The Book of Meme (BOME), crafted by the creator of Pepe, Darkfarms, has seen an astounding surge, increasing by 20 times within just three hours. This surge has catapulted the market value of the crypto to nearly $400 million. The pre-sale for BOME commenced on March 13th, enabling participants to transfer an unspecified amount of SOL tokens to a specified address.

The Book of Meme encompasses an updatable electronic magazine, a meme creation tool, and an extensive meme library featuring non-mint JPEGs. Developed on Solana by the creator behind the Pepe meme coin, the project employs Arweave, IPFS, and inscriptions for data storage, doubling as a social platform for cross-chain storage. Future plans involve using a single NFT to connect all stored content related to a specific meme.

 

Solana Meme Coin Skyrockets

BOME quickly gained traction within the Sino-British community. The pre-sale garnered an unexpected 10,131 SOL, surpassing initial expectations of 500 to 600 SOL by a significant margin. This overwhelming response prompted a subsequent community vote on how to allocate the pre-sale funds.

Following the pre-sale, Darkfarms utilized the raised funds to establish a liquidity pool, setting the initial price of BOME at $0.0000496. Substantial purchase orders of 100 SOL contributed to a highly liquid market, resulting in a price peak of $0.0012. This surge subsequently increased the market capitalization of BOME to $375 million.

Shortly afterwards, several exchanges, including BitMart and HTX, expressed intentions to list the asset. Bitmart later confirmed the primary listing of the altcoin on March 14th, introducing an initial trading pair with USDT.

 

Meme Coin Frenzy

BOME skyrocketing aligns with a broader uptick in the meme coin sector, which recently reached a market cap of $40 billion and saw many people become millionaires in a short amount of time. Earlier this year, Dogecoin (DOGE), Pepe (PEPE), and Dogwifhat (WIF) were prominent, with WIF surging by 45% and reaching a new all-time high of $3.45. Elsewhere, a token based on U.S. President Joe Biden surged by 830% on Wednesday morning on over $23 million worth of trading volume. Several other meme coins based on celebrities and politicians have also been issued on Solana.

However, the recent surge in Solana network activity has also attracted malicious actors. Security firm BlockAid reported cryptocurrency scams two months ago targeting Solana users through wallet drainer attacks. 

 

A New Era

This emerging trend coincides with meme coin speculators openly embracing a risky new wave of cartoonish tokens based on notable politicians and celebrities this week, with Solana-issued meme coins leading the market following a volatile trading session on Tuesday.

DOGA is anticipated to surge as the project prepares to announce the listing of its token on a top 5 centralized exchange (CEX) in March, according to sources familiar with the matter as reported by Crypto Intelligence on Friday. This is one of several dog-themed tokens, such as Shiba Inu and Dogecoin, but it holds considerable upside potential due to its modest market cap of just $5.2 million.

Additionally, other memecoins such as SHIB and PEPE have recently witnessed large whales sell their tokens on various centralized cryptocurrency exchanges to capitalize on their gains, with one whale making over $6 million by depositing more than 200 SHIB on Crypto.com and Gemini.

Two United States Senators are urging Gary Gensler to halt any further approval of crypto exchange-traded funds (ETFs), citing significant risks to retail investors. In a letter dated March 11th, Democratic Senators Jack Reed and Laphonza Butler argued that allowing additional crypto ETF approvals by the Securities and Exchange Commission (SEC) would expose investors to markets characterized by low trading volumes and susceptible to fraudulent activities and manipulation.

 

Addressing Potential Dangers

Currently, the SEC has eight pending applications for spot Ether ETFs, with hopes that other alternative cryptocurrencies might follow suit in the future. The senators emphasized the potential dangers faced by retail investors in ETFs referencing cryptocurrencies with limited trading activity or vulnerable to fraudulent schemes like pump-and-dump.

Reed and Butler emphasized the need for increased oversight on Bitcoin ETFs and cautioned against using the recent approval of spot Bitcoin ETFs as a precedent for further approvals. Despite acknowledging the susceptibility of Bitcoin to fraud and manipulation, they argued that markets for smaller cryptocurrencies were even more prone to misconduct.

