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Every time a dog-themed memecoin, such as Dogecoin (DOGE) or Shiba Inu (SHIB), gets widespread, another one appears in the shadows, ready to pounce on its own hype train.
According to CoinMarketCap statistics, the value of the newest such memecoin, Bonk (BONK), a Shiba Inu-themed Solana token, has surged by more than 400% in a month. Last Monday, users of the Solana Saga phone discovered they could collect 30 million BONK tokens, which were valued at around $560 at the time of publishing.
The Saga phone quickly sold out of its 20,000 units in the United States, and Bonk just reached an all-time high. Solana (SOL), the cryptocurrency linked to the layer-1 blockchain that Saga and Bonk are interested in, has also increased by more than 21% this week.
Although the Bonk frenzy has subsided, other Solana-based memecoins, such as Dogwifhat (WIF), have greatly gained attention.
Dogwifhat, a token based on a Shiba Inu in a knit beanie, has climbed 42.46% in the previous 24 hours and 864% in the last seven days at the time of writing. According to CoinGecko statistics, the cryptocurrency presently has a market worth of roughly $218 million. Bonk’s market value is more than five times that, at $1.14 billion.
These aren’t the first meme-driven dog tokens to go viral, and I doubt they’ll be the last. Nonetheless, these market movements indicate that customer interest and desire are returning to crypto after a prolonged downturn.
What’s going on in Web3?
Worldcoin no longer provides Orb-verification in India, Brazil, or France.
Why asset tokenization may be a significant driver of crypto development (TC+)
Crypto prices ‘came back down to earth’ in 2023, but VCs anticipate them to surge again in 2024 (TC+).
The augmented reality platform really introduces ‘Fandime’ NFTs to reward consumers with unique movie content.
With a web3 twist, EthSign adds DocuSign-like functionalities to Line and Telegram.
WazirX volume plummets under India’s crypto investigation.
Why are these 30 web3 creators upbeat about 2024 (TC+)?
Robinhood is on a mission to learn more about cryptocurrency (TC+).
The most recent pod
Jacquelyn interviewed Staci Warden, the CEO of the Algorand Foundation, the organization behind the layer-1 blockchain Algorand, for this week’s episode.
Warden formerly worked at the Milken Institute, where she supervised capital market development, fintech financial inclusion, cryptocurrencies, and blockchain programs.
She formerly worked at JPMorgan as an executive director in charge of public sector coverage. She has also worked for Nasdaq and the U.S. Treasury. Warden is on the boards of the United Nations Capital Development Fund, the European Parliament’s Science and Technology Options Assessment, and the Financial Technology Association of the United States.
Algorand is a blockchain located in Singapore that seeks to be quick, safe, decentralized, and “the greenest” with its carbon-negative network. At the time of recording, it had around 615,000 active addresses.
We spoke about Algorand’s ecosystem, decentralization, and real-world use cases that are being constructed throughout the bear market.
We also discussed:
Asset tokenization Foundations of blockchain expansion challenges in the United States Algorand’s goals for 2024
To stay up to date on the newest episodes, subscribe to Chain Reaction on Apple Podcasts, Spotify, or your preferred audio platform, and please give us a review if you like what you hear!
Track the money.
Tres, a financial web data business, has acquired $11 million in Series A funding.
Nexon committed $100 million to its web3 business, MapleStory Universe Innovation Lab web3mine, which is focused on developing web3 technologies, and secured a $6 million seed investment.
Fiat Republic, a platform for banking as a service, won $7 million in preliminary funding.
Fyde Treasury has secured a $3.2 million seed round to assist with the management and scaling of on-chain crypto assets.
This list was created using data from Messari as well as E’s own reporting.
What else are we working on?
Want to get out of the Web3 world? Here are several Eltrys-related stories that grabbed our attention this week.
A company that sells electric scooters, Bird, declares bankruptcy.
Certain secondary investors believe certain values are still excessively high (TC+).
Tesla asks for a halt to its federal racial prejudice lawsuit while it resolves other matters.
8 AI predictions for 2024
We will lose compact and inexpensive EVs in 2023.
