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[Knowledge @_knowledge1st_]

This Week on Crypto Twitter: Dencun Goes Live, Dogwifhat Goes Vegas, Craig Wright Goes Down

Despite the slight dip in cryptocurrency prices towards the end of the week, it was a jubilant period for many reasons.

Despite a drop in crypto prices triggered by discouraging inflation figures, Crypto Twitter had a lively week filled with excitement. Ethereum's highly anticipated Dencun upgrade was successfully implemented on Wednesday, significantly reducing transaction costs across Ethereum layer-2 networks with the introduction of a new data storage method called blobs. This development sparked optimism among developers about the future of Ethereum, envisioning a scenario where data storage on-chain becomes cost-efficient and unrestricted.

Meanwhile, the Dogwifhat (WIF) meme coin community celebrated a significant milestone by raising nearly $700,000 to display their beloved meme character's face on the massive LED screen at Sphere, a prominent arena in Las Vegas. This achievement contributed to WIF's remarkable bull run, with its market capitalization reaching $3 billion at its peak, making it the fourth-largest meme coin globally.

The surreal nature of the WIF community's fundraising success hinted to some observers that a market peak might be near. Additionally, the week ended on a positive note with a UK judge ruling definitively that Craig Wright, an Australian computer scientist, is not the pseudonymous Bitcoin inventor Satoshi Nakamoto. This ruling, following years of claims by Wright, brought closure to the ongoing debate and was celebrated by many in the crypto community, with a humorous song titled "Craig Wright Is Not Satoshi" resurfacing on Crypto Twitter.

[Knowledge @_knowledge1st_]

Bitcoin Meets Wu-Tang: Rapper Ghostface Killah Is Releasing Music via Ordinals

The collection of 10,000 inscriptions was created through a collaboration involving OrdinalsBot, Nakamotos on BTC, and digital artist Rare Scrilla.

Ghostface Killah, a founding member of the legendary Wu-Tang Clan, has announced the launch of a collection of music-themed Ordinal Inscriptions on the Bitcoin blockchain. This announcement was made by the hip-hop icon on Twitter, revealing a collaboration with Nakamotos on BTC, Rare Scrilla, and Ordinals inscription platform OrdinalsBot.

Born as Dennis David Coles in New York City, Ghostface Killah emphasized his early involvement in the Bitcoin space, crediting his introduction to the culture to Jason Williams. He expressed excitement about the upcoming release, hinting at more collaborations with Nakamotos On BTC in the future.

While the exact details of the drop, including the release date and how to participate, were not disclosed in Ghostface Killah's tweet, information shared on the Ordistorians Telegram channel suggested that purchasing a NakaPepe v2 inscription would be the simplest way to get involved.

The NakaPepes collection is set to consist of 10,000 Ordinal inscriptions, each tagged with a Creative Commons license. These inscriptions will be available for minting for free, with a floor price of 0.000898 BTC on Magic Eden, equivalent to approximately $60.

Toby Lewis, head of Strategy at OrdinalsBot, expressed excitement about collaborating with Ghostface Killah and the NakaPepes collection to bring more art and music to the Bitcoin blockchain. He highlighted the capabilities of the Ordinals protocol, particularly the introduction of recursive inscriptions as part of the BRC-69 standard launched last year. This feature enables the inclusion of high-quality audio on the Bitcoin blockchain, paving the way for a future where Bitcoin is not just about finance but also serves as a platform for creative expression.

Despite Ghostface Killah's announcement, representatives for the hip-hop icon did not immediately respond to Decrypt's request for comment.

[Knowledge @_knowledge1st_]

Ether Locked in Liquid Staking Platforms Skyrockets to $54.34B With a $26.85B Rise in 64 Days

The volume and value of liquid staking derivatives (LSDs) have seen substantial growth since the start of the year. Since January 6th, approximately 1.56 million ether has been added to LSD protocols. This increase in participation has resulted in a significant surge in the total value of Ethereum stored, with a growth of $26.85 billion observed over the last two months.

The liquid staking derivatives (LSDs) market has experienced remarkable growth in 2024, with ethereum's price surge driving the value of assets in LSDs to a significant milestone of $54.34 billion. This represents more than half of the total value locked in decentralized finance (DeFi) protocols.

