Bitcoin 'Stronger' Ahead of Halving: Grayscale

Spot bitcoin ETFs have amassed more than 192,000 bitcoin in holdings, as of Friday, since their launch nearly a month ago.

By Shaurya Malwa

Feb 12, 2024 at 3:08 pm

Updated Feb 12, 2024 at 3:10 pm

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A man cutting a log in half. (Zhivko Minkov/Unsplash)

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Bitcoin could see a steady price increase after its halving event on lower selling pressure and new interest in native Bitcoin-based applications.
Ordinals have revitalized Bitcoin on-chain activity and bolstered fundamentals while buying demand from spot bitcoin exchange-traded funds (ETFs), which are likely to support higher prices in the future.

Bitcoin's (BTC) technical fundamentals and use cases have significantly increased in the past year and likely made the asset “stronger” ahead of its historically bullish halving event compared to previous years, crypto asset management Grayscale said in a research note last week.

“Despite miner revenue challenges in the short term, fundamental on-chain activity and positive market structure updates make this halving different on a fundamental level,” researcher Michael Zhao said. “While it has long been heralded as digital gold, recent developments suggest that bitcoin is evolving into something even more significant.”

Halving is part of the Bitcoin network's code to reduce inflationary pressure on the cryptocurrency and will cut the rewards in half for successfully mining a bitcoin block. This makes obtaining or mining new bitcoin much harder – and has historically preceded bull runs.

2024-02-12 22:48:28

Apparent Insiders’ Make Millions After Grabbing Ethereum Version of Dogwifhat

The Ethereum version of dogwifhat pumped, then dumped, within hours on Saturday, but blockchain data shows a few wallets picked up a large chunk of the supply after it was issued.

By Shaurya Malwa

Feb 5, 2024 at 5:34 p.m.

Updated Feb 5, 2024 at 5:36 p.m.

(Dogwifhat)

Many crypto wallets pocketed over $1.3 million over the weekend after picking up an ample supply of the Ethereum version of meme coin dogwifhat (WIF).

As such, the Ethereum version of dogwifhat isn’t connected to Solana-based WIF, which launched in late November and reached a market capitalization of over $350 million.

Over 12 wallets, termed “insiders” by the on-chain analytics tool Lookonchain, purchased 24 million Ethereum WIF tokens for $3,000 in ether. This purchase was in the same block where the deployer opened trading – implying the trader knew precisely when the tokens would be issued and traded, Lookonchain said.

Hype for the tokens caused prices to jump from fractions of a penny to 30 cents before concerns around their ownership caused prices to dump more than 80% since Saturday.

Ethereum WIF spiked on Saturday, but has slid since. (DEXScreener)

The Ethereum WIF was issued by X user @issa, who claimed to have first posted about the original dog wearing a pink hat meme in 2019.

As many of you know, I originally created the meme you all know as "dogwifhat". It recently gained a ton of traction within the crypto space, most notably through a coin named $WIF that launched on Solana, currently trading at $270M~ market cap.

With so many of you reaching out…
— issa (@issa) February 3, 2024

“I originally created the meme you all know as “dogwifhat,” @issa said on X. “With so many of you reaching out to me and the $WIF team never acknowledging me as the original creator, I wanted to clarify that I have no affiliation with them and never owned or received any allocation.”

Meanwhile, @issa’s direct involvement with Ethereum WIF tokens has created strong demand for the tokens as it garnered some $7.7 million in trading volumes in the past 24 hours from just over 4,500 holders, DEXScreener data shows.

2024-02-12 22:49:44