<strong>Weekly News Update: Meta Enters Web3</strong>

First Mover Americas: Meta Boosts Web3 Tokens

Meta Platforms, parent of Facebook and Instagram, said it will use decentralized storage product Arweave to archive creators' digital collectibles. Meta is leading the move to Web3.

That prompted a 60% price surge in AR, the Web3 platform’s native token, boosting AR's market cap to $838 million and making it the third-largest Web3 token worldwide. The effect rippled through the metaverse: The tokens of Web3 platforms Filecoin and Storj gained 10% and 25%, respectively.

Read more: Coindesk

Report Claims 97% of Uniswap Tokens Are ‘Rug Pulls’—Crypto Twitter Has Doubts

A team of researchers says that 97.7% of tokens launched on decentralized crypto exchange Uniswap turned out to be rug pulls. Not surprisingly, Crypto Twitter has some thoughts. 

The researchers were looking to build on work done in a 2021 study that used a machine learning algorithm to analyze transaction data and find Uniswap tokens that turned out to be scams. But that algorithm could only identify suspect tokens after the scams had taken place.

Read more:  Decrypt.co

The Distressing Inevitability of the Upcoming Dogecoin Crash

Crypto is conflicted. Leading projects, including Bitcoin and Ethereum, have attracted significant attention from Wall Street, which now, at last, is taking cryptocurrency’s value propositions quite seriously. 

And then you have the dog coins, the meme coins, the joke coins: starting with dogecoin (DOGE) and its knock off, shiba inu (SHIB). 

Read more:  Blockworks

Bitcoin outperformed NASDAQ after Fed raised rates by 0.75%

The prices of  NASDAQ and Gold have plummeted after the Fed’s latest 0.75% interest rate hike. According to market data, NASDAQ fell 4.97%, while Gold is down 0.68%, as both hit their year-to-date lows in the last 40 hours.

Meanwhile, BTC is up 0.55% during the same period. According to this, BTC is also in roughly the same position as stable assets such as Gold. And even doing better than “safer” assets such as NASDAQ. 

Read more: Cryptoslate

ASICS taps STEPN to launch running shoe, Solana NFT collections

Japanese sportswear manufacturer ASICS announced today the launch of the ASICS X SOLANA UI Collection. The new line of kicks features custom-made, limited-run GT-2000 11 running shoes that also give owners a chance to win a limited edition ASICS x STEPN GT-2000 NFT.

"We see a place for us to help in Web3 and bring products that inspire people to be physically active," ASICS Director of Web3 & Digital Goods Joe Pace told Decrypt in an interview. "For us, it's just a different way of telling stories about our products and getting specific communities excited about them."
Read more: Decrypt