Hey, there, pen pal!
As always, it’s Vanessa from buidlbee, here to bring you the top 3 news that will take you a step closer to your crypto millionaire dreams 🤑 Check them out:
Ethereum to the moon! 🚀
Will the real Bonk Inu please stand up? 💁♀️
Bonus points! 😎
February might be a really good month for Ethereum
As with most people, crypto investors are big fans of good news, and with all the great news about Ethereum, we are likely to see a huge boom in its ecosystem as early as next month! Here’s what’s been happening:
The ETH chart is above its 200-day moving average (200MA) for the first time since 2021. The last time this happened, it led to a price explosion of the coin ✅
In the past four months, the number of smart contracts on the blockchain has blown up, which means services on the network are booming ✅
L2 protocols for scaling on Ethereum consumed 32B of gas in a week, indicating a record growth for scaling solutions ✅
Upon the release of the test network for the upcoming Shanghai update — devnet 2 — registered validators on the blockchain grew past 500K. By this time last year, that figure was 282,249, indicating a 77.58% infrastructure growth ✅
The Shanghai Upgrade will launch in February, positively impacting EVM functions by increasing scalability & transfer rates and offering better liquidity ✅
Furthermore, Ethereum is expected to become more deflationary in 2023 and see a rise in the number of frozen coins after the Shanghai update. This should boost the overall value of the asset ✅
BONK had a bad case of identity theft
Remember BONK, the most recent meme coin built on Solana? Well, it seems like the token had a short-lived high at the start of the year. Today, the altcoin’s price fell by more than 96%! What happened to Bonk Inu?
Yesterday, PeckShield showed an address that swapped 1,068,976 BONK to 79,370 wMATIC [wrapped MATIC] on QuickSwap. The current price of the latter is $0.9891, which means tokens in the wallet are worth $7,8504,000! At first, it seems like the lucky investor dodged a bullet because BONK’s price fell to $0.0000013 shortly after.
What’s interesting about this, however, is that BONK is only available on Solana, so how the hell did it get to QuickSwap? This predicament indicates that a scam is afoot! 🧐 Anonymous developers created a fake BONK token to lure investors and farm as much as possible before ultimately withdrawing all deposits.
This whole debacle brought the real BONK down by 96%, taking SOL down by 5.21% to $22.53 and MATIC by 2.29% to $0.988565. Bonk Inu is often compared with Dogecoin (DOGE), which now sits at $0.08645, and Shiba Inu (SHIB) at $0.00001235. So can the token still top them in the long run? Well, with recent innovations in the ecosystem, I still won’t count this coin out yet!
Being the amazing crypto buddy that I am, I always try to give you an edge over other investors. Here’s a bonus read on the current situation surrounding Bitcoin mining stocks. Don’t say I never did anything good for you 🤷♀️ Check it out and share it with your friends! See you tomorrow with more tips to help you make it with crypto 🔥