Over the past 64 days, 1.56 million ethereum has been accumulated in LSD protocols, marking a substantial increase from the initial 12.31 million ether secured on January 6, 2024. Lido Finance leads the pack, managing 71.04% of the total ethereum secured, followed by Rocket Pool. Other notable players include Binance, Mantle, and Stakestone, each managing less than 1 million ether.

Despite Lido's dominance, competitors such as Rocket Pool, Binance, and Mantle are gradually gaining traction in the LSD market. This growth underscores the increasing popularity and adoption of liquid staking protocols, reflecting the broader trend of ethereum holders seeking to maximize their returns through staking while maintaining liquidity.

Overall, the growth of LSDs in 2024 highlights the evolving landscape of decentralized finance and the growing demand for innovative financial products within the crypto ecosystem.

[Knowledge @_knowledge1st_]

Nigeria to tighten crypto regulation in wake of Binance disputes

Nigeria's Securities and Exchange Commission (SEC) is set to implement new and more rigorous regulations for the cryptocurrency industry, prompted by recent challenges encountered with Binance, a major player in the sector.

The Nigerian Securities and Exchange Commission (SEC) has announced its intentions to introduce new regulations for cryptocurrency operators in response to recent issues involving Binance.

The proposed regulations will cover licensing, registration, and screening requirements for digital and virtual asset service providers (VASPs). The aim is to prevent malicious actors from operating within the Nigerian market.

According to a notice from the SEC dated March 4, the commission is committed to engaging with legitimate digital asset operators. The SEC has also developed a new Anti-Money Laundering/Combating the Financing of Terrorism/Combating Proliferation Financing (AML/CFT/CPF) onboarding manual to ensure that criminals are not registered as operators in the capital market.

Additionally, the SEC is collaborating with the Central Bank of Nigeria to incorporate additional rules into the forthcoming regulations.

In the past, the Nigerian SEC has introduced several pro-crypto regulations to enable the industry to function under its oversight. Last year, the regulator announced plans to allow tokenization of assets such as equities, property, and debt within the country.

The move towards new regulations follows recent conflicts between the Nigerian government and Binance, the largest cryptocurrency exchange by trading volume. Binance has been accused of exacerbating Nigeria's foreign exchange challenges by manipulating rates and profiting from the situation. This has led to the government blocking access to Binance's official website and arresting two of its executives. Binance has responded by discontinuing its services associated with the Nigerian naira and pledging cooperation with the authorities' investigations.

[Knowledge @_knowledge1st_]

SOL, Bonk, Celestia Emerge Winners of CMC Crypto Awards 2024: What Else Is on the List?

CoinMarketCap faced challenges in determining a single recipient for the Crypto Leader of the Year award category.

CoinMarketCap has revealed the recipients of its inaugural CMC Crypto Awards event held in 2024, as outlined in a statement obtained by CryptoPotato. The awards encompass various categories such as Crypto of the Year, Bridge Builder of the Year, Memecoin of the Year, Social Influencer to Watch, Crypto Leader Of The Year, and Most Innovative Decentralized Finance (DeFi) projects.

The CMC Crypto Awards 2024 recognizes exceptional contributors, including products and projects, that have significantly influenced the crypto and Web3 space over the past year. The event, scheduled for live-streaming on March 6, will see the awards tokenized as non-fungible tokens (NFTs) on the Ethereum blockchain, providing an immutable record of the awardees’ accomplishments.

The selection process involved ten days of online voting, rigorous data analysis, and consultations with an expert committee. Notably, Solana’s native token SOL clinched the Crypto of the Year award, while BlackRock, the world’s largest asset manager, was named Bridge Builder of the Year for launching the largest spot Bitcoin exchange-traded fund (ETF).

Bonk, a Solana-based asset, received the Meme Coin of the Year award after experiencing over 5,800% growth in the past year. Additionally, on-chain analyst ZachXBT, known for flagging exploits and suspicious activities on various blockchains, was recognized as the Social Influencer to Watch.

