Read in the digest:
- Ethereum updates: Arbitrum One, record hashrate, lowest HODL rate
- Ripple’s gambit: asking SEC members to reveal XRP holdings
- Doge’s spawn: Shiba Inu meme NFT is being fractionalized into 17B pieces
- Trump bashes crypto again
- NFT News: iHeartMedia, fake Banksy NFT, Dolce & Gabbana
Ethereum Updates: Arbitrum One, Record Hashrate, Lowest HODL Rate
Ethereum has once again broken the $3,400 level for the first time since May. Moreover, its hashrate has reached all-time-high, which stands at 663T so far. Correlating to this, the number of Ethereum HODLers is decreasing to all-time-lows. HODLers are considered to be those wallets which have not conducted any transactions for three months or longer. Currently, that’s less than 13% of all addresses.
In the meantime, the Arbitrum One Ethereum scaling solution, which is aimed at lowering ETH gas fees, raised $120M in its last funding round, reaching a total valuation of $1.2 billion.
- It’s unlikely that Arbitrum One has had much of influence on Ethereum HODLers. It’s just one of numerous scaling solutions.
Ripple’s Gambit: Asking SEC Members to Reveal XRP Holdings
The Ripple-SEC lawsuit has become a neverending story already. It has now dragged on for more than half a year, having begun in December 2020. In terms of recent updates, Ripple’s legal team has filed a motion asking members of the U.S. Securities and Exchange Commission to disclose whether they traded cryptocurrencies, especially XRP.
It remains to be seen how Gary Gensler will react to this, as we already once observed how a former chairman of the SEC joined the crypto community.
- By the time they respond, we’ll have figured out which cryptos they hold, it depends on average transaction times. 🙂
Doge’s Spawn: Shiba Inu Meme NFT is Being Fractionalized into 17B Pieces
The original picture of the famous Shiba Inu dog ‘Kabosu’ was auctioned as an NFT by its owner for 1,696.9 ETH, or approximately $4M in June. Though, the dog has only lived in this simulacrum briefly.
Recently, it was announced that the meme is “going public” via Fractional.Art, a startup that breaks NFTs into smaller fragments, and then converts those fragments into ERC-20 tokens.
16,969,696,969 pieces will be released named $DOG.
- Who knows, maybe this is the birth of the “real dogecoin,” and the previous DOGE was just a demo version.
Trump Bashes Crypto Again
During an interview with Fox Business, former president Donald Trump has once again said that crypto and Bitcoin “may be fake,” which appears to be the standard answer for anything the man disagrees with.
The former president stated that he was never into trading stock markets, nor does he believe in crypto. Trump largely expresses his favoritism towards the USD, describing anything else apart from the world’s leading business currency as ‘’a potential disaster’’ that hurts the U.S. fiat currency.
The USD has not performed well over the past year, and finds itself in the same place it was this time last year.
- It seems that the former president would take any opportunity to self-promote.
- Fox News once again gave Trump a platform to remind the world of his ego. Needless to say even though the USD is not doing well, crypto exchanges are not to blame.
NFT News: iHeartMedia, Fake Banksy NFT, Dolce & Gabbana
- Cory Van Lew will drop his iHeartMedia-inspired lineup on September 14th. The company is planning to distribute free non fungible tokens (NFTs) in partnership with sustainable NFT platform ‘OneOf,’ a campaign that could introduce more music lovers to digital collectibles.
- A Fake Banksy NFT was sold through the artist’s website for £244,000. A link to an online auction for the NFT was posted on a now-deleted page of banksy.co.uk. A victim, who preferred to remain anonymous, says that they were first alerted to the auction by an anonymous member of their community on the social network ‘Discord.’ The Banksy fan who fell victim to the ruse believed they were buying the world-famous graffiti artist’s first ever NFT. The victim suspects they have been part of an elaborate scam. The victim later revealed that the hacker returned the sum excluding the transaction fee.
‘’The refund was totally unexpected, I think the press coverage of the hack plus the fact that I had found the hacker and followed him on Twitter may have pushed him into a refund.’’
- Fashion house Dolce & Gabbana have announced the details of their “Collezione Genesi,” a physical clothing line backed by NFTs that are wearable in the metaverse. By making the bridge between the physical and digital NFTs, fashion houses are bringing together a new form of self-expression that was previously only physical.
- While NFTs are on a hype train, we can see that it’s not all unicorns and rainbows. It is therefore a valuable lesson for crypto users in carefully weighing the risks of buying NFTs.