Web3🌑Friday Update: SBF Sentenced, Dogwifhat Surpasses Pepe, Bitwise Enters Ether ETF Race, Ethena's Futures Surge 🚀

Welcome to the forefront of Web3 innovations! Today, we embark on a journey into the latest developments shaping the digital landscape. From significant legal rulings to the exhilarating rise of meme coins, our exploration promises to unveil the dynamic nature of decentralized technologies. As we delve into topics ranging from cryptocurrency ETFs to prelaunch token surges, prepare to witness the transformative power of blockchain and decentralized finance. Join us as we navigate through the ever-evolving realm of Web3, where each advancement brings us closer to a decentralized future. Buckle up for an exhilarating ride through the Web3 universe!

1. SBF's sentenced to 25 years for overreaching ambitions

Judge Kaplan condemns Bankman-Fried's recklessness, handing a 25-year sentence. The former crypto darling's gamble cost him dearly, with an $11 billion forfeiture. Victims demand recompense for their losses, criticizing legal representation in FTX's bankruptcy. Kaplan maintains focus on sentencing, dismissing tangential discussions. Over 115 impact statements reflect the severity of Bankman-Fried's actions, shaping the court's decision. Adam Moskowitz acknowledges Bankman-Fried's cooperation, hinting at potential rewards. Amidst a somber atmosphere, Bankman-Fried's parents witness his fate, hoping for proximity during incarceration. Kaplan recommends a facility near San Francisco, acknowledging family ties. The saga continues with plans for appeal.

SBF’s ambitions went too far, judge says when handing down 25-year sentence

In his parting words to FTX founder, Judge Kaplan said Bankman-Fried, although “exceptionally ambitious,” was ultimately a reckless gambler.

BlockworksCasey Wagner

2. Dogwifhat breaks records, surpasses Pepe in meme coin rally

Meme coins, led by Dogwifhat, thrive amid a stagnant market. WIF records its best performance yet, surpassing Pepe. However, Dogwifhat's high Relative Strength Index indicates overselling, possibly signaling a forthcoming correction. Meme coins are notoriously volatile, lacking fundamentals and driven by market sentiment. Despite their unpredictable nature, other meme coins like Dogecoin, Floki, and BONK also exhibit strong gains. Caution is advised in trading these assets due to their rapid fluctuations, although HODLers may remain unfazed.

Dogwifhat Hits All-Time High, Flips Pepe as Meme Coins Soar - Decrypt

Memecoins are doing extremely well in the middle of a flat market, and WIF is having its best day ever.

DecryptJose Antonio Lanz

3. Bitwise joins Ether ETF competition, focuses on SEC concerns

Bitwise applies for an Ethereum ETF with the SEC, aligning with Fidelity's similar filing. Unlike competitors, Bitwise doesn't address staking in its application, aiming to ease SEC concerns with a correlation analysis akin to approved Bitcoin ETFs. The ETF plans to list on NYSE, resembling Bitwise's existing Bitcoin ETF. While initial registration lacks details, Bitwise strives to comply with SEC regulations. Analysts anticipate May approval for spot Ether ETFs but note the SEC's non-communication, unlike post-cryptocurrency ETF approval. Bitwise suggests traditional finance needs time to adapt to Bitcoin ETFs before embracing Ether ETFs.

Bitwise Enters Ether ETF Race, Targets SEC Issues

Bitwise files for spot Ether ETF, including analysis to address SEC concerns. May approval unlikely, industry awaits SEC engagement.

The Crypto TimesGabriel Mael

4. Ethena's prelaunch futures skyrocket by 22% ahead of ENA token launch next week.

Ethena's ENA token saw prelaunch futures surge over 20%, suggesting a market cap surpassing $500 million. The surge followed news of an airdrop to USDe holders, with 750 million ENA tokens set for distribution on April 2. Traders engaged in pre-debut ENA/USD futures on Aevo, with prices spiking 22.29% in Asian trading. Binance's announcement of an ENA staking launchpool likely contributed to the surge, with farming set to start on March 30 and trading on April 2. Aevo noted the prelaunch market's boost, anticipating ENA's listing on Binance. These pre-listing futures, akin to IOU futures, will align with spot prices post-token launch.

Ethena’s Prelaunch Futures Surge 22% as ENA Token Is Set To Go Live Next Week

The price surge implied that the token could debut with a market cap of over $500 million.

CoinDeskOmkar Godbole

As we conclude our dive into the vibrant world of Web3, we've witnessed the extraordinary pace of innovation and disruption. Let's continue to stay informed, engaged, and inspired by the ever-changing dynamics of Web3. Thank you for joining us on this exploration, and may your adventures in the decentralized world be filled with success and prosperity. Until next time, keep exploring, innovating, and embracing the future of Web3!

WEB3 AI ML