Illustration by Mitchell Preffer for decoding
This week has seen some surprising developments in the cryptocurrency ecosystem. Some are positive and some are alarming.
On Monday, an Ethereum NFT of the photo that inspired the Dogwife Hat meme went public, ultimately reaching billions of dollars. meme coin The phenomenon is sold at auction – it sells for a surprisingly high price $4.3 million ETH value.
Its sale price instantly makes Dogwifat the most expensive meme-inspired NFT ever sold, dethroning it. doge, the previous reigning champion in that category. Dogwifhat's price soared above $3, but at the time of writing he has settled around $2.25.
Eye-popping sale signals the return to health and potential of the memecoin economy give back with all your might A look at the NFT market.
The South Korean owner of Achi, the dog featured in the Dogwifhat meme, later revealed that his salary from selling NFTs was much more than he expected. pathA pseudonymous facilitator of Dogwifhat NFT sales said: Decryption same.
On the same day as Dogwifhat's historic sale, Binance subsequently found itself embroiled in a small controversy accusations spread An employee of the company pointed out on Twitter that he may have been involved in the suspiciously timed purchase of a new meme coin “BOME” that was listed on a virtual currency exchange shortly after that, and this incident caused prices have soared.
The uproar was fueled in part by secrecy surrounding how Binance makes key decisions about which coins to list on its platform, but it quickly grew to such an extent that the company felt obligated to respond. .
In a statement posted on On Binance's Chinese Twitter account, the company called the incident the “so-called BOME rat warehouse” incident and announced that after conducting an internal investigation, it concluded that the transactions in question were not conducted by Binance employees. did.
However, Twitter users still argued that Binance should be more transparent about the token listing process. For example, BOME went public just two days after its founding, a highly unusual move in an industry where such decisions often take months.
But the biggest surprise of the week happened on Wednesday. The Ethereum Foundation, the Swiss organization that maintains the technical operations of the network, is currently Under investigation By nameless “national authorities.”
Although the state authorities in question have not yet been officially identified, subsequent reports have confirmed that the US Securities and Exchange Commission (SEC) has also issued subpoenas to US crypto companies for their ties to the Ethereum Foundation. , there are growing concerns that the SEC is preparing legal action. A Hail Mary attack on the Ethereum network itself.
Some Twitter users, perhaps emboldened by the SEC's recent actions, quickly dismissed the news. string of Cryptography related setback in federal court.
But others warned that the prospect of a U.S. government-backed effort attacking one of the most important technology teams in the cryptocurrency ecosystem is no laughing matter, regardless of previous results.
Edited by Ryan Ozawa.
