The Crypto Compass Issue #62

Hello readers,

This week in the cryptocurrency sphere, we've witnessed remarkable developments that underscore the industry's vibrant growth and innovative spirit. The iconic Dogwifhat meme photo's NFT sale for $4.3 million illustrates the continuing fascination and value ascribed to meme culture within the crypto space. The successful implementation of Ethereum's Dencun upgrade signals a leap towards reduced transaction costs and expanded network functionalities, setting a new precedent for Ethereum's future. Tesla's announcement to accept Dogecoin for vehicle purchases, championed by Elon Musk, further integrates cryptocurrency into everyday commerce. Lastly, a UK court ruling negates Craig Wright's claim as Bitcoin's creator, Satoshi Nakamoto, putting to rest a longstanding debate. These events collectively showcase the cryptocurrency industry's continuous innovation, growing acceptance, and its broader implications on finance and culture.

Dogwifhat meme photo sells as NFT for $4.3 million

The iconic photo of Achi, the dog behind the Solana-based memecoin Dogwifhat, was sold as an NFT for $4.3 million after a three-day auction on Foundation. Crypto trader Gigantic Rebirth Ventures won the bid with 1,210.8 ETH. This transaction not only underscores the growing value of meme-inspired digital assets but also highlights the significant impact of such imagery in the cryptocurrency sector. Dogwifhat itself has seen its market cap surge to $3.2 billion, ranking it 43rd among cryptocurrencies, showcasing the memecoin mania's influence on the market.

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Ethereum's Dencun Upgrade: A Leap Towards Lower Costs and Enhanced Capabilities

Ethereum's Dencun upgrade has successfully launched, marking a significant milestone that promises to dramatically reduce transaction costs across its layer-2 networks and expand the blockchain's ecosystem capabilities. This upgrade, which went live without issues, is set to decrease gas fees by 75% once layer-2 networks integrate the update over the next couple of months. Dencun represents a more substantial update than previous ones, including the 2022 merge and 2023’s Shanghai upgrade, with developers predicting its profound impact on the Ethereum network. By introducing proto-danksharding and temporary on-chain data storage through "blobs," Dencun aims to revolutionize how data is managed on Ethereum, potentially eliminating gas fees and paving the way for unprecedented on-chain data and project development.

Tesla to Accept Dogecoin for Car Purchases

Elon Musk has announced plans for Tesla to accept Dogecoin for vehicle purchases in the future, expanding beyond the current option to buy merchandise with $DOGE. This move further solidifies Dogecoin's position in the market, especially after Musk referred to it as "the people's crypto," sparking a 5% increase in its value. Initially critical of Musk's influence on Dogecoin's price, the crypto community appears to be embracing this new development, highlighting the growing acceptance of cryptocurrencies in mainstream commerce and potentially setting a new precedent for crypto transactions.

Happenings of the week

• Bitcoin ETFs to list in the UK but only available to “professional investors”

• Sam Bankman-Fried Should Spend 40-50 Years in Prison, DOJ Says

• Solana memecoin Slerf accidentally burns $10 million worth of funds raised from presale investors

• Standard Chartered raises Bitcoin price target to $150,000 by year-end

U.K. Court Rules Craig Wright Is Not Satoshi Nakamoto

A U.K. judge has ruled against Craig Wright, an early Bitcoin developer who claims to be Satoshi Nakamoto, stating he is not the author of the Bitcoin whitepaper. This decision comes from a case brought by the Crypto Open Patent Alliance (COPA) aiming to debunk Wright's claims. Judge James Mellor described the evidence against Wright as "overwhelming." The trial saw testimonies from Bitcoin pioneers Adam Back and Martti Malmi, both contesting Wright's assertion of being Nakamoto. COPA initiated this legal action in April 2021 to prevent Wright from making copyright claims on the Bitcoin whitepaper and database, marking a significant moment in the ongoing debate over the true identity of Bitcoin's creator.

Stay tuned for more updates next week! If you haven't yet, hit that subscribe button to ensure you never miss an issue. Found value in this edition? Please consider sharing it with your friends, colleagues, and fellow crypto enthusiasts. Together, let's navigate the world of crypto with clarity and insight!