 

More Regulation

The senators urged the SEC to implement specific measures concerning the already approved Bitcoin ETFs, including subjecting brokers and advisors to enhanced regulatory scrutiny. Alexander Grieve, government relations lead at Paradigm, noted that the success of spot Bitcoin ETFs had stirred controversy within Capitol Hill.

This political pressure on Gensler could diminish the likelihood of an Ether ETF approval in May, according to industry analysts. The aforementioned letter reflects growing scrutiny and legislative efforts targeting cryptocurrencies in the US, with both Reed and Butler previously involved in bills aiming to regulate digital assets and decentralized finance.

 

Earlier this year, Readyverse Studios, a collaboration between blockchain tech company Futureverse and Ernest Cline, the creative mind behind the sci-fi franchise Ready Player One, unveiled The Readyverse, an interactive platform for metaverse games and experiences.

Readyverse Studios teamed up with Warner Bros. Discovery (WBD) to bring the popular novel to the metaverse through Web3 technology. WBD was responsible for distributing the 2018 film adaptation directed by Stephen Spielberg. The studio recently unveiled its inaugural project set to debut soon within The Readyverse.

This will be a third-person battle royale experience where players engage in game-show-style, multi-round collaborative modes employing various gaming techniques like shooting, tactical positioning, and driving. The founders of Readyverse Studios introduced Open in a trailer during the South by Southwest (SXSW) festival.

 

The Context

The new experience includes a Ready Player One biome, providing players with opportunities to explore environments, obtain skins inspired by the novel, and compete against each other. Additionally, Open features other biomes showcasing recognizable characters via iconic intellectual properties. In the trailer, viewers witness Ready Player One protagonist Wade Watts (also known as Parzival) navigating past nostalgic items such as a DeLorean car and vintage television and video game consoles.

Ready Player One is set in 2045, depicting a world on the brink of collapse. To escape, most people immerse themselves in a virtual reality simulation called the OASIS. When the creator of the simulation dies, users are informed that whoever finds a digital Easter Egg first will inherit ownership of the OASIS. Watts, a teenage orphan and avid player, joins the contest, pitted against corporate employees seeking to control and monetize the OASIS with intrusive online advertising.

 

Working With Web3 Technology

Readyverse Studios describes Open as the first AAA quality metaverse experience interoperable with AAA IP, leveraging Web3 technology. It is named after the principles that The Readyverse embraces, including asset interoperability, digital ownership, decentralization, and security. Much of this technology stems via Futureverse, a platform comprising 11 companies which includes gaming studios and blockchain startups.

Development of Open involved collaboration with Walker Labs, a developer specializing in video games and next-gen web technology. Walker Labs previously released Walker World, an open-world multiplayer shooter and adventure game in 2022. Open is currently in development for PC, and interested players can register for early access.

 

Reactor Motors, the Ethereum NFT collection showcasing 8,888 images of luxury racing cars, is reportedly set to be adapted into a film. Heading the Reactor Motors movie will be experienced director Pierre Morel, known for his work on films like Taken and Transporter 2.

The narrative of the Reactor Motors film revolves around Geophysicist Eva Mason and the discovery of Reykium in an Icelandic volcano, which leads to the development of clean energy race cars. The breakthrough attracts the interest of an energy conglomerate determined to obtain Reykium by any means necessary.

 

A Novel Idea

Morel and his business partner were drawn to the lore surrounding Reactor Motors, prompting the collaboration. Racing is universally appealing as it transcends borders, stated Reactor Motors creator and Abstract Entertainment Co-Founder Mike Bundlie, before further claiming that ideas should have broad appeal rather than being culturally specific.

Mike went on to say that the aim with Reactor was to merge the comic book, racing, tech, and gaming communities. Reactor Motors was unveiled initially as a comic book and later as a game. Joining Bundlie in the creation of the Reactor Motors movie is Louis Leterrier, known for directing The Incredible Hulk (2008), Now You See Me, and Fast X.