Celestia, a modular data availability network facilitating blockchain deployment, secured the Most Innovative Layer1/Layer2/Cross-Chain Project award, while Pudgy Penguins, a line of digital collectibles fostering nostalgia, won the Most Innovative NFT & Gaming Project. Uniswap, a prominent decentralized exchange, was honored as the Most Innovative DeFi Project.

The Crypto Leader of the Year category presented challenges in selecting a single winner, as all five nominees made substantial contributions to the crypto sector in distinct ways. The winners included Ethereum co-founder Vitalik Buterin, Binance founder Changpeng Zhao, Coinbase co-founder and CEO Brian Armstrong, Messari founder and CEO Ryan Selkis, and Hong Kong Securities and Futures Commission CEO Julia Leung.

Jonathan Isaac, CoinMarketCap's Chief Marketing Officer, expressed enthusiasm for expanding the CMC Crypto Awards in the future, anticipating further celebrations of notable achievements in the bullish market.

[Knowledge @_knowledge1st_]

After Dencun: Could 2024 Be Ethereum's Year?

The surge in cryptocurrency prices toward the end of 2023 and the beginning of 2024 was largely attributed to the narrative surrounding Bitcoin's exchange-traded funds (ETFs).

Spot Bitcoin ETFs operate by purchasing and holding significant amounts of Bitcoin, while also creating and redeeming publicly-traded shares. This structure provides a regulated entry point for traditional Wall Street investors and individuals with brokerage accounts, alleviating concerns associated with directly buying and storing the asset.

Following the Securities and Exchange Commission's (SEC) approval of spot Bitcoin ETFs in January, analysts in the cryptocurrency and ETF sectors are confident that spot Ethereum ETFs will be the next milestone for several reasons.

Standard Chartered Bank, a London-based multinational institution, has suggested that approval could occur before May 23, the deadline for the SEC's decision on the first recent filing for a spot Ethereum ETF. This timeline aligns with the SEC's approval of Bitcoin ETFs on January 10 of this year.

However, Ethereum's classification poses a different challenge, as the SEC's stance on whether it qualifies as a security is less clear compared to Bitcoin. If Ethereum is deemed a security, obtaining ETF approval could be more complicated due to increased regulatory oversight.

A potential complicating factor emerged last month when Prometheum, the only SEC-approved crypto firm in the US, announced plans to launch its first crypto product in late March: Ether custody. Analysts believe this move by Prometheum could prompt the SEC to clarify its position on Ethereum's classification.

[Knowledge @_knowledge1st_]

Stablecoin Sector Sees $3.26 Billion Growth Spurt; Tether Nears $100B Milestone, USDE Supply Swells by 374%

In just eight days leading up to Sunday, March 3, 2024, the stablecoin sector witnessed a notable expansion of $3.26 billion, surging from $140.82 billion to $144.08 billion. Throughout February, the supply of stablecoins, particularly in the top five by market cap, experienced growth, with FDUSD leading in terms of supply expansion among the five.

The stablecoin sector has experienced notable growth in recent weeks, particularly since February 24, 2024. With a total valuation of $144.08 billion as of Sunday, the stablecoin market has surged by $3.26 billion, representing a 2.31% increase within the past week alone. This growth underscores the growing significance of stablecoins within the broader cryptocurrency ecosystem.

Key players like Tether (USDT) and USD Coin (USDC) have seen their supplies increase, with USDT nearing the monumental $100 billion market capitalization milestone. USDC, on the other hand, has witnessed an 8% surge in supply over the past 30 days, reaching a market capitalization of $29 billion.

Other stablecoins like DAI and FDUSD have also experienced notable increases in market cap, reflecting growing demand for stable assets in the crypto market. However, some stablecoins like TUSD have faced challenges in maintaining their peg, leading to fluctuations in their supply and value.

Interestingly, stablecoins like Tron’s USDD and Ethena’s USDE have seen significant growth in market capitalization, highlighting the diversity and innovation within the stablecoin space. However, others like Paypal USD (PYUSD) and Pax Dollar (USDP) have experienced drops in supply, indicating potential challenges or shifts in market dynamics for these assets.

Overall, the growth of the stablecoin economy since February 24, 2024, underscores the increasing adoption and utility of stablecoins in the crypto market. As stablecoins continue to play a vital role in facilitating transactions and providing stability, their growth is likely to remain a key trend to watch in the cryptocurrency space.

