Web3🌕Monday Highlights: Dogecoin Soars, ApeCoin Doubles, and Bitcoin Tax Debate Heats Up

Welcome to a fresh week in the world of Web3! Today, we’re diving into some thrilling developments shaping the crypto landscape. Dogecoin is making waves with a remarkable 30% rally, raising questions about its potential to reach $0.20. Meanwhile, ApeCoin has surged by an astonishing 100% following the launch of Yuga Labs’ much-anticipated ApeChain. In the Ethereum camp, co-founder Vitalik Buterin is proposing key solutions to tackle ongoing staking and block production challenges. Lastly, a new paper from the Minneapolis Fed stirs the pot with suggestions for a Bitcoin ban or tax to address deficits. Let’s explore these stories in detail!

1. Dogecoin Soars 30%: Will DOGE reach $0.20?

Dogecoin (DOGE) has surged 144% since October 2023, fueled by market optimism and Elon Musk’s public support for Donald Trump. Following Musk’s appearance on Oct. 17 and his push for a "Department of Governmental Efficiency" (DOGE), the meme coin gained momentum, rising 32% in the past week alone. Analysts remain cautious, however, with predictions of a dip to $0.104 by Oct. 31. As Bitcoin edges toward $70,000, investors speculate DOGE could rally further if Trump wins the 2024 election. With growing political ties and bullish sentiment, Dogecoin may continue its volatile journey in the weeks ahead.

Dogecoin Dominates Market, Rallies 30%: Can DOGE Hit $0.20?

Dogecoin (DOGE) is currently among the best-perfomring cryptocurrencies among the top 100 projects. Can the memecoin hit $0.20 next?

Watcher GuruPaigambar Mohan Raj

2. ApeCoin Jumps 100%: Yuga Labs launches ApeChain!

Dogecoin (DOGE) has surged 144% since October, driven by Elon Musk’s support for Trump and speculation about the 2024 election. Meanwhile, ApeCoin (APE) doubled in value after Yuga Labs launched ApeChain, a Layer 3 network. The new chain allows staking rewards and cross-chain transfers via LayerZero, boosting investor interest. Despite bullish momentum, analysts predict DOGE could dip to $0.104 by the end of October. ApeCoin aims to enhance token utility through staking and ecosystem expansion, with plans to attract more users and integrate other cryptocurrencies for yield generation. Both coins reflect growing market optimism and evolving Web3 trends.

ApeCoin Surges 100% as Yuga Labs Debuts ApeChain

“ApeCoin has introduced an automatic yield mode, allowing users to passively earn returns by staking their APE tokens,” one observer said, explaining the catalysts for the price rally.

CoinDeskOmkar Godbole

3. Buterin Proposes Solutions: Addressing Ethereum’s staking and block production challenges.

Vitalik Buterin proposed capping Ether staking and limiting penalties to 12.5% to combat centralization risks in Ethereum's Proof-of-Stake. He raised concerns over the dominance of two entities in block production, warning it could lead to transaction censorship. Buterin highlighted that the current 30% of staked ETH is sufficient for security, but over-staking might weaken the network. He suggested a two-tier staking model and alternative proposals to distribute block production tasks. These measures aim to enhance decentralization and prevent market manipulation in Ethereum's ecosystem.

Buterin pitches solutions to Ethereum’s staking, block production issues

Ethereum co-founder Vitalik Buterin has pitched solutions to address concerns over Ethereum’s potential staking and block production centralization.

CointelegraphBrayden Lindrea

4. Minneapolis Fed Weighs In: New paper advocates for a Bitcoin ban or tax to address deficits.

Stripe has completed its acquisition of stablecoin platform Bridge for $1.1 billion, aiming to enhance its services in the cryptocurrency sector. Founded in 2022 by former Coinbase executives, Bridge facilitates the creation and transfer of stablecoins. This acquisition follows Stripe's recent re-entry into crypto, including accepting Circle's USDC stablecoin for payments. The stablecoin market has seen significant growth, reaching a market cap of nearly $170 billion in Q3 2024, with projections suggesting it could hit $3 trillion by 2030. As traditional financial platforms enter the space, Stripe positions itself for future expansion.

Stripe reportedly acquires stablecoin platform Bridge in $1.1b deal

Payments giant Stripe has completed the acquisition of stablecoin platform Bridge following a deal valued at over one billion dollars

crypto.newsRony Roy

As we wrap up today’s insights from the ever-evolving world of Web3, it’s clear that the landscape is full of potential and challenges. Dogecoin’s recent surge and ApeCoin's remarkable growth highlight the volatility and excitement within the crypto market. Meanwhile, Vitalik Buterin’s proposals for Ethereum signal a proactive approach to ensuring the network’s resilience and sustainability. The Minneapolis Fed's controversial stance on Bitcoin adds another layer of complexity to the ongoing discourse around cryptocurrency regulation. Stay tuned for more updates as we continue to navigate this dynamic space. Don’t forget to subscribe and follow us for the latest developments in Web3!

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