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

Despite crypto prices dipping towards the end of the week, it was still a jubilant time for many reasons in the cryptocurrency world.

Despite a drop in crypto prices triggered by discouraging inflation figures, Crypto Twitter had an eventful week filled with excitement and humor.

On Wednesday, Ethereum's highly anticipated Dencun upgrade went live, significantly reducing transaction costs across Ethereum layer-2 networks. This innovative update, featuring a new data storage method called blobs, holds the promise of eliminating gas fees in the near future. Following the successful adoption of the upgrade, several Ethereum layer 2 networks experienced significant drops in transaction costs.

The same day, members of the Dogwifhat (WIF) meme coin community celebrated a milestone achievement by raising nearly $700,000 to display their meme's face on the massive LED-screen covered arena, Sphere, in Las Vegas. This achievement propelled WIF's market capitalization to a staggering $3 billion, making it one of the top meme coins globally.

The absurdity of the WIF community's fundraising success, combined with Ethereum's technological advancements, sparked positive vibes within the crypto community. Additionally, the week concluded with an exhilarating moment as a UK judge ruled definitively that Craig Wright is not Satoshi Nakamoto, the pseudonymous Bitcoin inventor. Wright, who claimed to be Satoshi, faced legal challenges and was deemed an imitator by the court.

To commemorate this historic ruling, Crypto Twitter revived a 2023 anthem titled "Craig Wright Is Not Satoshi" by musician Jonathan Mann. The song quickly gained traction, adding to the celebratory atmosphere among crypto enthusiasts.

Despite market fluctuations, the crypto community found joy and humor in various events throughout the week, reinforcing the vibrant and resilient nature of the industry.

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Altcoin Watch: Stacks and Mantle Surge Ahead in the Crypto Market

STX demonstrates optimistic indicators by maintaining critical price levels, while MNT experiences an increase, supported by indications of robust buyer influence. Both cryptocurrencies display potential for additional growth.

The recent surge in the market brings satisfaction to many altcoin investors, with developments in blockchain ecosystems accelerating blockchain projects and attracting investors. Let's explore the expectations for recent popular projects like STX and MNT.

STX Technical Analysis:
Bulls successfully defended the $2.77 level, representing the 20-day EMA, during Stacks' correction, indicating continued strength as bulls buy the dips. The surge on March 10th signals bullish momentum, but the long wick on the candlestick suggests ongoing resistance from bears. To confirm an uptrend resumption, buyers need to push the price above $3.39, targeting $4.58 and eventually $5. The 20-day EMA remains crucial, and a break below it could lead to a drop towards the 50-day SMA at $2.20. On the 4-hour chart, a rebound from the current level could support a move above $3.39, while a drop below moving averages could indicate bearish pressure, targeting $2.40 and then $2.20.

MNT Technical Analysis:
Mantle is experiencing upward momentum, although bears attempt to halt the rally at $1.15, as seen on the March 8th bar. Buyers maintain the price above the psychological $1 level, supported by rising moving averages and an overbought RSI, indicating buyer dominance. A break above $1.15 could lead MNT/USDT to $1.37 and $1.50. Conversely, dropping below the 20-day EMA at $0.91 could push the pair to $0.85 and then $0.80. Bulls aim to establish $1.01 as support, with a potential move to $1.15 upon breaking $1.07, while a drop below $1.01 could signal weakened demand, potentially pushing the pair to $0.85, supported by the 50-day SMA.

Disclaimer: This information does not constitute investment text, and investors should conduct their own research due to the high volatility and risk associated with cryptocurrencies.

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Web3 Messaging Platform beoble Gets Backing from Animoca Brands to Scale

The Web3 messaging and social platform beoble has received an investment from Animoca Brands, a venture capital firm focusing on gaming and the metaverse. This investment is intended to help beoble achieve its goal of becoming a top global Web3 social platform by utilizing blockchain technology to improve user interaction, privacy, and security. Through this collaboration, beoble will be able to provide its advanced Web3 chat features to selected companies and projects within Animoca Brands' extensive Web3 investment portfolio.
Sung Min Cho, CEO of beoble, expressed excitement about Animoca Brands' support, stating that it validates their vision and capabilities. He highlighted that this strategic investment will enable them to expand their platform and offer greater communication and collaboration opportunities for companies within Animoca Brands' portfolio.

beoble is introducing secure and decentralized wallet-to-wallet messaging, token-gated chatrooms, and innovative earning features. The funding from Animoca Brands will accelerate the platform's development and broaden its feature set, facilitating its global user base expansion.

Through collaboration, beoble and Animoca Brands will extend beoble's chat functionalities to relevant companies and projects within Animoca Brands' portfolio, enhancing community engagement and interactivity across the Web3 ecosystem.

Yat Siu, Executive Chairman and Co-founder of Animoca Brands, expressed confidence in beoble's team and technology, emphasizing their potential to redefine digital interactions. He noted that integrating beoble's chat features could enrich community experiences, aligning with the vision of a more interconnected Web3 ecosystem.

