Web3🌗Wednesday Buzz: PENGU Crash, Ohio’s Bitcoin Move, Solana’s Staking Leap & Crypto’s ‘Next Wonder’ Moment

The Web3 world never sleeps, and today’s headlines are proof of that! From shocking market moves to groundbreaking legislative proposals, here’s what’s making waves: PENGU token takes a steep 50% dive post-airdrop, while Pudgy Penguins NFTs see their floor prices tumble. Ohio is stepping into the spotlight with a bold Bitcoin reserve proposal, thanks to Representative Derek Merrin. Meanwhile, Bitwise makes strides in Europe with a Solana staking ETP, navigating delays in U.S. approvals. And if that wasn’t enough, the incoming U.S. Senate Banking Chair has declared crypto the “Next Wonder of the World.” Stay tuned for all this and more in today’s newsletter—where Web3 news meets opportunity!

1. PENGU dives 50% post-airdrop as Pudgy Penguins NFT prices slide.

PENGU token took a sharp 50% dive post-airdrop, falling from $0.068 to $0.031, with its market cap dropping to $1.9 billion. This crash coincided with a 50% plunge in Pudgy Penguins NFT prices, pushing the collection from the second to the third-largest by market cap. Trading activity skyrocketed, hitting $425 million within the first four hours, but sellers outpaced buyers 2:1, intensifying the decline. On-chain analysis revealed traders capitalizing on quick profits, with limited long-term holding. Despite the volatility, major exchanges like Binance, OKX, Bybit, and KuCoin listed PENGU for spot trading.

PENGU token plunges 50% after airdrop as Pudgy Penguins NFT floor price tumbles

PENGU token drop causes 50% value loss post-airdrop, impacting Pudgy Penguins NFT floor prices and sparking intense trading activity.

Crypto BriefingEstefano Gomez

2. Ohio Rep proposes state Bitcoin reserve.

Ohio Bitcoin Reserve Act: House Bill 703 proposes creating a state Bitcoin fund, granting Ohio's State Treasurer the authority to invest in Bitcoin. The bill aims to hedge against the devaluation of the U.S. Dollar and preserve public funds, with the treasurer having discretion over Bitcoin purchases. This legislation follows similar moves by other U.S. states, including Pennsylvania and Texas, to incorporate Bitcoin into state financial strategies. Ohio’s push to embrace cryptocurrency aims to protect tax dollars and strengthen state finances.

Ohio Representative Derek Merrin Introduces Bill to Establish State Bitcoin Reserve - Decrypt

House Bill 703, the Ohio Bitcoin Reserve Act, proposes creating a state Bitcoin fund and granting the treasurer authority to buy the crypto.

DecryptVince Dioquino

3. Bitwise unveils Solana staking ETP in Europe.

Bitwise Launches Solana Staking ETP in Europe: Bitwise has introduced its Solana (SOL)-based crypto-staking exchange-traded product (ETP) in Europe, offering an impressive 6.48% APY and a competitive 0.85% management fee, significantly lower than rivals like 21Shares. The new product, listed on the Frankfurt Stock Exchange’s Xetra trading venue, aims to fill the gap left by previous products like ESOL by including staking rewards. Bitwise is also awaiting approval for its Solana ETF in the U.S. as it continues to expand its assets, now exceeding $4.5 billion.

Bitwise launches Solana staking ETP in Europe amid US approval delays

Bitwise launches Solana staking ETP in Europe with 6.48% APY and low fees, challenging rivals like 21Shares.

CointelegraphArijit Sarkar

4. Next U.S. Senate Banking Chair hails crypto as the "Next Wonder."

Crypto Legislation on the Horizon: U.S. lawmakers are promising action on crypto in 2025. Senators Tim Scott and French Hill are committed to advancing key bills, including the Financial Innovation and Technology for the 21st Century Act (FIT21) and a stablecoin bill. Scott, who will chair the Senate Banking Committee, plans to create a digital assets subcommittee, signaling a shift in crypto policy. While the SEC is preparing for regulatory changes, the Commodity Futures Trading Commission (CFTC) is expected to play a larger role, focusing on fraud enforcement.

Next U.S. Senate Banking Chair Tim Scott Calls Crypto ‘Next Wonder’ of World

Senator Tim Scott said the Senate will tackle crypto bills, and the incoming chair of the House Financial Services Committee said he hopes to pass them in 2025.

CoinDeskJesse Hamilton

Ready to Dive Deeper into Web3? The Web3 space is evolving at lightning speed—PENGU’s plunge, Ohio’s bold Bitcoin move, Solana staking expansion, and crypto’s growing recognition as the "Next Wonder" are just the beginning. Don’t get left behind in this digital revolution.

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