Crypto Insights from the Weekend: PEPE Through to OnlyFans
In Brief
The weekend brought a mix of developments, including the challenging situation for PEPE Coin, BlackRock's strategic maneuvers in Bitcoin mining under regulatory scrutiny, a sharp decline in Friend.tech's volume, and OnlyFans announcing a hefty investment in Ethereum.
The cryptocurrency ecosystem was particularly active over the weekend. It featured the ups and downs of PEPE Coin, alongside BlackRock's targeted moves in Bitcoin mining amidst regulatory considerations, a substantial decrease in Friend.tech's user engagement, and a hefty Ethereum acquisition by OnlyFans.
In this piece, we explore the notable events that took place this weekend as the crypto sector continues to transform.
PEPE Coin
On August 25, crypto influencer Pauly shared It's confirmed that Zachary Testa is the creator behind PEPE Coin. On the same day, the team managing PEPE's account had certain developments. transferred The transfer of 16 trillion PEPE tokens across four different cryptocurrency exchanges led to a staggering 15% drop in PEPE’s value.
Worryingly, the security architecture of the wallet shifted to a relatively exposed 2/8 multi-signature format, raising eyebrows within the community.
On August 26, the official X profile for PEPE Coin revealed that three team members abruptly withdrew assets from the multi-signature wallet and exited the project. Approximately 16 million PEPE tokens were sent to various exchanges.
Pauly, a former advocate for PEPE Coin, revealed that the team controls $16–17 million worth of PEPE across at least nine separate insider wallets.
As a result of these unfolding events, PEPE Coin's value has seen a dramatic decline. Currently, it trades at $0.0000000002185.
Friend.tech
Decentralized social network Friend.tech experienced a precipitous decline It's worth mentioning that there’s been a notable shift in transaction volumes, fresh user sign-ups, and fee revenues just weeks post-launch.
During the recent weekend, users and critics on X (previously Twitter) labeled the platform as 'dead.'
The platform experienced a surge of 20,360 daily new users on August 21, but by August 27, that figure had plummeted to just 1,811, reflecting a significant drop in user interest.
Friend.tech's revenue also took a hit, dropping dramatically from a peak of $1.7 million on August 21 to just $95,400 by August 27, indicating serious financial challenges.
It’s important to highlight that Friend.tech’s downturn has put the Coinbase’s BASE blockchain under pressure as it faces tough competition from Layer 2 players like Arbitrum and Optimism.
BlackRock
Recent events have showcased BlackRock's influential role in the Bitcoin mining domain and its quest for SEC clearance regarding a Bitcoin-focused ETF. BlackRock The investment giant has made substantial financial commitments to notable players in the Bitcoin mining space such as Riot Blockchain, Marathon Digital Holdings, Cipher Mining, and TeraWulf, holding significant stakes in each. In fact, their ownership in Marathon Digital and Riot Blockchain surpasses 6%.
The asset manager holds BlackRock's venture into Bitcoin mining is particularly striking because it stands as the largest asset manager worldwide. The firm is in a prime position to earn SEC approval for launching the first Bitcoin-backed ETF in the U.S. market.
As for BlackRock’s progress, there's still some uncertainty about the safety of its crypto ETF initiative.
However, with the SEC’s recent investigation , the platform for subscription-based adult content,
OnlyFans
Fenix International initiated an investment of $19.9 million into Ethereum. However, by November 2022, this asset experienced a dip of $8.5 million, leaving a current assessed value of $11.4 million. OnlyFans , announced OnlyFans asserts that this venture aligns with their broader strategy of diversifying their portfolio while integrating blockchain innovations.
Additionally, the company is enhancing its platform capabilities by enabling users to showcase Ethereum-based NFTs as profile images and
, a trading card platform featuring celebrities on Ethereum's scaling platform, launching Zoop The founders of OnlyFans will introduce an NFT marketplace Polygon .
Read more:
Disclaimer
In line with the Trust Project guidelines She holds a Master's degree in Public Communications while pursuing a second major in International Business Management. In her free time, she engages in photography and fashion styling. Valeria launched her first fashion blog at 13, nurturing her love for journalism and style.
