Dogecoin is now the second-largest proof-of-work (PoW) coin next to Bitcoin. Vitalik Buterin, the founder of Ethereum who sits on the Dogecoin foundation advisory board, wants the meme coin to switch over to a proof-of-stake (PoS) network. More: - The Ethereum merge was successfully completed last week, which moved Ethereum to a PoS model and left Dogecoin with the title of the second-largest PoW coin.
- "Who would have thought that this would happen? Congrats #Dogefam," wrote one Twitter user.
- Dogecoin, like Bitcoin, is mined using proof of work (PoW).
- Miners create 12.4 million DOGE daily, adding to its 136.6 billion supply with no cap. Dogecoin's market cap is $7.83B. In comparison:
- Bitcoin (BTC) has a market cap of $375B.
- Ethereum Classic (ETC) has a market cap of $4.69B.
- Litecoin (LTC) has a market cap of $4.01B.
- Monero (XMR) has a market cap of $2.65B.
- The meme coin might find itself competing against ETHPoW (ETHW).
- Coinme, a crypto exchange and ATM provider, added Dogecoin to the list of options on its machine.
Zoom out: - Dogecoin has limited utility. As of today, you can use the meme coin to tip a social media influencer or pay for some goods and services at select e-commerce retailers.
- Aside from this, Dogecoin does not have much value, and utility needs to be added.
- Dogecoin may switch to the proof-of-stake network and offer staking rewards.
Decrypt 
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Do Kwon, the founder of Terralabs, is not living in Singapore, police say, and his whereabouts remain unknown. Kwon wrote on Twitter, "I am not on the run," and told his followers that "you have no business knowing my GPS coordinates." More: - Kwon is being charged in South Korea with fraud and violating capital market rules linked to the collapse of TerraUSD and LUNA.
- Authorities want Interpol to issue a red notice for Kwon.
- The SEC is also investigating if the company violated federal investor protection rules in the U.S. A total of six employees are being charged in multiple jurisdictions.
- Kwon says, "We are in the process of defending ourselves in multiple jurisdictions — we have held ourselves to an extremely high bar of integrity and look forward to clarifying the truth over the next few months."
- Authorities believed that Kwon lived in Singapore; last week, an arrest warrant was issued along with an attempt to revoke passports.
- Singapore police confirmed that Kwon is not in Singapore. His whereabouts remain unknown.
- Over the weekend, Kwon wrote to his Twitter followers: "I am not on the run or anything similar — for any government agency that has shown interest to communicate, we are in full cooperation, and we don't have anything to hide."
- He elaborates further by saying: "Dear CT- I will tell you what I am doing and where I am if:
- We are friends
- We have plans to meet
- We are involved in a GPS-based Web3 game
- Otherwise, you have no business knowing my GPS coordinates."
- In response to Kwon's tweets, authorities said Kwon is clearly on the run.
- "We have begun the procedure to place him on the Interpol red notice list and revoke his passport… We are doing our best to locate and arrest him … He is clearly on the run as his company's key finance people also left for the same country [Singapore] during that time," says the Seoul Southern District Prosecutor's Office.
- Terra ecosystems' collapse caused a massive sell-off period in the crypto industry. Three Arrows Capital, Celsius, and Voyager also filed for bankruptcy as a result.
- Investors lost $42B globally due to the collapse of the "stablecoin."
- LUNA dropped 40% following the arrest warrant announcement.
Decrypt
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The U.K. has warned consumers that the crypto exchange FTX is operating without authorization. The FCA, the U.K's regulator, warned consumers that FTX "is not authorized by us and is targeting people in the U.K." More: - The Financial Conduct Authority (FCA) says that FTX may be offering its services without permission.
- The FCA explains that crypto firms must comply with its "Money Laundering, Terrorist Financing and Transfer of Funds Regulations" by registering with the FCA.
- FTX responded by saying it is communicating with regulators and it believes "a scammer is impersonating FTX."
- The regulator warned consumers that if something goes wrong, they are unlikely to get their money back.
- The company says that the phone numbers listed by the FCA "are not from FTX and are listed as a crypto scam."
- The company established an FTX Europe in March 2022 and was granted approval from the Cyprus Securities and Exchange Commission (CySEC).
- The regulator had also warned the public about Binance not being authorized to offer crypto services in the country.
Bloomberg
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Michael Saylor, the former CEO of MicroStrategy, says Bitcoin will get stronger now that the Ethereum merge event has been completed. More: - Saylor explained that Bitcoin is backed by $20B worth of proprietary mining hardware and $20B worth of energy.
