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Welcome again to Chain Response.
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It appears each time a dog-themed memecoin like Dogecoin (DOGE) or Shiba Inu (SHIB) goes mainstream, one other one lurks within the shadows, ready to pounce on its very personal hype prepare.
The worth of the most recent such memecoin Bonk (BONK), a Shiba Inu-themed Solana token, has elevated by over 400% on the month, in line with CoinMarketCap data. The hype for the token and Solana Saga telephone skyrocketed final week, after homeowners of that telephone came upon they might declare 30 million BONK tokens, price roughly $560 on the time of publication.
The Saga telephone quickly after bought out of its 20,000 items within the U.S., and Bonk hit an all-time excessive six days in the past. Solana (SOL), the cryptocurrency linked to the layer-1 blockchain that Saga and Bonk are centered on, has climbed greater than 21% on the week, too.
The Bonk hype has light since, however different Solana-based memecoins like Dogwifhat (WIF) have additionally benefited lots from the curiosity.
A token actually based on a Shiba Inu in a knit beanie, Dogwifhat has risen 42.46% within the final 24 hours, and spiked 864% previously seven days, on the time of writing. The token at the moment has a market cap of round $218 million, in line with CoinGecko data. Compared, Bonk’s market cap is greater than 5 instances that at $1.14 billion.
After all, these aren’t the primary meme-driven canine tokens to take off, and I doubt they would be the final. Nonetheless, these market strikes are signaling that retail curiosity and urge for food is popping towards crypto once more after a chronic bear market.
What’s occurring in web3
- Worldcoin is no longer offering Orb-verification in India, Brazil and France
- Why tokenization of assets can be a key driver of growth in crypto (TC+)
- Crypto valuations ‘came back to earth’ in 2023, but VCs expect them to rise again in 2024 (TC+)
- AR platform Really launches ‘Fandime’ NFTs to reward users with exclusive movie-related content
- EthSign brings DocuSign-like features to Line, Telegram with a web3 twist
- WazirX volume falls off a cliff amid India’s crypto scrutiny
- Why these 30 web3 founders are optimistic about 2024 (TC+)
- Robinhood is on a quest to dive deeper into crypto (TC+)
The most recent pod
For this week’s episode, Jacquelyn interviewed Staci Warden, the CEO of the Algorand Basis, the group behind the layer-1 blockchain Algorand.
Beforehand, Warden labored on the Milken Institute and oversaw initiatives regarding capital market growth, fintech monetary inclusion, cryptocurrencies and blockchain.
Earlier than that she was at JPMorgan, the place she was an govt director main public sector protection. She additionally labored at Nasdaq and the U.S. Treasury. Warden sits on the advisory boards for the United Nations Capital Growth Fund, the European Parliament’s Science and Expertise Choices Evaluation and the U.S. Monetary Expertise Affiliation.
As for Algorand, it’s a Singapore-based blockchain that goals to be quick, safe, decentralized and “the greenest” with its carbon-negative community. It had about 615,000 lively addresses on the time of recording.
We mentioned Algorand’s ecosystem, decentralization and actual use instances being constructed in the course of the bear market.
We additionally talked about:
- Tokenization of belongings
- Foundations behind blockchains
- Challenges of increasing within the U.S.
- Algorand’s plans for 2024
Subscribe to Chain Response on Apple Podcasts, Spotify or your favourite pod platform to maintain up with the most recent episodes, and please depart us a assessment when you like what you hear!
Observe the cash
- Monetary web3 knowledge startup Tres raised an $11 million Sequence A spherical
- Gaming titan Nexon invested $100 million into its web3 enterprise, MapleStory Universe
- Innovation lab web3mine, centered on constructing web3 instruments, raised a $6 million seed spherical
- Banking-as-a-service platform supplier Fiat Republic raised $7 million in seed extension
- Fyde Treasury raised a $3.2 million seed spherical to assist handle and scale on-chain crypto holdings
This record was compiled with info from Messari in addition to TechCrunch’s personal reporting.
What else we’re writing
Need to department out from the world of web3? Listed below are some articles on TechCrunch that caught our consideration this week.
- Electric scooter company Bird files for bankruptcy
- Secondaries investors say some valuations are still too high (TC+)
- Tesla requests pause in federal racial bias lawsuit as it wraps up other cases
- 8 predictions for AI in 2024
- The small and affordable EVs we lost in 2023
Observe me on Twitter @Jacqmelinek for breaking crypto information, memes and extra.
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