $20M at $1B Valuation
- ClearToken raises $10M from institutional investors to improve regulated clearing infrastructure
- UXLINK raised $9 million for its web3 social platform and infrastructure to help dApps grow
This list was compiled with information from Messari as well as TechCrunch's own reporting.
What else are we writing?
Do you want to leave the world of web3? Here are some articles on TechCrunch that caught our attention this week.
- OpenAI's deals with publishers could spell trouble for rivals
- Amazon now allows sellers to create listings via URL using ai
- SpaceX aims to launch massive spacecraft for the third time early Thursday morning
- Creators Frustrated But Energized as TikTok Ban Gains Momentum
- Fast trading is advancing rapidly in India
