Weekly Crypto Recap (February 26nd - March 4th)

Weekly Crypto Recap (February 26nd - March 4th)

Here's a weekly recap from Metaverse.SG, highlighting the most notable crypto events this week:

• BTC breaks $67K.

• Memecoins Bull Run.

• Launch of BLAST mainnet.

• Latest news about StarkNet and Zksync.

Let’s dive headfirst into the main crypto news of this week!


Bitcoin Breaks $67K


Possible reasons for the growth:

Significant investments into Bitcoin ETFs:

💵 BTC ETF Flow - All Time 

• 📅 11 Jan 24 / 29 Feb
  🟢 Overall: $7B
  
  

• Positive stock market sentiment:
  with the SNP500 also rising by +4% for the month.
  
  

• Approaching Halving:
  Only 49 days left until the Halving, cutting the block reward from 6.5 BTC to 3.25 BTC. Historically, this event has significantly spurred BTC's growth, prompting increased buying activity.

Memecoins Bull Run
When Bitcoin stabilized between $60K-$64K, liquidity started moving to other tokens, with expectations following the previous pattern:

$BTC -> $ETH -> Major Altcoins -> Small Altcoins/Memecoins



However, this cycle unfolded differently:

$BTC -> $ETH/Memecoins ->What’s next?

This shift resulted in various memecoins surging by over 300% in a week.

Launch of BLAST mainnet

The Launch(With nuances):
The network launch was scheduled for February 29 at 1PM PST, yet 10 hours before, a custom node surfaced, enabling early access to the Blast network.

This enabled the quickest users to launch memecoin, which hit a peak capitalization of $20M

Earning Points System:
Holders of $ETH received an extra multiplier, ranging from 2x to 10x.

To unlock your points, transfer $ETH to the Blast network and hold it until the end of the event

You can earn additional points through various tasks:

• Hold $ETH, $WETH, and $USDB

• Interact with specific dapps on the Blast network.

• Earn points for referring others.
  
  

A new system introducing 12 multipliers will be phased in, starting March 13, followed by April 1, and finally on May 1.


Latest about StarkNet Zksync

Airdrops are currently a major draw in crypto, attracting many first-time earners. However, the effectiveness of airdrops is questionable if recipients do not engage with the network thereafter.

StarkNet:

• Activity is waning, with user numbers dropping to 43,000 from 100,000 in January, raising concerns about future user engagement post-airdrop for ZKsync and LayerZero.
  It raises the question: Will ZKsync and LayerZero face similar decline in user activity after airdrops distribution?🤔
  
  ZkSync:
  Nothing is fully confirmed regarding the snapshot yet, but Twitter is buzzing with insights and rumors about the snapshot made on 02/29.
  
  

• Daily activity: 20 $ZKS

• Weekly activity: 100 $ZKS

• Monthly activity: 400 $ZKS

• Each unique contract engagement: 50 $ZKS

• For each $100 volume: 20 $ZKS 

• For each $100 bridge volume: 60 SZKS

• Lite usage: 500 SZKS
  
  

• Those without ETH mainnet activity -800 SZKS

• Less than total $100 volume: -800 $ZKS

• If total balance of less than $5: -400 SZKS

• Less than 25 tx on Era: - 1200 $ZKS 

The requirement is to Accumulate more than 400 $ZKS