Weekly Recap: Notable Web3 Events This Week 🌐✨
This past week, the Web3 and crypto markets saw a wave of major events. From the market's "Black Thursday" to the explosive surge of the Pudgy Penguins token, here's everything you need to know: 1. Crypto Market's "Black Thursday" 🐻📉 This week, the U.S. Federal Reserve (Fed) maintained its hawkish stance, pushing interest rates higher than expected. BTC quickly dropped from $105K to below $99K, dragging ETH and altcoins down with it. The market fell into panic mode, with the burning question:
This past week, the Web3 and crypto markets saw a wave of major events. From the market's "Black Thursday" to the explosive surge of the Pudgy Penguins token, here's everything you need to know:
1. The Crypto Market's "Black Thursday" 🐻📉
This week, the U.S. Federal Reserve (Fed) maintained its hawkish stance, pushing interest rates higher than expected. BTC quickly dropped from $105K to below $99K, dragging ETH and altcoins down with it.
The market fell into panic mode, with one big question on everyone's mind: "Should you buy the dip or cut your losses?" Top analysts remain optimistic, viewing this as merely a temporary correction within a longer-term growth cycle.
2. Pudgy Penguins and the PENGU Token Frenzy 🐧💰
Blue-chip NFT project Pudgy Penguins officially announced the launch of its PENGU token in 2024. The announcement sent the NFT's floor price to record highs — from 14 ETH to 34 ETH in just a few weeks, equivalent to nearly $100,000.
On top of that, PENGU rolled out a massive airdrop, allocating over 25.9% of the total token supply to the community. Surprisingly, the NFTs that received the most tokens weren't "Pudgy Penguins" themselves, but rather "Pudgy Rods" — a high-rarity NFT sub-collection.
3. The Fuel Airdrop: Who's Cashing In? 🚀🎁
Fuel, the well-known Layer 2 project, just opened airdrop eligibility verification for over 200,000 wallets. With 10% of the total supply being distributed, this is a major opportunity for users to claim free FUEL tokens.
And that's not all — the Abstract project also announced its mainnet launch for January 2025, promising even more airdrop opportunities for those who start preparing now.
4. The Global Crypto Map: Regulations and Tax Policy 🌍⚖️
European countries are emerging as crypto-friendly regulatory hubs. Bitwise, for example, launched a SOL staking ETP product, offering attractive yields within a tightly regulated environment.
Meanwhile, Asia is showing a wide range of tax policy approaches. Singapore exempts capital gains from taxation, Hong Kong is considering tax exemptions for investment funds, and Japan is exploring a reduction of its crypto tax rate from 55% down to 20% to attract more investors.
5. Industry Outlook: Bull Run Signals and Lessons from the Past 💡📊
Data from Grayscale suggests the market is in the middle of a growth cycle that could extend into 2025. Experts are also emphasizing the importance of taking profits during bull runs, advising investors to trim positions in order to secure their personal finances.
Delphi Digital, meanwhile, points out that profit-sharing stablecoins have significant potential to compete with giants like USDT and USDC.
6. Project Spotlight: From Meme to $10M Market Cap 🎨🤑
Styro Steve, a bizarre art project, made waves by claiming to collect girlfriends' hair to create meme art. Just two days after launch, the project's SS token hit a market cap of over $10 million.
In other news, ANZ — a stablecoin built on the Base network — saw its price quadruple shortly after launch. Is this a legitimate long-term investment, or just another pump-and-dump?
Wrap-up:
From market turbulence to creative new projects, this past week was packed with standout moments in Web3. Investors need to stay on top of the news to spot opportunities in a market that's full of both potential and volatility.