🐝 ETH Deposits On the Rise: Will $2K be Next?
Plus: ETH staking rewards are through the roof! 🚀
Greetings, blockchain buffs! Web3 Buzz is here once more to serve up your daily slice of crypto news. On the agenda for today:
ETH deposits surge: Pepe holders cash out, ETH eyes $2K 🚀
Web3 Summary V2 unveiled 🎉
MemeCoin craze boosts Ethereum fees & ETH burn 🔥
BTC BRC-20 growth sparks exploration of alternatives 👀
Today's edition is powered by Web3 Summary, the ultimate hub for demystifying crypto and web3. Bridge the web3 gap. Unlock crypto potential, connect with pioneers. Get started on your web3 journey now! 💡
ETH DEPOSITS SOAR: PEPE HOLDERS CASHING OUT, ETH EYES $2K 💸
The ETH party is on with 20K active deposits on exchanges this Friday - a record not seen since November 2021 when ETH soared to an all-time high of $4,500.
What's the deal? Pepe coin holders are chasing that sweet cash.
They went on a selling spree on Friday, causing the memecoin to nosedive by a whopping 50%. A staggering 640B Pepe (valued at over $1.1M) got wiped off the market over the weekend, as per Coinglass.
One unlucky whale ended up $600K short. Yikes!
But guess where those profits are heading? You're spot on - ETH.
The Silver Lining: ETH could be gearing up to touch $2K once more.
Here's hoping!
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MEMECOIN FRENZY SPIKES ETHEREUM FEES & ETH BURN 🔥
Over the past week, Ethereum's network traffic spiked, pushing transaction fees to their highest levels since The Merge in September.
The main culprit? The trading of small altcoins, particularly memecoins like $PEPE.
As memecoin madness grips the market, Ethereum's NFT scene seems to be taking a hit. ERC-721 token transfers are down, while daily transfers of ERC-20 tokens are on the rise (see the red line below).
This surge in network traffic is having a noticeable impact on ETH's monetary characteristics. Thanks to the ETH burn mechanism in EIP-1559, over 14K ETH was burnt on May 5th – the highest daily total since The Merge.
The burn rate even outpaced the new ETH issued as staking rewards, leading to a significant net reduction in ETH supply.
So, while memecoins might be the talk of the town, it's worth keeping an eye on how they're affecting the broader Ethereum ecosystem.
THE BUZZ REPORT: TOP STORIES 📰
Bittrex bankruptcy filing in Delaware - unaffected non-US operations continue.
ETH staking frenzy surges as Shapella upgrade draws attention.
BTC BRC-20 boom triggers exploration of alternatives, including Lightning.
Web3 Summary downloads skyrocket - 1000% surge in April.
Long-term BTC holders accumulate despite price retracement.
Yellen asserts debt limit raise as sole option - no alternatives viable.
OpenAI's ChatGPT losses double to $540m amid development.
PayPal user crypto deposits soar to $943m - 56% quarterly increase.
Post-Merge record staking rewards rate for Ethereum.
Ex-Coinbase manager Ishan Wahiwala receives two-year prison sentence.
Buzz-worthy Meme 🐝
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.