Canine-themed memecoins are pawing their means again into traders’ hearts

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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 practice.

The worth of the latest such memecoin Bonk (BONK), a Shiba Inu-themed Solana token, has elevated by over 400% on the month, in accordance with CoinMarketCap knowledge. The hype for the token and Solana Saga telephone skyrocketed final week, after house owners of that telephone came upon they might declare 30 million BONK tokens, value roughly $560 on the time of publication.

The Saga telephone quickly after offered 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 related to the layer-1 blockchain that Saga and Bonk are targeted on, has climbed greater than 21% on the week, too.

The Bonk hype has pale since, however different Solana-based memecoins like Dogwifhat (WIF) have additionally benefited quite a bit from the curiosity.

A token actually based mostly 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 present has a market cap of round $218 million, in accordance with CoinGecko knowledge. Compared, Bonk’s market cap is greater than 5 occasions that at $1.14 billion.

In fact, 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 taking place in web3

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3. Crypto valuations ‘got here again to earth’ in 2023, however VCs count on them to rise once more in 2024 (TC+)
4. AR platform Actually launches ‘Fandime’ NFTs to reward customers with unique movie-related content material
5. EthSign brings DocuSign-like options to Line, Telegram with a web3 twist
6. WazirX quantity falls off a cliff amid India’s crypto scrutiny
7. Why these 30 web3 founders are optimistic about 2024 (TC+)
8. Robinhood is on a quest to dive deeper into crypto (TC+)

The newest 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 improvement, fintech monetary inclusion, cryptocurrencies and blockchain.

Earlier than that she was at JPMorgan, the place she was an government 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 circumstances being constructed through the bear market.

We additionally talked about:

• Tokenization of property
• 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 in the event you like what you hear!

Observe the cash

1. Monetary web3 knowledge startup Tres raised an $11 million Sequence A spherical
2. Gaming titan Nexon invested $100 million into its web3 enterprise, MapleStory Universe
3. Innovation lab web3mine, targeted on constructing web3 instruments, raised a $6 million seed spherical
4. Banking-as-a-service platform supplier Fiat Republic raised $7 million in seed extension
5. Fyde Treasury raised a $3.2 million seed spherical to assist handle and scale on-chain crypto holdings

This record was compiled with data from Messari in addition to starcrypto’s personal reporting.

What else we’re writing

Wish to department out from the world of web3? Listed here are some articles on starcrypto that caught our consideration this week.

1. Electrical scooter firm Hen recordsdata for chapter
2. Secondaries traders say some valuations are nonetheless too excessive (TC+)
3. Tesla requests pause in federal racial bias lawsuit because it wraps up different circumstances
4. 8 predictions for AI in 2024
5. The small and reasonably priced EVs we misplaced in 2023

Observe me on Twitter @Jacqmelinek for breaking crypto information, memes and extra.