Crypto Fun Despite Market Dip: Ethereum Upgrade, Meme Coin Milestone, and Craig Wright’s Defeat
Despite a drop in crypto prices set off by discouraging inflation figures, Crypto Twitter managed to have quite a lot of fun this week, inspired by reasons ranging from genuine technological progress to good old-fashioned schadenfreude.
Ethereum’s Dencun Upgrade Lowers Transaction Costs
On Wednesday, Ethereum’s much-anticipated Dencun upgrade went live, substantially lowering transaction costs across Ethereum layer-2 networks via a novel data storage method called blobs. Developers believe this could soon make gas fees a thing of the past.
- In the hours and days following the software update’s successful adoption, multiple Ethereum layer 2 networks began showing radical drops in transaction costs.
- By dramatically reducing transaction costs, developers hope Dencun will usher in a new age for Ethereum—one in which all manner of data can be stored on-chain without concern for cost or limited storage space.
Meme Coin Community Raises Funds for Ad Campaign
The same day Dencun successfully finalized, members of the ever-lucrative Dogwifhat (WIF) meme coin community rejoiced upon reaching their own milestone: raising nearly $700,000 to plaster the face of its cuddly, beanie-sporting namesake on the face of Sphere, the massive LED-screen covered arena in Las Vegas. WIF continued its phenomenal bull run on the news, pumping to a whopping $3 billion market capitalization.
- The fact that WIF community members easily raised enough funds to put their favorite meme on the largest screen in the world signaled to some that the top may be in.
- WIF is now the fourth largest meme coin in the world by market capitalization, behind Pepecoin, Shiba Inu, and Dogecoin.
Craig Wright’s Defeat in Court
The week ended on a note that got everyone in crypto cheering together: the conclusive ruling by a UK judge that Craig Wright is definitely not pseudonymous Bitcoin inventor Satoshi Nakamoto. For years, Wright had claimed to have invented Bitcoin despite never being able to produce the private keys to Satoshi’s Bitcoin address.
- In 2022, a British court ruled that Wright had submitted “deliberately false evidence” in a defamation case he filed against Peter McCormack, a podcaster who repeatedly called Wright a fraud for claiming to be Satoshi.
- After Wright was decidedly deemed a Satoshi imitator in court on Thursday, McCormack celebrated the victory.
Hot Take: Fun and Defeats in Crypto
Despite the recent market dip, the crypto community found reasons to celebrate and rejoice this week. From Ethereum’s successful Dencun upgrade to the meme coin community raising funds for an ad campaign, and finally Craig Wright’s defeat in court, it was a week filled with excitement and victories. These events showcased the progress and resilience of the crypto industry and its ability to come together in good times and bad. As we move forward, let’s remember these moments of fun and defeats as part of the ever-evolving crypto landscape.
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