Web3🌕Monday Trends: Solana's Saga Mobile Triumph, Bitcoin's Streak Peril, FTX's Bankruptcy Fee Woes

Embark on Monday's journey through the realms of Web3, where the digital landscape reverberates with intriguing highlights. Delve deeper into these developments in the threads below to unravel the nuanced dynamics of the Web3 world.

1. Solana's Saga mobile sold out; Bonk token surged 7%

The recently sold-out Saga smartphone, backed by Solana, represents a significant step in boosting Web3 functionality on mobile devices. Offering 30 million Bonk tokens as an airdrop, the device's success mirrors the fervor surrounding the Solana Bonk (BONK) meme coin, experiencing a remarkable 1,000% surge in the past month. Valued at $76.36, Bonk has entered major exchanges like Binance and Coinbase following its growth. Despite a $599 price tag, the phone's promotion included the Bonk token airdrop, valued at around $700. Pioneering the Solana Mobile Stack (SMS), the phone integrates Web3 into hardware and software, advancing interactions within the Solana mobile community for wider adoption.

Saga mobile by Solana sells out as Bonk token surges 7%

The Solana backed mobile phone is designed to enhance web3 functionality and comes with an airdrop of 30 million Bonk tokens

crypto.newsAnna Kharton

2. Bitcoin's streak in jeopardy; ATOM, FIL, EGLD, ALGO show resilience

Bitcoin's 8-week win streak may end with a 4% dip this week. Despite this, ATOM, FIL, EGLD, and ALGO are optimistic. Bitcoin faces resistance near $41,370, with support at $37,980. Cosmos (ATOM) holds an upward trend, aiming for $13 and $15. Filecoin (FIL) eyes a cup and handle formation above $5.67, targeting $8.41. Elrond (EGLD) could rally to $70, facing support at $57. Algorand (ALGO) struggles near $0.22, but $0.18 remains a crucial support level. Overall, altcoins show potential amid Bitcoin's possible downturn.

Bitcoin’s 8-week win streak is in danger, but ATOM, FIL, EGLD, and ALGO don’t care

Bitcoin could dip below $40,000, but that is unlikely to dampen the prospects of ATOM, FIL, EGLD, and ALGO.

CointelegraphRakesh Upadhyay

3. Bitcoin fees soar; miner revenues match $69K BTC

Bitcoin's escalating transaction fees prompt discourse on scaling solutions like Layer-2 protocols. While fees surge to nearly $40, there's a division in opinions—some accept high fees as inevitable, advocating Layer-2 adoption, while others criticize the impact on smaller investors. This fee surge, driven by NFT transactions, sparks arguments about Bitcoin's inherent competitiveness and resistance to low fees. Notable figures like Adam Back stress the need for Layer-2 expansion, viewing high fees as a catalyst for innovation. Concurrently, miners enjoy their highest revenue since Bitcoin's $69,000 ATH in 2021, emphasizing the network's continued functionality amid fee debates.

Bitcoin fees hit 20-month high as miner revenues match $69K BTC price

Bitcoin Ordinals driving up fees preempt standard on-chain transaction costs, say commentators as miners enjoy the highest revenues since the BTC price all-time highs.

CointelegraphWilliam Suberg

4. FTX endures $53K hourly loss in 'bankruptcy fees'

Defunct crypto exchange FTX incurred $118 million in legal fees between August and October, averaging $1.3 million daily. The latest filings showed a $53,000 hourly expense on bankruptcy advisors and lawyers. The report cited major firms, like Alvarez & Marshall and Sullivan & Cromwell, charging $35.8 million and $31.8 million, respectively. Concerns arose over top-heavy staffing and excessive billing practices. A pseudonymous FTX creditor disclosed that $350 million was fully paid for legal fees. The court-appointed fee examiner flagged deficiencies in billings, including vague entries and non-working travel expenses, warranting further scrutiny of advisory firms' billing practices.

FTX loses $53K every hour on ‘bankruptcy fees,’ latest filings show

In the three months ending Oct. 31, defunct crypto exchange FTX has been burning through approximately $53,000 every hour on bankruptcy lawyers and advisers, the latest round of compensation filings show. Court filings from Dec. 5 to Dec. 16 show that the bankruptcy lawyers have charged at least $1…

Cointelegraph

As we draw the curtains on today's exploration of the Web3 realm, we've traversed through an eventful landscape of crypto happenings. Solana's Saga mobile's rapid sell-out and the ensuing surge of the Bonk token by 7% depict an engaging start. Meanwhile, the vulnerability of Bitcoin's streak contrasts with the unwavering resilience showcased by ATOM, FIL, EGLD, and ALGO in the market. The significant surge in Bitcoin transaction fees and miners' revenues matching $69K BTC emphasize the ever-evolving dynamics of the crypto space. Notably, FTX grapples with the weight of a $53K hourly loss due to 'bankruptcy fees,' reflecting a challenging phase. Stay tuned for more captivating updates and insights in the ever-evolving landscape of Web3.

WEB3 AI ML