 

Revitalizing NFTs

Bundlie anticipates a cast reveal later this year and has already obtained financial backing for the project. He also noted that while Reactor Motors will be a high-budget independent film, it would not be a gigantic financial strain. While a blockbuster success would of course be welcome, Bundlie emphasized the primary objective of revitalizing the NFT marketplace in addition to adapting new intellectual properties for the screen.

NFTs do not have to remain confined to the crypto world, he emphasized. He also said that at their core, NFTs are a form of art and should have the potential to become intellectual property themselves, and that there is absolutely no reason why a movie has to be exclusively based on a comic book or novel.

Interestingly, this is not the first time a reputable director has gotten involved with Ethereum, as veteran director Ridley Scott, known for the immensely popular and era-defining Alien movies, previously expressed his interest in making a movie about Vitalik Buterin.

 

U.S. District Judge Richard A. Jones has adjusted the bond conditions for Changpeng Zhao (CZ), the founder of cryptocurrency exchange Binance, subsequent to his November admission of guilt for breaching U.S. anti-money laundering laws. Zhao now faces a potential sentence of up to 18 months in prison, with the sentencing scheduled for April.

 

On Lockdown

The recent directive by Judge Jones mandates that Zhao must notify the Court Pretrial Services of any domestic travel and is not allowed to leave the nation before his sentencing. Moreover, Zhao is obliged to relinquish his Canadian passport to a designated third-party custodian, appointed by his legal team. This custodian is also tasked with accompanying Zhao on trips requiring identification.

Zhao must deliver all current or expired passports to his attorneys and is not allowed to procure new passports or travel documents without court authorization. These measures are implemented to ensure Zhao remains under the legal jurisdiction of the United States, given the absence of an extradition agreement with the United Arab Emirates, where Zhao intended to return, and where his family primarily resides.

 

Deadline Inches Closer

This legal proceeding comes in the wake of actions initiated by several U.S. government agencies against both Binance and Zhao himself. In response to these developments, Zhao reached a plea agreement with the United States Department of Justice and stepped down as CEO of Binance.

As part of the settlement, Binance is anticipated to incur a significant penalty. The revised bond conditions reflect the ongoing endeavors to guarantee that Zhao will adhere to U.S. legal proceedings as the sentencing date draws near. The criminal sentencing of the Binance founder was postponed to April 30th, according to a notice by a Seattle federal court.

 

Coinbase intends to secure $1 billion via senior convertible notes to generate funds for debt repayment and unspecified corporate needs. The senior convertible notes, characterized as a debt instrument that holds the potential for later conversion into equity, will be exclusively offered to eligible institutional buyers.

 

The Importance Of The Notes

The decision by Coinbase to raise $1 billion through senior convertible notes was disclosed in an 8-K filing submitted to the United States Securities and Exchange Commission (SEC). These notes are granted seniority over common stock, providing holders with priority in case of bankruptcy or liquidation. They will accrue interest biannually and have the flexibility to be converted into cash, Coinbase shares, or a combination of both.

Coinbase has outlined its intention to utilize the proceeds to retire its existing convertible senior notes maturing in 2026, 2028, and 2031. The interests on these notes range up to 3.625%. Furthermore, the funds raised will be allocated for general corporate purposes, including working capital, capital expenditures, and covering the expenses associated with capped call transactions.

 

Coinbase Is Not The Only One

According to a blog post dated March 12th, Coinbase specified that the notes must be settled by April 1st, 2030, unless they are redeemed, repurchased, or converted earlier. The decision to pursue this financing option underscores a strategic maneuver by Coinbase to capitalize on market confidence, evident in its elevated share price, which recently reached a level not seen in over two years.

