This Week on Crypto Twitter: Dencun Goes Live, Dogwifhat Goes Vegas, Craig Wright Goes Down

Illustration by Mitchell Preffer for Decrypt

Despite a drop in crypto prices set off by discouraging inflation figures, Crypto Twitter managed to have quite a lot of fun this week, inspired by reasons ranging from genuine technological progress to good old-fashioned schadenfreude.

On Wednesday, Ethereum’s much-anticipated Dencun upgrade went live, substantially lowering transaction costs across Ethereum layer-2 networks via a novel data storage method called blobs, which developers say could soon make gas fees a thing of the past.

Dencun went live, we’ve had blobs land in blocks on mainnet .oO 🎉

— timbeiko.eth ☀️ (@TimBeiko) March 13, 2024

In the hours and days following the software update’s successful adoption, multiple Ethereum layer 2 networks began showing radical drops in transaction costs.

99% drop in swap fees on Starknet. https://t.co/k6Ilc3qrjj

— eric.eth (@econoar) March 13, 2024

since blobs, transaction demand on @base has >2x’d

meanwhile, fees have remained >10x lower than before pic.twitter.com/mpP1s2UK5b

— Jesse Pollak (jesse.xyz) 🛡️ (@jessepollak) March 15, 2024

By dramatically reducing transaction costs, developers hope Dencun will usher in a new age for Ethereum—one in which all manner of data can be stored on-chain without concern for cost or limited storage space. Already this week, crypto users began experimenting with that premise.

Just posted the entire Bee Movie script to Ethereum for $5.

We love the blobs pic.twitter.com/3HOvA5hWlx

— Mason Hall (@0xMasonH) March 13, 2024

The same day Dencun successfully finalized, members of the ever-lucrative Dogwifhat (WIF) meme coin community rejoiced upon reaching their own milestone: raising nearly $700,000 to plaster the face of its cuddly, beanie-sporting namesake on the face of Sphere, the massive LED-screen covered arena in Las Vegas.

WIF ON SPHERE HIT ITS GOAL

THE HAT STAYS ON pic.twitter.com/SlgJURAo90

— 🏝nathanhead.eth🏝 (@NathanHeadPhoto) March 13, 2024

WIF continued its phenomenal, unceasing bull run on the news, pumping to—by Friday afternoon—a whopping $3 billion market capitalization. Although that’s fallen to $2.2 billion at time of writing, it is solidly the fourth largest meme coin in the world by such metrics, behind only Pepecoin, Shiba Inu, and the original meme token, Dogecoin.

just a heads up, WIF is already more valuable than the sphere

we’ll still let them advertise with us tho pic.twitter.com/MrbMQmXk1m

— DANIEL GOT HITS (@danielgothits) March 13, 2024

The sheer absurdity of the fact that WIF community members easily raised enough funds—in mere days—to put their favorite meme on the largest screen in the world, signaled to some that the top may be in.

We’re gonna look back and realise that this top signal was very obvious 👍🏿 pic.twitter.com/nU33aAeJxX

— KSICRYPTO (@ksicrypto) March 15, 2024

As if the good vibes weren’t already flowing, the week ended on a note that got everyone in crypto cheering together: the conclusive ruling by a UK judge that Craig Wright is definitely not pseudonymous Bitcoin inventor Satoshi Nakomoto.

Craig Wright is not Satoshi.

— Michael Saylor⚡️ (@saylor) March 14, 2024

For years, Wright, an Australian computer scientist, claimed to have invented Bitcoin despite never being able to produce the private keys to Satoshi’s Bitcoin address.

Yesterday, high courts ruled that Craig Wright is NOT Satoshi Nakamoto, NOT the creator of #Bitcoin and NOT the author of the white paper.

Today, I bring you this unforgettable clip of CSW:

«Sorry, I’m going to court on this, that simple. I don’t need to face trolls in rooms.… pic.twitter.com/w5sV0XG0dZ

— ZacG (@zacguignard) March 15, 2024

In 2022, a British court ruled that Wright had submitted “deliberately false evidence” in a defamation case he filed against Peter McCormack, a podcaster who repeatedly called Wright a fraud for claiming to be Satoshi. After Wright was decidedly deemed a Satoshi imitator in court on Thursday, McCormack was there to celebrate.

Fun fact: Craig Wright offered me a settlement whereby he would end the lawsuit and pay off all my legal fees if I wrote a public apology and said I believe he is Satoshi.

Hard pass!

— Peter McCraigWrightIsNotSatoshi 🏴‍☠️ (@PeterMcCormack) March 15, 2024

Any historic moment needs a fitting anthem—and a 2023 tune from musician Jonathan Mann, bluntly titled “Craig Wright Is Not Satoshi,” quickly began making the rounds again on Crypto Twitter.

Craig Wright is not Satoshi 🎶🎸

pic.twitter.com/ynU2qAJ62Q

— Javier ₿astardo 🍐🏴‍☠️ (@criptobastardo) March 15, 2024

Edited by Ryan Ozawa.

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