[Knowledge @_knowledge1st_]

Institutional investors poised to fuel major surge in Bitcoin ETF adoption, Bitwise predicts

Bitwise expects a notable increase in institutional capital flowing into Bitcoin exchange-traded funds (ETFs) in the foreseeable future, driven by the initiation of Bitcoin ETF trading by prominent financial institutions, commonly referred to as "wirehouses," to their clientele.

During a CNBC interview on February 29, Matt Hougan, Chief Investment Officer at Bitwise, shared various insights regarding Bitcoin ETFs. He noted that initial interest in these ETFs has mainly stemmed from retail investors, hedge funds, and independent financial advisors. Hougan predicted that institutional investors would soon join the trend, marking a significant moment for Bitcoin comparable to an "IPO moment."

Recent reports from Bloomberg revealed that Bank of America’s Merrill Lynch and Wells Fargo have begun offering spot Bitcoin ETFs to their wealth clients, albeit upon specific request. Additionally, Morgan Stanley is contemplating adding spot Bitcoin ETFs to its brokerage platform, indicating a growing interest among major financial institutions in cryptocurrency investment products.

Hougan described the introduction of Bitcoin ETFs as ushering in a "new era of price discovery," where demand notably surpasses supply. This demand, coupled with the limited daily Bitcoin supply and the impending halving event, could potentially lead to a substantial increase in Bitcoin prices. Hougan speculated that institutional interest might drive Bitcoin's value beyond Bitwise's initial 2024 prediction of $80,000, possibly reaching figures between $100,000 to $200,000 or higher.

On February 28, the trading volume of Bitcoin ETFs reached a new daily record of approximately $7.7 billion, surpassing the previous record of $4.7 billion. Notably, BlackRock’s iShares Bitcoin ETF (IBIT) played a significant role in this volume, managing over $9 billion in assets. Similarly, Fidelity’s FBTC has amassed over $6 billion in assets under management (AUM), with other funds like ARK/21Shares’ ARKB and Bitwise’s BITB also exceeding the $1 billion AUM mark.

In related developments, Bitwise researcher Ryan Rasmussen provided an outlook on the potential approval of spot Ethereum Exchange-Traded Funds (ETFs) in the coming months, assessing the chances of approval at 50%. This outlook reflects a cautious yet hopeful stance on the expansion of cryptocurrency ETF offerings.

[Knowledge @_knowledge1st_]

Aptos Price Forecast: Is $20 Price Target Imminent Amid zkME Partnership Boost?

The Aptos (APT) cryptocurrency has demonstrated significant growth recently, with its price surging past the $11 resistance mark in the past 24 hours. This surge aligns with a bullish trend in the overall cryptocurrency market, with Bitcoin climbing beyond $61,000 and fostering an optimistic sentiment.

Over the last week, Aptos has outperformed many other cryptocurrencies, experiencing a remarkable 26% increase in value. This surge has positioned Aptos as one of the leading performers in the altcoin market.

Aptos has been trading within the confines of an ascending triangle pattern, with its price oscillating between $9 and $12. Despite minor fluctuations, this pattern has contributed to Aptos' positive momentum over the past month.

Currently, Aptos boasts a market capitalization of approximately $4.2 billion, making it the 25th largest cryptocurrency by market cap. The trading volume for Aptos has also seen a significant increase, spiking by 185% in the last 24 hours to reach $624 million.

The Aptos ecosystem's DeFi protocols have experienced substantial growth in total value locked (TVL), surpassing $255 million. Key partnerships and developments, such as the collaboration with zkME to enhance identity security and integration of real-world assets, have fueled this growth.

From a technical analysis perspective, Aptos presents a bullish outlook. The RSI indicates that the market is overbought, and the MACD indicator shows a bullish trend, suggesting further upside potential for Aptos' price. If the current momentum continues, Aptos could potentially surpass the $12 resistance level and aim for a $15 target in the near future. However, if Aptos struggles to break the $12 threshold, it may encounter support levels around $10 and $9.

Overall, the partnership with zkME and positive market sentiment are contributing factors that could propel Aptos towards its $20 price target in the foreseeable future.