- Bitcoin has also never been hacked in over 13 years, which makes it the most secure network in the world.
- There are regular upgrades made to the network to make it faster and more secure.
- He reiterated his support for Bitcoin by comparing the digital asset with physical properties like gold. He says:
- "If you have a property in Africa, no one's gonna want to rent it from you if they live in London. But if you have a billion dollars of Bitcoin, you can loan it or [...] rent to anybody in the world."
- Physical properties are linked to high maintenance costs and taxes over the long term, which is not the case with Bitcoin.
- Saylor believes that the best way to create a digital commodity is through proof-of-work (PoW). He asserts that Bitcoin will become stronger now that the merge is completed.
- Bitcoin controls 95% of the market share for the PoW consensus mechanism. However, the energy needed to mine Bitcoin remains higher than Proof of Stake (PoS).
- Ethereum reduced its energy consumption by 99.5% by switching to PoS.
Zoom out: - Vitalik Buterin, Ethereum's founder, says he's worried about Bitcoin's future for two reasons:
- First, Bitcoin's fee structure is not sustainable due to the 21 million cap on supply; therefore, the network will rely on transaction fees alone for security.
- Second, PoW offers less security per dollar spent on transaction fees versus PoS. He also pointed out that it is not feasible for Bitcoin to switch over to PoW.
- The Ethereum merge does not reduce gas fees.
- The value of Ethereum dropped post-merge. Two reasons behind the decline:
- The "buy the rumor, sell the news" effect.
- SEC Chairman Gary Gensler said that Ethereum might be classified as a security.
Bloomberg
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Bitcoin dropped by 7.4% and is trading at $18,644 as investors prepare for volatility linked to more interest rate hikes. The market value of crypto dropped $70B to $941B over the past 24 hours. More: - Bitcoin hit a three-month low of $18,387 and is down 60% this year.
- Ether dropped by 3% to $1,285 and is down by 10% over the past 24 hours.
- EthereumPOW is down by 40% (the offshoot did not participate in the merge).
- XRP dropped significantly by 13.5%.
- Ethereum completed its merge last week, and the price dropped; some predict that the price may come down to $950 in the near future.
- "Looking at the landscape right now, both fundamentally and technically, it's not looking great. There's no immediate bullish catalyst that we can see that's going to prop up these markets and bring in a whole lot of new money and liquidity," says Matthew Dibb, COO of Stack Funds.
- Data from Santiment, a behavioral analysis platform, say there is a "buy the dip" trend happening:
- "The buy the dip birds are chirping after prices have faded. Last week, just before the CPI report crash, traders were bragging that they had bought the dip. Now there is legitimate polarization on whether to do it again. What a difference a week makes."
- Finbold reports the number of small Bitcoin investments reached a record high.
- The number of Bitcoin addresses holding at least 0.01BTC rose to 10,702,698.
- New Bitcoin addresses are also being created daily, reaching a high of 417,354.
- "This suggests a spike in interest from sidelined investors to scoop up BTC around the current price levels," says crypto trading analyst Ali Martinez.
- Overall market interest in buying Bitcoin still remains low as more investors wait for a bottom.
Bloomberg
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Palazzo Versace, Dubai's five-star hotel, now accepts crypto payments for hotel rooms and services. More: - Palazzo Versace will use Binance to accept payments made by Bitcoin, Ethereum, or Binance Coin from its guests.
- Hotel guests can pay for rooms, spa services, meals, gift certificates, and vouchers using crypto.
- Dubai's The Manor Hotel by JA is also accepting crypto payments in partnership with Binance, allowing guests to use Binance coin (BNB), Bitcoin (BTC), or Ethereum (ETH) to pay for hotel fares.
- Binance has been actively seeking partnership opportunities in the Middle East and North Africa (MENA) region due to its bullish stance on crypto.
- Recently Ukrainian retailer Varus has also announced accepting crypto via Binance pay.
- Other merchants in Ukraine using Binance Pay to accept Bitcoin include Techno Zhak and Stylus.
- Hublot, a Swiss luxury watch company, has also started accepting crypto as payments.
Zoom out: - Here is a list of some companies that are accepting Bitcoin as payment in at least some instances:
- Microsoft, Home Depot, Twitch
- Whole Foods, Gyft, Benfica
- Save the Children, Overstock, Wikipedia
- AT&T, KFC Canada, Burger King in Venezuela
- Subway, Pizza Hut in Venezuela
- Miami Dolphins, Dallas Mavericks
- Virgin Galactic, Norweigian Air
- Namecheap, CheapAir, and more.
Crypto Potato
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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