Crypto Twitter This Week: Bitcoin Rune Mania and Other Ethereum Legal Drama

adminApril 28, 2024

Crypto Twitter this week has been dominated by the industry’s new hottest topic, Bitcoin Runes, as well as heated legal drama in the form of a preemptive lawsuit filed by the Ethereum software giant against the U.S. Securities and Exchange Commission (SEC). I did.

Since the latest Bitcoin bisectorRunes—New Bitcoin-based protocol Tokens that can support fungible tokens, such as meme coins, have surged in popularity. The new Runes meme token, DOG, is airdrop To Runestones Ordinal project holders on Wednesday. Distributed to tens of thousands of wallets, DOG instantly became the most popular rune token ever created.

Check your wallet!
100,000,000,000 $DOG Successfully airdropped to Runestone holders.
Greetings to giga-chad volunteer community members @gm7t2 To execute perfectly.
The journey to $1 has begun 🐕🚀🌕 pic.twitter.com/XPL7q6m7VG
— Leonidas (@LeonidasNFT) April 24, 2024

Rune fever has taken over cryptocurrencies this week, resulting in a rapid surge in activity for the protocol. dominate The entire Bitcoin network.

Breaking News: Runes accounted for 72.7% of all Bitcoin transactions in the last 24 hours.
— Ord.io (@ord_io) April 24, 2024

Some cryptocurrency users spike Bitcoin Network Fees Due to Rune Frenzy. However, other protocol supporters remain steadfast in their conviction that the hype for the new type of token is just beginning.

I am overwhelmed by the absolute number of mid-curves of people whose runes are fading.
“For now, just sit back and see what happens.”
“All these prices are terrible”
“Memcoin fees are too expensive”
Oh, and you’ll buy Rune 1 from me 100 times faster than you think.
This is a game.
—faXx 🎈| 824.eth (@faxx_eth) April 24, 2024

On Ethereum, optimistic news was discovered this week regarding the multi-million dollar sale of another CryptoPunk NFT. A very rare Alien Punk, Punk #635, sold for a whopping $12.38 million to an anonymous collector on Thursday.

This sale marks the third time Alien Punk has traded for more than $11 million.

CryptoPunk 635, an Alien originally owned by Larva Labs and sold at Christie’s Contemporary Art Evening Sale in May 2021, was just acquired by an anonymous collector in a deal brokered by Fountain. We are honored to have played a small role in this sale. congratulation… pic.twitter.com/glisy3MZpv
— Fountain (@Fountainxyz) April 25, 2024

But not everyone in the Ethereum NFT ecosystem was smiling. On Friday, Yuga Labs, the multibillion-dollar company that developed the once-dominant collection of NFTs. Boring Monkey Yacht Club, laid off an undisclosed number of employees. Greg Solano, the company’s CEO and co-founder, acknowledged in a message to employees that the company had “lost its way.”

GM Today is a really difficult day. I am passionate about changing oil prices and getting us back to our roots, and that means making difficult decisions. The hardest thing so far has been saying goodbye to some talented team members. Here is the message I sent to the team this morning: pic.twitter.com/gBkoNf2iK3
— Garga.eth(Greg Solano) 🍌(@CryptoGarga) April 26, 2024

But the biggest bombshell of the week came on Thursday. Ethereum software giant Consensys active litigation Federal regulators are suing the company and potentially taking on the SEC in an attempt to declare Ethereum a security in the process.

Today, ConsenSys filed a lawsuit against the Securities and Exchange Commission.
The goal behind this is to ensure that Ethereum remains a vibrant and essential blockchain platform and remains accessible to numerous developers, market participants and institutions…
— Consensys (@Consensys) April 25, 2024

Industry leaders immediately took to Twitter to support with one’s voice The lawsuit accuses the SEC of potentially attempting to delegitimize Ethereum after several other U.S. government agencies pointed out that ETH is not within the SEC’s jurisdiction.

I know ETH is a commodity. We know that ETH is a commodity. The CFTC knows that ETH is a commodity. It is time for the SEC to admit that it still knows that ETH is also a commodity. There are no more games. thank you @Consensys Because we fought against the illegal expansion of the SEC’s power. https://t.co/8w7A4PBwUK
– paulgrewal.eth (@iampaulgrewal) April 25, 2024

Hayden Adams, founder of decentralized exchangedex) Uniswap likened the lawsuit to a battle cry for the cryptocurrency industry to finally take an aggressive, collective stance against the SEC. lord of the rings– Same battle. Uniswap said earlier this month that it was being sued by the SEC for securities violations.

Disclosure: ConsenSys Mesh is one of 22 investors in Decrypt. Edited by Ryan Ozawa.