Earlier this week, MicroStrategy, the prominent corporate holder of Bitcoin (BTC), concluded an $800 million convertible note offering, utilizing the proceeds to augment its Bitcoin treasury reserve. Coinbase stock remained relatively unchanged on March 12th, registering a modest gain of around 0.8% and closing at $256. However, in after-hours trading following the announcement of the note offering, it experienced a decline of 2.3% to approximately $250.

 

Tether has revealed the introduction of its USDT stablecoin on the Celo blockchain, a move aimed at broadening financial inclusion and empowering individuals globally. According to the announcement, the emphasis Celo puts on mobile-first strategies and its compatibility with the Ethereum Virtual Machine (EVM) render it an ideal platform for Tether.

A proposal by Celo core contributors at cLabs proposes the utilization of USDT as a gas currency to streamline transactions and enhance efficiency within the network. This is anticipated to offer numerous advantages, including remarkably low transaction fees of approximately $0.001, thereby enabling microtransactions for users irrespective of their economic standing or geographical location. 

 

A Notable Collaboration

Tether CEO Paolo Ardoino expressed renewed enthusiasm when it came to providing accessible and dependable digital currency solutions globally. He highlighted that integrating USDT onto the Celo platform, designed for real-world usage, indicates a significant stride in their mission. Leveraging the distinctive capabilities of Celo will further enhance the usability and accessibility of Tether for millions of individuals.

This move renders USDT accessible across the entirety of Celo. USDT will therefore join a diverse array of stable assets on Celo, such as eXOF and cREAL, linked to the CFA Franc and the Brazilian Real, respectively. This widens the potential applications for stable assets on the platform, encompassing remittances, savings, lending, and peer-to-peer (P2P) and cross-border payments.

 

Enhancing The User Experience

Celo has features like SocialConnect and FiatConnect which will further enhance the user experience, simplifying transactions with USDT. The option to pay for gas with ERC-20 tokens, including stable assets, will deliver a seamless payment experience. Rene Reinsberg, Celo Co-Founder and Celo Foundation President, talked about welcoming Tether USDT to the Celo ecosystem, which is rapidly emerging as a leader in stablecoins and real-world assets (RWAs).

Rene highlighted how this integration aligns with their mission to create a digital economy conducive to prosperity for all. With Tether USDT soon to be available on Celo, users will have even more options for fast, cost-effective payments and access to robust stablecoin use cases benefiting users worldwide. As a result of the announcement, CELO recently experienced a price surge.

The Dubai Police Department has introduced an innovative pilot initiative utilizing the Cardano (ADA) blockchain to safeguard the security and authenticity of sensitive data related to criminal investigations. This announcement took place during the esteemed World Police Summit in Dubai, highlighting the dedication of the UAE to incorporating advanced technologies into its law enforcement endeavors.

 

Adopting The Cardano Blockchain

Insights into the mechanics and objectives of the project were provided by Alexander E. Brunner, Principal of Brunner Digital and President of Blockchain.swiss, who shared details via a recent post. This initiative will demonstrate how sensitive data by criminal investigations can be securely shared with authorities like Interpol, he added, before further clarifying the practical application of this technology.

Alexander stated that, specifically, bullet scans conducted by a highly advanced scanner are shared among international stakeholders on the Cardano blockchain. The blockchain guarantees that the data remains unaltered and traceable among various stakeholders, he concluded.

Highlighting the wider implications of blockchain integration, Brunner stressed that ensuring secure sharing and management of data in a decentralized network of stakeholders is increasingly important across industries such as energy, defense, and IoT, and that blockchain technology can serve as a facilitator for this.

 

A Groundbreaking Development

Chris O, founder of the ADA Ghost Fund and co-host of Investing Broz on Discord, also commented on this development via X. He emphasized the significance of the project for the Cardano community and the broader blockchain arena.

The United Arab Emirates is employing Cardano for securing its criminal investigations, exclaimed Chris O. He provided details on some key operations, which include the aforementioned bullet scans which are conducted by a highly advanced scanner. The blockchain ensures data integrity and traceability among stakeholders, he added.

