Weekly Digest: Dogecoin, Shiba, ApeCoin and DeFiance Hack

By CoinJoy | CoinJoy Magazine | 25 Mar 2022

Weekly Digest

📌Dogecoin Team Struggles With a Popular Video Blogger

The Dogecoin Foundation is allegedly filing a lawsuit against a popular YouTube blogger and influencer Matt Wallace. According to social media reports, Wallace intends to launch a new token under the Dogecoin trademark. Wallace, a supporter of the popular memecoin, revealed his plans to promote Dogecoin among international retailers with Accept Dogecoin. However, his plans caused extreme irritation among members of the Dogecoin Foundation. According to them, it would be better to raise capital to further promote adoption of DOGE. The Dogecoin team threatened Wallace with legal proceedings for the trademark infringement and potential deception of investors. Despite the negativity, Wallace still intends to launch his project later this month.

📌 DeFiance Capital Founder Has Become a Victim of Hackers

The founder of the crypto-investment company DeFiance Capital known under the name Arthur_0x fell victim to a cyber attack. On March 22, hackers stole $1.6 million in digital currencies (8 WETH, 4,349 stkDYDX, and 1,578 LOOKS tokens) from the businessman’s digital wallet. In addition, he lost 78 non-fungible tokens from five collections. The criminal tried to get rid of the digital artefacts on the OpenSea marketplace, which later prompted the victim to post a tweet referring to the hacker - “he has picked on the wrong person”. Members of the community tried to determine how the attack was carried out and even helped return some of the assets. A user under called Cirrus found and purchased stole non-fungible tokens from the Azuki collection in order to return them to Arthur_0x, who admitted that he was had a hot wallet on his mobile phone. 

📌  Yuga Labs Announces a New Project

On March 19, Yuga Labs published a video announcing the upcoming release of a new project under the name “Otherside” with its key components being trade, gaming, and culture. The “See You On the Other Side in April” trailer includes characters from the BAYC and MAYC collections, as well as CryptoPunks and Meebits and emphasizes the use of the new ApeCoin token. The announcement of “Otherside” took place shortly after the launch of ApeCoin, which increased the excitement among users. 

📌 Shiba Inu Listed on Leading Middle Eastern Crypto Exchange

On March 17, representatives of the fastest growing cryptocurrency exchange in the Middle East, Rain, announced their plans to list the Shiba Inu. The meme coin is already available on the platform, which massively increased the interest in Shiba Inu in the Middle East. Market analysts point out that listing SHIB on one of the fastest-growing licensed middle eastern cryptocurrency exchanges will have a positive impact on the value of Shiba Inu. Rain managed to receive $8.5 million in funding from investors over the last couple of years. The number of the platform users exceeds 185k, and the total volume of processed transactions is over $2 billion and growing. Last week, it was reported that SHIB could become legal tender in Turkey after members of the community had discussed options for legalizing SHIB with the country’s Minister of Economy Mustafa Elitash. Moreover, according to WhaleStats, SHIB become the number ten token in terms of popularity among Ethereum tokens

📌 ApeCoin: Incredible Volatility On The First Trading Day

On March 17, The Bored Ape Yacht Club (BAYC) introduced a new ecosystem-linked token ApeCoin. It is expected that 1 billion coins will be released, and that number will remain unchanged. 150 million APE will be distributed among the holders of BAYC NFTs, MAYC and NAKC, its derivative assets. After 24 hours since the launch, BAYC’s ApeCoin increased its value by 173%. The price experienced some turbulence at first, but later stabilized. ApeCoin holders will be able to participate in the BAYC DAO and access exclusive services, promotions and products. Earlier in March, Yuga Labs acquired the rights to CryptoPunks and Meebits from Larva Labs. Yuga Labs has been active in promoting the commercial image of monkeys, collaborating with celebrities while providing benefits to its members. 

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