Crypto Twitter of the Week: Dencun’s Live, Dogwifhat’s Vegas, Craig Wright’s Down

Despite the decline in cryptocurrency prices due to discouragement, inflation numbersCrypto Twitter has had quite a bit of fun this week, inspired by a variety of reasons ranging from genuine technological advancement to good old-fashioned schadenfreude.

Ethereum’s much-anticipated Dencun upgrade on Wednesday went liveA new method of data storage called blobs has significantly lowered transaction costs across the Ethereum layer 2 network. developers say You could soon make gas bills a thing of the past.

Transaction costs began to decline rapidly on several Ethereum layer 2 networks in the hours and days after the software update was successfully adopted.

By dramatically reducing transaction costs, developers hope Dencun will usher in a new era for Ethereum where all kinds of data can be stored on chain without worrying about costs or limited storage space. Already this week, cryptocurrency users began experimenting with that premise.

Dencun was successfully completed on the same day, always profitable The Dogwifhat (WIF) meme coin community was delighted to have reached its own milestone. Nearly $700,000 To paint the faces of the Sphere, a giant LED screen-covered stadium in Las Vegas, with cute, beanie sports namesakes.

WIF It continued its phenomenal and uninterrupted rise on the news, reaching a market capitalization of a whopping $3 billion by Friday afternoon. At the time of this writing, it’s down to $2.2 billion, but by this metric it’s definitely the fourth-largest meme coin in the world. pepecoin, shiba inuAnd the original meme token, Dogecoin.

The absurdity of the fact that members of the WIF community easily raised enough funds in just a few days to put their favorite meme on the world’s biggest screen sent a signal to some that things could be over the top.

As if the good vibes weren’t already in the air, the week ended on a note that had everyone in the cryptocurrency industry cheering together. A British judge has ruled decisively that Craig Wright is definitely not pseudonymous Bitcoin inventor Satoshi Nakomoto.

For years, Australian computer scientist Wright has claimed to have invented Bitcoin, despite being unable to generate the private key to Satoshi’s Bitcoin address.

British courts in 2022 rule The defamation lawsuit filed by Wright against Peter McCormack, a podcaster who has repeatedly called Wright a fraud for claiming to be Satoshi, alleges that Wright submitted “intentionally false evidence.” After Wright was declared a Satoshi imitator in court Thursday, McCormack was there to celebrate.

Any historical moment requires a fitting anthem. 2023 song “Craig Wright is not Satoshi,” a blunt headline from musician Jonathan Mann quickly started making the rounds again on Crypto Twitter.

Edited by Ryan Ozawa.