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The week brought a whirlwind of crypto news, with some coins soaring, others selling, and a few even burning. Dogecoins value spiked, Donald Trump made significant moves in the Ethereum and MAGA Coin markets, a Colorado pastor admitted to fraud charges, and Shiba Inus burn rate skyrocketed. Heres a quick look at what transpired.

Dogecoin Value Surges on Musks X App Buzz

Over the weekend, Dogecoin DOGE/USD value soared by more than 10% following the establishment of a dedicated account for the planned payment feature on Elon Musks everything app X. Pseudonymous cryptocurrency analyst Johnny predicts a rally, with DOGE potentially hitting $0.10. The buzz around the X Payments account has fueled speculation that X/Twitter may soon adopt DOGE as its universal payment method. Read the full article here.

Trump Dumps Ethereum

Former President Donald Trump is reported to have sold more than 1,000 Ethereum ETH/USD, raking in over $2.4 million. The Ethereum mainly came from royalties for Trumps non-fungible token (NFT) projects. Despite the sale, the NFTs remain in high demand, with the cheapest one listed for over $600, a significant increase from the original $99 price. Read the full article here.

See Also: Kim Jong Un Issues Stark Warning Amid North Koreas Worsening Food Crisis: We Should Not Sit By And Wait

Pastor Admits Fraud Over Crypto Scam

Eli Regalado, a Colorado-based online pastor and founder of INDXcoin, has admitted to fraud charges. Facing accusations from the Colorado Securities Commission, Regalado confessed in a video that he and his partner Kaitlin Regalado misappropriated $1.3 million. Read the full article here.

Trump Scores Big with MAGA Coin

In addition to his Ethereum trading, Trump reportedly reaped a 15,000% return from the MAGA (TRUMP) coin. According to crypto intelligence firm Arkham Intelligence, Trumps initial stake of $7,100 in the meme coin has surged to an estimated value of over $1.07 million. Read the full article here.

Shiba Inus Burn Rate Soars

The Dogecoin killer, Shiba Inu SHIB/USD, has seen a surge in its token burn activity, with an increase exceeding 4,200% within a 24-hour window. This drastic reduction of 15.72 million SHIB tokens from the actively traded supply is attributed to three anonymous entities sending 13 million SHIB tokens to an unrecoverable address. Read the full article here.

Read Next: Houthi Rebels Fire Missile At US Warship Amid Red Sea Conflict: Theyre Now Finally Calling A Spade A SpadeEivind Pedersen from Pixabay.

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Trump Dumps Ethereum, 'Dogecoin Killer' Shiba Inu's Burn Rate Soars And More: This Week In Cryptocurrency - Benzinga

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The cryptocurrency market is known for its volatility, but recently, Ethereum (ETH) has shown relative stability. With its market cap of $272,835,747,415 and a trading volume of $10,250,530,272, Ethereum (ETH) has maintained its position as the second most-capitalized coin. Despite the drop in equity indices, the consolidation in the cryptocurrency market seems to be driven by individual corporate stories rather than a global shift in sentiment.

While Bitcoin remains around $40,000, Ethereum (ETH) has returned to the lower end of the consolidation it experienced in December. Currently, it is threatening to fall to the $2,100 mark, which was the upper end of the consolidation in November. A decline to this level would be a logical move, just as a BTCUSD pullback to $37,500 remains a possible scenario. However, it is essential to be prepared for a brief dip towards $2,000 due to the inherent volatility of the cryptocurrency market.

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$2000 Consolidation Looming For Ethereum (ETH), Option2Trade (O2T) is Positioned For Great ROI - Finbold - Finance in Bold

The supply of ether could be impacted by the Ethereum network's upcoming Dencun upgrade, according to CoinShares Ethereum research associate Luke Nolan.

The Dencun upgrade will enable Layer 2 transactions to be sent to the Ethereum network through blobspace, an alternative to the current transactional calldata mechanism. This could result in reduced gas usage and, consequently, a lower amount of ether being burned.

All of the ether used to pay gas base fees for transactions is currently burned.

"Transactional calldata makes up 90% of the costs Layer 2s pay in terms of gas fees. But after the Dencun upgrade, instead of posting their data through calldata, Layer 2s can use the new blobspace mechanism, which has significantly lower gas costs. So, if we expect layer 2s to gradually shift to using this new blobspace mechanism, we could see gas prices settle at lower levels, which means less ether is burned," Nolan told The Block.

The possible reduction in ether burned could have an impact on the growth of ether supply.

"Gas demand on the Ethereum network drives ether's deflation mechanism via gas burn which can reduce the circulating supply of ether. The Dencun upgrade could see gas prices settle at lower levels," Nolan added.

However, the impact of the Dencun upgrade and the introduction of the blobspace mechanism could be mitigated by other factors. Nolan stressed that Layer 1 demand is what significantly drives deflation, and that "even very high blob usage has a low impact on circulating supply."

"Even if we see this reduced gas price because layer 2s are using the blobspace, there is no real concern that Ethereum will become significantly inflationary. The point of the Dencun upgrade is to decrease gas fees for users transacting using roll-ups, and bring users back to the network because of lower transaction fees, so more activity means more gas usage overall," Nolan said.

