From PEPE Coin to OnlyFans: The Latest Weekend Insights in Crypto
From the ongoing drama surrounding PEPE Coin’s decline to BlackRock’s strategic moves in the Bitcoin mining sector amid regulatory attention, the weekend saw a major volume drop in Friend.tech and a significant Ethereum investment made by OnlyFans.
The cryptocurrency world experienced a whirlwind of activity over the weekend. From the ongoing drama surrounding PEPE Coin’s decline to BlackRock’s strategic moves in the Bitcoin mining sector amid regulatory attention, the weekend saw a major volume drop in Friend.tech and a significant Ethereum investment made by OnlyFans.
In this article, we dive into the key developments that unfolded this weekend as the crypto market continues to evolve.
On August 25, crypto influencer Pauly shared that Zachary Testa is the founder of the meme coin PEPE. On the same day, PEPE’s team address transferred 16 trillion PEPE tokens across four distinct cryptocurrency exchanges, leading to PEPE’s price dropping by 15%.
The protective structure of the wallet shifted to a relatively vulnerable 2/8 multi-signature setup, causing suspicion among the community.
On August 26, PEPE coin’s official X profile announced that three members of the team suddenly withdrew funds from the multi-signature wallet and left the project. Around 16 million PEPE tokens were transferred to various crypto exchanges.
Pauly, a former promoter of PEPE coin, disclosed that the team possesses $16–17 million in PEPE across a minimum of nine distinct insider wallets.
Following this sequence of events, the value of the PEPE coin registered a substantial decline. As of the present moment, its price stands at $0.0000000002185.
Over the weekend, critics and users on X (former Twitter) declared the platform “dead.”
The platform hit a peak of 20,360 daily new users on August 21. However, on August 27, the count plummeted to 1,811 users, indicating a significant loss in popularity.
The fees generated by Friend.tech also dropped from a peak of $1.7 million on August 21 to $95,400 on August 27, suggesting a considerable decline in the platform’s finances.
It’s worth noting that Friend.tech’s decline has put Coinbase’s BASE blockchain in a tight spot against Layer 2 rivals Arbitrum and Optimism.
Recent developments have highlighted multinational investment company BlackRock‘s notable involvement in the Bitcoin mining sector and its pursuit of SEC approval for a Bitcoin-oriented ETF.
The asset manager holds significant investments in Riot Blockchain, Marathon Digital Holdings, Cipher Mining, and TeraWulf and is the second-largest shareholder in each of them. More than that, its ownership share in Marathon Digital Holdings and Riot Blockchain exceeds 6%.
The company’s involvement in Bitcoin mining is notable given its status as the world’s largest asset manager. The organization is the leading candidate for Securities and Exchange Commission approval to launch the first directly collateralized ETF in BTC in the United States market.
However, with the SEC’s recent investigation of BlackRock, it is still not clear if the crypto ETF initiative will be safe.
Fenix International, the company behind the adult content subscription platform OnlyFans, announced an investment of $19.9 million in Ethereum. Yet, by November 2022, the asset’s value had diminished by $8.5 million, resulting in a remaining carrying amount of $11.4 million.
OnlyFans states that this investment corresponds with their comprehensive strategy of portfolio diversification and embracing blockchain technology.
The company is also expanding its platform by allowing users to display Ethereum-based NFTs as profile pictures and launching Zoop, a celebrity trading card platform on Ethereum’s scaling solution, Polygon.
Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.
The Trust Project is a worldwide group of news organizations working to establish transparency standards.