The Dubai Police deciding to utilize the Cardano blockchain for sharing criminal investigation data signifies a groundbreaking advancement toward broader blockchain adoption in crucial sectors. By guaranteeing the integrity and security of investigative data, this project not only demonstrates the practical usefulness of blockchain technology but also establishes a precedent for its application in global law enforcement activities.

Details regarding the duration of the pilot phase and the subsequent steps toward operational implementation remain undisclosed at present.

 

Cryptocurrency enthusiasts, once deemed outliers in the financial realm, now find themselves celebrating a triumph. As the digital currency experiences a meteoric rise, it boldly challenges skeptics with its astonishing rally, leaving them silenced.

At the start of this decade, Bitcoin (BTC) was an anomaly, mocked by prominent investors and economists as a fleeting trend, a bubble destined to pop. Yet, today we witness Bitcoin flourishing, surpassing its digital counterparts and proving its resilience against detractors.

 

A Remarkable Comeback Tale

Reflecting on 2021, Bitcoin was grouped with volatile tech ventures and meme-driven stocks. However, the present narrative is vastly different. While those fleeting trends struggle to maintain value, Bitcoin stands tall at its peak. This is not just another bubble story, as it underscores the enduring strength and potential longevity of Bitcoin and crypto as a whole.

Amidst the fervor surrounding Big Tech in the bull market, the rise of Bitcoin is particularly notable. While Big Tech stocks surge, fueled by visions of an AI-driven future, the flagship cryptocurrency forges its own path, proving its worth as a significant investment and a leader among cryptocurrencies. Since its lowest point in late 2022, Bitcoin has surged by a whopping 300%, overshadowing its rivals and solidifying its position as the premier cryptocurrency.

 

A Realistic Assessment

The once-dreaded volatility associated with Bitcoin has been subdued, revealing a more stable and reliable asset. Critics who once dismissed Bitcoin for its price fluctuations now witness its transformation into a less volatile investment. However, crowning Bitcoin as the new gold standard is premature gold remains favored by central banks for diversification purposes.

Despite the excitement, the role of Bitcoin as digital gold and a medium of exchange remains a work in progress. Adoption rates have declined, with significant crypto activity concentrated in regions grappling with economic instability. The usage of crypto in daily transactions remains limited, with stablecoins gaining popularity for crypto payments. Yet, the appeal of Bitcoin as an investment strengthens, driven by its scarcity and institutional interest. The allure of limited supply, especially with the approaching halving event, boosts its value, attracting more institutional investors and laying the groundwork for an expanding ETF market.

 

Arbitrum DAO decided against proceeding with its recent proposition to contribute funds, up to $1.2 million, to support Tornado Cash developers Roman Storm and Alexey Pertsev amid their legal battles, according to a source familiar with the situation. Last week, ImmutableLawyer, a contributor to Arbitrum, suggested allocating between 200,000 and 600,000 ARB tokens, valued at $400,000 to $1.2 million, to aid the legal defense of the developers.

 

Tornado Cash In Hot Water

Storm and Pertsev are currently facing legal charges linked to their creation and advancement of Tornado Cash, a smart contract protocol designed to conceal cryptocurrency transactions on the Ethereum network. The exploitation of the protocol by criminals for money laundering purposes has attracted considerable legal scrutiny.

Despite the withdrawal of the proposal, supporters are exploring alternative means to provide financial support. One such option being considered is directing funds through Coin Center, a nonprofit organization focused on cryptocurrency policy, to back the fundraising efforts of WeWantJusticeDAO, aiming to cover estimated monthly legal expenses of $100,000.

 

Bad To Worse

In August 2022, the US Treasury imposed sanctions on Tornado Cash, a crypto-mixing service, over allegations of laundering funds for malicious cyber actors like the Lazarus Group. These sanctions resulted in the freezing of Tornado Cash assets, restrictions on transactions involving the service, and the prohibition of its code.