In its recent seed funding round, beoble raised $7 million from prominent investors including Hashkey, Samsung, DCG, DWF Ventures, Nomura Laser Digital, Cypher Capital, and Blockchain Founders Fund.

The Web3 social media platform landscape is rapidly evolving, offering decentralized alternatives to traditional platforms. These platforms leverage blockchain technology, NFTs, and cryptocurrency to empower users and creators, providing enhanced security, flexibility, and revenue opportunities.

Odysee is a decentralized content sharing platform challenging YouTube, enabling secure content monetization. Nostr resembles Twitter's architecture but offers customizable social media experiences, supporting encrypted messaging and self-governed accounts. Mirror is a publishing platform for writers leveraging Ethereum for user authentication, NFT-based content creation, and permanent storage on the Arweave network.

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El Salvador Bitcoin holdings hit record $164M as BTC profits pass $50M

Bitcoin adoption in El Salvador has proven to be highly profitable for the government, with recent data suggesting that it has earned up to $53 million in profits, thanks to the record-high prices of BTC.

According to information from Bitcoin Treasuries, El Salvador's BTC holdings have seen a significant increase of $50 million compared to their initial cost basis. Since the country declared Bitcoin as legal tender in 2022, its BTC holdings have surged from modest levels during the bear market to impressive heights during the recent record-breaking market conditions.

President Nayib Bukele initiated the government's strategy to accumulate BTC by purchasing 1 Bitcoin per day. This strategy has resulted in the acquisition of approximately 2,380 BTC, valued at around $158.5 million. With Bitcoin reaching new all-time highs on March 5, 2024, the value of El Salvador's BTC holdings soared to $164.7 million, which is a remarkable 53% increase over the country's total cost basis. On average, each Bitcoin was acquired at a price of $44,300.

In response to media coverage of the government's economic policies, President Bukele criticized mainstream media narratives, highlighting the significant profitability of El Salvador's Bitcoin holdings. He emphasized that while media outlets previously focused on perceived losses during Bitcoin's low market prices, the recent surge in prices has resulted in substantial profits for the government, particularly through its citizenship program, which has become a key source of BTC accumulation.

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SHIB pumps hard as whales take center stage

SHIB has reached the "Extreme Greed" stage, potentially leading to a further surge in its rally.

Shiba Inu (SHIB) holders have seen their profits soar amid the recent surge in the broader cryptocurrency market. SHIB, the second-largest meme coin, experienced a remarkable spike of 118% over the past week, reaching levels not seen since May 2022, according to data from CoinMarketCap.

This surge in price has led to a significant increase in overall profitability for SHIB holders. Analysis of Santiment's data by AMBCrypto revealed that SHIB holders are currently enjoying unrealized profits averaging over 31%.

The surge in profits has attracted the attention of wealthy investors, commonly referred to as whales in the crypto community. According to a recent report by on-chain analytics firm Scopescan, a whale deposited 365.36 billion SHIB tokens, valued at nearly $7.4 million at the current market price, into the cryptocurrency exchange Binance (BNB). Such large inflows to exchanges often indicate an intention to sell, and this particular whale was expected to realize profits of about $4.5 million from the sale.

This influx of whale transactions coincided with a significant spike in overall whale activity on March 2nd, reaching levels not seen since the peak of the bull market in November 2021. Following this surge in transactions, addresses associated with large whales witnessed a notable decline, indicating that many of these investors took profits.

Additionally, the rally in SHIB also activated dormant coins, with a substantial movement of 22 trillion SHIB tokens that had been inactive for over a year occurring on March 2nd. This movement of previously idle coins suggests a bullish sentiment towards SHIB.

Furthermore, the SHIB market has entered the "Extreme Greed" phase, as indicated by data from Hyblock Capital. This heightened sentiment could potentially lead to further accumulation in the coming days, driving SHIB's price even higher.

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Cardano Founder Breaks Silence on Nami Malfunction, Here’s What Happened

Cardano founder Charles Hoskinson has addressed the recent malfunction of the Nami Wallet, providing insights into the situation and teasing upcoming developments.

In his statement, Hoskinson acknowledged the issues surrounding the Nami Wallet and assured the community that the team is actively working to resolve them. He emphasized the importance of transparency and communication during such times, reaffirming the commitment to delivering a reliable and secure wallet experience for Cardano users.

Furthermore, Hoskinson teased upcoming developments and hinted at the next steps to watch out for. While details on specific improvements or updates were not disclosed, his remarks suggest that the team is focused on addressing the issues with the Nami Wallet and implementing enhancements to ensure a smoother user experience in the future.

Overall, Hoskinson's statement serves to reassure the Cardano community, acknowledging the challenges faced with the Nami Wallet while expressing confidence in the team's ability to overcome them and deliver on their promises. It also hints at a proactive approach to improving the wallet and indicates that users can expect further updates and enhancements in the near future.

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