Nolan added that the end goal of the Dencun upgrade is to solidify Ethereum's market share, so secondary effects are a net positive over the long run, regardless of short-term gas fluctuation.

The Dencun network upgrade was activated on the Goerli testnet on Jan. 17 and introduced several Ethereum Improvement Proposals. Of particular interest is EIP-4844, which enables the blobspace mechanism.

The Ethereum Dencun upgrade on the Sepolia testnet is expected to be activated by Jan. 30, while the same upgrade on the Holesky testnet remains scheduled for activation on Feb. 7.

According to Nolan, the mainnet activation of the Dencun upgrade could come as soon as March of this year. "Ethereum core devs expect that at least one month after Holesky the mainnet activation of the Dencun upgrade will go live. So at least March, or likely after. It is hard to give an exact time, as testnet bugs appear and change timeline," Nolan said.

The price of ether has fallen by over 3% in the past 24 hours to trade at $2,377, according to The Block's Prices Page.

The price of ether has fallen in the past 24 hours. Image: The Block.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Ether supply could be affected by Ethereum's Dencun upgrade, analyst says - The Block

The defunct crypto lending platform Celsius has moved large amounts of Ether (ETH) to centralized exchanges amid expectations that the firm will start repaying creditors in liquid crypto in mid-February.

On Jan. 26, there were several large transactions of Ether from the Celsius Network wallet to deposit wallets for Paxos and Coinbase Prime.

The largest transaction was for 443,961 ETH worth $984 million at the time of the transfer from Celsius to another network-controlled wallet in preparation for moving.

A total of 13 transactions followed over the next hour, moving this huge tranche of ETH to Coinbase and Paxos wallets, according to blockchain intelligence firm Arkham.

Spotonchain reported that most of the 297,454 ETH sent to Coinbase was distributed to 12 fresh wallets, probably as part of an OTC deal.

Only two days earlier, Celsius moved 575,081 ETH on Jan. 24 using addresses labeled Celsius Network: Staked ETH and Celsius Network: Eth2 Depositor in an internal transaction.

Overall, Celsius has moved 757,626 ETH to FalconX, Coinbase, OKX and Paxos since Nov. 13, 2023, it stated, adding that currently, Celsius still holds 62,469 ETH valued at $138.8 million at current prices.

The exact reasons for the recent Ether transactions are not immediately clear. However, according to a Celsius asset distribution FAQ updated on Jan. 12, a limited number of corporate accounts will be able to receive cryptocurrency through Coinbase.

For non-corporate accounts, distributions to creditors residing in the United States will be made via PayPal, and distributions to creditors outside of the U.S. will be made by Coinbase, it stated.

A community of Celsius creditors on X (formerly Twitter), named Celsius NewCo Community, said they expect the distribution of liquid crypto to creditors to start in mid-February, adding that the distribution window will be open for one year.

Meanwhile, Celsius user TheHawk reported that they had officially been able to remove all of their ETH from Celsius, adding that funds were in the custody account, not the Earn account.

Between Jan. 8 and 12, Celsius transferred another $95.5 million to Coinbase, while $29.7 million was transferred to FalconX, according to data from Arkham Intelligence.

Related: Celsius transfers $125M of ETH to exchanges as FTX and Alameda dump

Earlier in the month, the bankrupt lending firm stated that it had begun shifting assets to ensure ample liquidity in preparation for any asset distributions.

Celsius said it will unstake its existing Ether holdings to offset certain costs incurred throughout the restructuring process and unlock ETH to ensure timely distributions to creditors. It no longer has any ETH pending staking withdrawal, according to Nansen.

On Jan. 9, Celsius bankruptcy administrators filed an intent to notify its creditors that account holders who withdrew more than $100,000 in the 90 days before the date of the firms bankruptcy declaration on July 13, 2022, may be required to return them by Jan. 31, 2024.

ETH prices have yet to react, remaining flat on the day at $2,225 at the time of writing.

Magazine: Tiffany Fong flames Celsius, FTX and NY Post: Hall of Flame

Continued here:

Celsius moves a massive $1B in Ethereum to CEXs: Repayments incoming? - Cointelegraph

Polymer Labs has raised $23 million in Series A funding to advance the building of its Ethereum-based interoperability hub.

The funding round was co-led by Blockchain Capital, Maven 11, and Distributed Global and included contributions from a number of big-name investors, such as Coinbase Ventures, Placeholder, and Digital Currency Group.

Polymer has developed a layer 2 network that employs the Inter-Blockchain Communication (IBC) - originally developed for the Cosmos ecosystem to allow different blockchains to communicate with one another - to build an Ethereum-based interoperability hub.

The aim is to counteract the challenges of interoperability that emerge as a result of the proliferation of layer 2s.

"Existing interoperability solutions such as token bridges are widely used but have proven unreliable and susceptible to hacks, leading to a lack of standardization within the Ethereum ecosystem with billions lost in exploits," Polymer Labs said in an emailed announcement on Tuesday.

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Ethereum Interoperability Hub Polymer Raises $23M Series A Funding From Marquee Investors - CoinDesk