The actions of the Treasury have sparked concerns regarding privacy implications and the potential closure of similar services in the future. Some individuals have contested these sanctions through a lawsuit funded by Coinbase against the US Treasury Department. Moreover, on February 14th, GoFundMe terminated a fundraising campaign aimed at gathering legal defense funds for Storm and Pertsev due to a violation of its terms of service.

 

The decentralized finance (DeFi) sector presents both lucrative prospects and potential pitfalls for astute cryptocurrency investors. For instance, engaging in stablecoin lending within liquidity mining protocols can yield returns of up to 20%.

Key DeFi platforms such as Aave and Compound, operating on Ethereum (ETH), notably incentivize suppliers of stablecoins. Aave offers annual percentage yields (APYs) of 19.18% for USDC and 20.44% for USDT. Compound v3 features a 15.19% APY for USDC based on Ethereum. Furthermore, exploring lending on alternative chains like Polygon (MATIC), Arbitrum (ARB), or Base could potentially yield even higher APYs.

 

High APYs Continue To Dominate

This trend is primarily driven by significant demand for borrowing, with traders willing to pay borrow-APYs reaching as high as 23.45% and 25.13% for USDC and USDT, respectively, on Aave. These borrowed stablecoins are often utilized for cryptocurrency speculation, aiming for returns exceeding their APY costs.

Notably, this dynamic arises due to substantial borrowing demand, with traders willing to pay borrow-APYs as high as 23.45% and 25.13% for USDC and USDT, respectively, on Aave. These traders might utilize the borrowed stablecoins to speculate on cryptocurrencies, aiming for higher returns than their APY costs.

 

A Much Needed Conversation

Erik Voorhees, the founder of ShapeShift, raised questions about why major financial institutions overlook this risk-allocation opportunity. ShapeShift recently settled illegal securities charges with the SEC on March 5th. The company agreed to a cease-and-desist order and a $275,000 fine.

In response, Hayden Adams, founder of Uniswap, elaborated on the paradoxical nature of stablecoin lending yields. He noted that while 30% APY might not suffice for crypto native investors, traditional finance players may find DeFi too risky even at such rates.

Overall, lending platforms present attractive yield opportunities for supplying stablecoins like USDC and USDT, while traders can opt to borrow stablecoins to engage in short-term price speculation in the cryptocurrency market. However, both avenues carry inherent risks, including the potential control exerted by entities behind stablecoins like Tether and Circle.

 

Zama secured a significant $73M in Series A funding, fueled by Multicoin Capital's backing. Zama is an open source cryptography company building state-of-the-art FHE solutions for blockchain and AI. It focuses on building apps with FHE (Fully Homomorphic Encryption).

 

 

Nav set sail with a $2M Seed investment, though the investor remains undisclosed. Users can optimize their DeFi investments with NAV's SIPs and step into the world of quantitative decentralized finance investing.

 

 

Firewall fortified its position with $3.7M in Pre-Seed funding, supported by Breyer Capital. Firewall is building the safety rails that enable the everyday person to use the next era of the Internet. The focus is not on marginal improvements rather, to try and bring a paradigm shift in the usability of blockchains.

 

 

Hedgehog Protocol emerged with a notable $1.5M in Pre-Seed funding, with undisclosed backers. Hedgehog mirrors the economic essense of blocks without getting into physical blockspace delivery complexities. This approach allows Esko Koivula and his team to create a gas derivatives market that everyone can easily interact with.

 

 

Sahara AI powered up with a $6M Seed round, courtesy of Polychain Capital. Sahara is a decentralized AI network which focuses on unlocking fair and universal access to global knowledge capital. They provide blockchain infrastructure that's trustless, permissionless, and privacy-preserving.

 

 

Meo, based in Denmark, secured $2.46M in Venture funding, while also securing $1M in Debt Financing from Gilion (Formerly Ark Kapital). Meo is an end-to-end platform helping users with seamless onboarding, risk assessment and continuous due diligence of their clients.

 

Well done to everyone! Exciting times ahead for the entire industry. Once again, be sure to follow CryptoWeekly and check out our website to stay updated on all the latest deals, news, and trends in Web3.