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This Week in Coins: Caitlyn Jenner Dives into the World of Memes as Bitcoin and Ethereum Stay Flat
Illustration by Mitchell Preffer for Decrypt.
It was another boring week for Bitcoin but non-stop madness for the rest of the industry.
O Bitcoin price it broke above $70,000 on Monday but is now trading for $67,635, down about 2% in seven days.
Its downfall is partly due News that defunct Bitcoin exchange Mt. Gox moved more than $9 billion worth of BTC to an unknown wallet yesterday, which made the market think creditors were about to be repaid.
Since then, the former CEO of the failed exchange, Mark Karpelès, reassured people that “there is no imminent Bitcoin sale happening.”
At the Ethereum world, the second largest currency by market value did not change during the week – even after the Historical approval of exchange-traded funds (ETFs) last week.
The price of Ethereum is currently $3,798, according to CoinGecko. Analysts he said that the currency was about to experience a rally soon.
But in the world of memes and alts, the action hasn’t stopped.
Firstly, Sahil Arora, a promoter who works with celebrities to launch crypto projects, launched a meme token with Caitlyn Jenner. O SolanaThe cryptography-based project caused Twitter to collapse upon its launch.
Olympic gold medalist and member of the Kardashians at the time counted Decrypt that she had a fight with Sahil and that he owed her “a lot of money”.
The token, JENNER, has since diving and has been trading at a huge loss since its launch.
But the circus surrounding the celebrity and his move into the crypto space helped boost other more established tokens in meme space: Dog hat It is FLOKI are both big winners this week, having risen 15% and 14% respectively.
Dogwifet is currently trading for $3.41; Ethereum-based FLOKI costs $0.0002588.
In other news, former FTX exec Ryan Salame received 90 months in prision. And Gemini Crypto Exchange he said Wednesday that it will pay out more than $2 billion in digital assets to customers of its Earn lending program.
Excitement around the project and its token has skyrocketed since the launch of “earning missions” that allow players to passively earn crypto rewards using the messaging app.
Finally, former President Donald Trump’s guilty verdict dominated the end of the week. While the impact of the news on the broader market is being hotly debated, it was good news for meme coins dedicated to Trump – although after a remarkable dive.
Edited by Ryan Ozawa.