[Knowledge @_knowledge1st_]

Uniswap Announces the Addition of Three Long-Awaited Features to its Platform

In its latest announcement, the decentralized cryptocurrency platform Uniswap (UNI) revealed the introduction of new features to its platform.

Uniswap, the decentralized exchange (DEX) platform, has unveiled highly anticipated features that users have been eagerly awaiting: the Uniswap Plugin, Limit Orders, and Data & Analytics.

Of particular note is the introduction of the limit orders feature, a functionality commonly found on centralized exchanges and frequently requested by users. With this feature, users can now place buy or sell orders for any token at a specified price, valid for up to one year from the placement date. The absence of limit orders on decentralized exchanges had led to a preference for centralized exchanges in certain scenarios.

The Uniswap Plugin, as described in the company's official statement, will operate as a persistent sidebar, enabling users to execute transactions seamlessly while browsing other websites.

Moreover, the newly introduced Data & Analytics feature is set to provide users with access to a wealth of data, including historical price charts, liquidity trends, and trading volume for various cryptocurrencies. Additionally, users can delve into detailed token information, project details, and liquidity pool data for a comprehensive understanding of a cryptocurrency's ecosystem.

With these enhancements, Uniswap appears to be bridging the gap with centralized exchanges, despite remaining a decentralized cryptocurrency exchange.

Please note that this information is not intended as investment advice.

[Knowledge @_knowledge1st_]

Google's Gemini AI generator will relaunch in a 'few weeks' after spitting out inaccurate images

Google suspended the service following a public outcry over the presence of racially diverse Nazis and other controversial images.

Google is preparing to reintroduce its artificial intelligence-powered image generator, Gemini, a few weeks after halting the service due to historically inaccurate photos that the company deemed "embarrassing and wrong."

During testing last week, users discovered that Gemini struggled to generate historically accurate images of people, often altering their race or sexuality.

Numerous images posted on social media depicted racially diverse versions of Nazi-era German soldiers and U.S. Founding Fathers. Users reported requesting images of a pope and receiving depictions of a female pope and a Black pope, as well as asking for historically accurate depictions of a medieval British king and receiving images of a female ruler and racially diverse men.

Google DeepMind CEO and co-founder Demis Hassabis acknowledged Gemini's missteps, attributing them to an overapplication of diversity and inclusivity features. Hassabis stated during a panel at the Mobile World Congress conference in Barcelona that Gemini had been taken offline while the issues were addressed, with plans to relaunch it in the coming weeks.

Gemini, initially integrated into Google's Bard chatbot before being rebranded, aimed to combat AI bias by featuring depictions of people of color. However, the product lead for Gemini, Jack Krawczyk, admitted in a now-deleted post on X that the model had overcorrected in its attempts to address bias.

The Gemini incident occurred amid a turbulent week for the AI industry, with OpenAI's ChatGPT generating nonsensical responses and the far-right social media platform Gab launching Holocaust-denying AI chatbots modeled after Adolf Hitler and Osama Bin Laden.

[Knowledge @_knowledge1st_]

Blockchain researcher recovers stolen funds from NFT heist

ZachXBT, a pseudonymous blockchain researcher, has announced a significant achievement in the crypto space. According to their claim, they have managed to recover a significant portion of funds associated with a stolen non-fungible token (NFT).

ZachXBT, a prominent figure in the blockchain community with over 505,000 followers on social media, recently disclosed the outcome of a nine-month investigation into the theft of the DeGods #3251 non-fungible token (NFT). He revealed that the majority of the stolen funds have been successfully returned to the victim, who had lost approximately $177,000 worth of Ether (ETH) when his wallet was emptied.

Known for conducting investigations into various crypto-related incidents, ZachXBT employs simple diagrams to illustrate complex phishing scams and track fund movements, including those through crypto mixers. He expressed satisfaction in sharing successful stories of fund recovery, despite acknowledging that the process can be time-consuming.

However, ZachXBT also mentioned his intention to conclude his pro bono blockchain investigation work soon, citing feedback from frustrated users who expected assistance in recovering stolen crypto, despite his services being offered free of charge.

