March 2024 Community Updates

Hi OAX community,

What an incredibly active week it has been in the crypto market! Despite encountering a couple of corrections throughout this month, we are thrilled to report that we are finishing up near the all-time high region. The market has been brimming with excitement and volatility, and we are excited to share some key updates with you in this community update.

Bitcoin’s price has surged past $71,000, showcasing a remarkable 3% gain after briefly dropping to $63,000 over the weekend. Furthermore, Bitcoin ETFs have experienced a positive turnaround after facing losses of nearly $1 billion last week, indicating a strong recovery. This surge in price is occurring just ahead of the highly anticipated Bitcoin halving, scheduled for April 19. As the halving approaches, investors are closely monitoring the market, leading to increased volatility as they speculate on its potential impact.

Following Bitcoin’s lead, Ethereum has also displayed positive momentum. However, the SEC has delayed its decision on converting the Grayscale Ethereum Trust into a spot Ethereum ETF, extending the timeline until May 30. Industry executives believe that launching Ethereum ETFs in December would attract more assets compared to a May launch, highlighting their strategic considerations.

Memecoins on Base, the Ethereum Layer 2 network developed by Coinbase, are gaining significant traction. The market cap of memecoins on Base has grown by 477% to reach $1.02 billion in the past week. Solana memecoins have seen a 17% increase in market cap, reaching $6.4 billion, while the broader Meme category has grown by 12% to $62 billion. Some of the top-performing meme tokens on Base include Briun Armstrung, Jeo Boden, and Doland Tremp. As a result, Base is experiencing a significant uptick this month with record-high weekly transactions and new user signups. Be sure to refer back to our deep dive on Meme tokens earlier this month.

The DePIN sector’s value has more than doubled in the last six months, reaching approximately $25 billion. There are now almost 1,000 companies operating in the DePIN space, with a value proposition that indicates the potential to introduce a new class of money representing digital commodities. Be sure to read more on this rapidly growing sector from our previous blog writeup.

On the community side, our Lunar New Year Gleam Campaign has recently ended and we would like to congratulate all the winners. A big thank you to everyone who shared and participated in the campaign; it truly inspires us to plan more community events.

Lastly, we would like to highlight our flagship digital asset tracking and alert app, Notifs. It has a new sleek look to elevate your crypto tracking experience, don’t forget to check it out and stay on top of the latest market developments.

We would also like to wish a very happy Easter weekend to all who are celebrating the occasion! Thank you for your continued support and involvement in the OAX community. We will keep you updated as more developments unfold.

Disclaimer: The above is an opinion piece written by an authorized author, but in no way represents the official standpoint of OAX Foundation Limited, nor should it be meant to serve as investment advice.