Among the deceptive tactics he encounters are "approval phishing scams," where fraudsters trick users into approving malicious blockchain transactions. In a recent incident on Jan. 22, a sophisticated phishing attack within the Web3 ecosystem resulted in the loss of $4.2 million worth of tokens. These attacks typically involve deceiving individuals into divulging private keys or personal details, often by posing as legitimate entities to gain trust.

To combat such scams, regulatory bodies like the U.S. Securities and Exchange Commission (SEC) have been actively educating investors on recognizing and avoiding fraudulent schemes.

[Knowledge @_knowledge1st_]

How Much Would Investors Make With KangaMoon (KANG) and Dogecoin (DOGE) If The Replicated Bonk’s (BONK) 1,376% YTD Growth?

As the cryptocurrency market continues to evolve, it gives rise to new trends and opportunities that traders eagerly seek out for potentially high returns. Over the past year, the Bonk (BONK) cryptocurrency has witnessed a remarkable surge in value, soaring by an impressive 1,376%. This surge has captured the attention of traders and investors alike, shining a spotlight on meme coins and their inherent volatility.

A significant amount of attention is currently directed towards Dogecoin (DOGE) and KangaMoon (KANG), with analysts and traders speculating whether these cryptocurrencies can replicate the astonishing gains achieved by BONK. Today, we'll delve into the overall price momentum and potential scenarios, examining how far each crypto could climb if it were to experience similar growth.

Bonk (BONK) and Its 1,376% Surge – Impact on Investors
The remarkable 1,376.2% surge in Bonk's value has sparked substantial interest, resulting in significant gains that have prompted widespread accumulation and diversification among traders and investors globally.

With BONK showing similarities to the bull runs of Solana and Ethereum, speculation is rife regarding the potential for other tokens to follow suit. Could Dogecoin (DOGE) and KangaMoon (KANG) be the next meme coins to surge in a similar fashion?

Dogecoin (DOGE) On-Chart Analysis – Potential for Soaring
Dogecoin (DOGE), the oldest and most popular cryptocurrency in the Web3 space, initially created as a joke, garnered significant trader interest. News related to Dogecoin can influence its value.

Since its all-time low, Dogecoin has surged by an impressive 97,366%. Currently boasting a market cap of $12,161,742,353 and trading at $0.08487, the possibility of future growth remains.

Calculation of Potential Upsurge if Dogecoin (DOGE) Surges 1,376%
With Dogecoin's current value at $0.08487, a surge mirroring Bonk's success of 1,376% would propel its price to $1.2526812. This potential upswing, despite its substantial historical growth, could thrust the cryptocurrency back into the limelight, generating significant wealth for investors.

KangaMoon (KANG) Overview – Potential Spike in 2024
KangaMoon (KANG) is an emerging project posing a challenge to other meme coins with its unique approach. It aims to redefine community participation by enabling KANG holders to earn additional cryptocurrencies through various activities, including challenges and giveaways.

This innovative approach allows ecosystem participants to monetize their engagement, bolstered by the platform's Social-Fi system, potentially establishing it as a dominant force in the industry.

Calculating Potential Upsurge if KangaMoon (KANG) Surges 1,376%
During Stage 1 of its presale, KangaMoon traded at $0.005, rising to $0.0075 in Stage 2. A 1,376% growth would elevate its value to $0.1107, offering substantial returns for early investors.

Future Potential of These Tokens
While both Dogecoin (DOGE) and KangaMoon (KANG) hold promise for significant gains, KangaMoon stands out due to its innovative features and community-driven approach, offering substantial returns despite being in the presale stage.

Summary: Seizing the Opportunity
Investors, traders, and analysts are actively seeking high-growth opportunities in the cryptocurrency market. With Dogecoin (DOGE) and KangaMoon (KANG) poised for potential surges, now is an opportune moment to consider investment strategies in this sector of the Web3 space.

Both projects have the potential to replicate BONK's success and surge by 1,376% or more. Experts suggest KangaMoon (KANG) is particularly promising during its presale period in Q1 2024, positioned as one of the best meme coins to invest in. With its engaging gameplay and Play-to-Earn opportunities, KangaMoon offers an appealing platform for users of all experience levels.

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