Newsletter Volume 26

3Verse Global
5 min readMay 5


Article 1 — The Market This Week

Dogecoin has recently seen a modest 1.5% increase in its price, reaching $0.079494 in the past 24 hours. Although the meme token has gained 13% since the start of 2023, it has decreased by 17% in the last 30 days. However, Dogecoin’s little jump today comes as meme tokens generally have something of a mini-season, with Pepe Coin and WSB Coin, in particular, beating much of the market right now.

The market has recently been hit with a mania for meme tokens, with PEPE rising by over 600% in the past week. Unfortunately, this new trend hasn’t immensely expanded to include DOGE yet. But it’s possible that traders may turn once again to DOGE once the fervour surrounding PEPE and WSB Coin subsides.

However, DOGE’s indicators are currently in an unpromising position, with its 30-day moving average just about to drop below its 200-day average, forming a ‘death cross’ that usually signals more falls. Nonetheless, the relative strength index seems to resist a fall below 50, with the indicator flattening out at 45.

Dogecoin’s support level has not dropped over the past week, which suggests that it may not actually drop any further in the next few days. Furthermore, an alert has revealed that a Dogecoin address containing 1.5 million DOGE has been activated again after spending the past nine years dormant. This could suggest that the address owner is preparing to sell, although the activity of other DOGE whales is mixed at the moment, with some moving funds to exchanges and some moving from exchanges in the past few hours.

Being a meme token, there’s no fundamental reason investors should pick DOGE over other tokens beyond its enduring popularity. However, the Dogecoin community continues to hope that Elon Musk-owned Twitter will eventually introduce crypto and DOGE payments at some point in the future.

Twitter partnered with eToro last month to provide real-time asset prices and the ability to buy crypto via the social investing platform. Additionally, inside sources within Twitter confirmed in January that Twitter has been accelerating its digital payment plans, with the social network even applying for payment licenses with a number of U.S. states. If DOGE payments and/or transfers could end up on Twitter before long, it would undoubtedly boost the meme token’s price to a massive degree.


Total Crypto Market Cap: $1.23 T

Bitcoin Market Cap: $556.89 B

Ethereum Market Cap: $226.86 B

ETH/BTC Ratio: 0.07

Ethereum Gas Price: 81 gwei

DeFi TVL: $76.70 B

Fear and Greed Index: 64 (Greed)

Federal Reserve Balance Sheet: $8.56 T

Article 2 — Weekly Review of IC15

The global cryptocurrency market saw positive movement after the U.S. Fed announced a 25 basis point interest rate hike to combat inflation. As a result, the IC15 Index, which tracks 15 major cryptocurrencies, was up by 486 points to reach 39,392 points at 4 pm. Solana, Cardano, Avalanche, and Ethereum were among the significant gainers in the 2–3% range.

In the U.K., the Financial Conduct Authority (FCA) has made obtaining approvals for crypto advertisements easier for registered firms. The regulatory body aims to protect consumers from false and misleading promotions while allowing FCA-regulated firms to advertise their crypto products. Similarly, in France, social media influencers can now promote the products of registered crypto companies, a significant shift from the previous restrictions.

In Nigeria, the government has approved a national blockchain policy to boost the country’s economy. The policy promotes trust, growth, and innovation by developing a blockchain-powered ecosystem. Meanwhile, in Iran, authorities plan to create a platform for local businesses to make international trade payments in cryptocurrencies. This move could pave the way for the country’s wider adoption of digital assets.

However, the U.S. administration under President Joe Biden has proposed a 30% crypto mining tax on electricity costs in the upcoming federal budget to reduce mining activities. This development could impact the profitability of crypto mining in the U.S. and lead to a shift in mining operations to other regions. On the other hand, in Bhutan, Bitdeer Technologies Group and Druk Holding and Investments have collaborated to build eco-friendly and carbon-free digital asset mining operations in the country, highlighting the growing importance of sustainability in the crypto industry.

The cryptocurrency market is highly dynamic and subject to regulatory changes, market movements, and technological developments. Therefore, investors and enthusiasts must stay up-to-date with the latest news and trends to make informed decisions. As always, conducting thorough research and seeking professional advice before investing in cryptocurrencies or any other financial instruments is essential.

Article 3 — Battle of Bull and Bear

The White House is looking to impose a 30% tax on cryptocurrency miners as part of its proposed Digital Asset Mining Energy excise tax (DAME) to mitigate crypto-mining’s environmental and social costs.

The White House’s Council of Economic Advisers argued that the electricity consumption from crypto-mining was comparable to that of all home computers or residential lighting in the United States. According to the council’s chart, Crypto-mining usage exceeded that of clothes washers and dishwashers.

The council proposed the DAME tax to rectify the issue, requiring firms to pay 30% of the electricity costs used in mining cryptocurrencies. The tax would be phased in gradually over three years, starting in 2022, with an initial rate of 10%, and gradually increasing to reach the target of 30% by the end of 2026.

The council argued that crypto mining firms currently do not pay the full cost of their environmental impact, which includes local environmental pollution, higher energy prices, and increased greenhouse gas emissions that affect the climate. They claim that the DAME tax would encourage firms to account for the social harm they cause.

The council also noted that pollution from generating electricity falls disproportionately on low-income neighbourhoods and communities of colour. Additionally, the intensive power consumption of crypto mining can push up consumer electricity prices and increase the risks for local electrical grids. While the proposal is not yet set in stone, it is part of the Biden Administration’s budget for fiscal year 2024, aiming to reduce the carbon footprint and social impact of cryptocurrency mining.

Article 4 — Weekly Spotlight

The U.S. Securities and Exchange Commission (SEC) has excluded the definition of “digital assets” from its Form P.F. regulatory filing requirement for private funds. The agency said it would not yet tackle how to distinguish digital assets, adding that it would continue to consider the term. The proposed definition of “digital assets” was criticized as overly broad, encompassing anything on a blockchain and falling beyond the SEC’s jurisdiction. Industry experts suggest that the agency will likely create a more detailed approach to regulating how funds interact with cryptocurrencies.

The exclusion of digital assets from the final ruling comes after a tumultuous period in the industry, which may have pushed the SEC to hold off on any formal definitions for now. Meanwhile, prominent private equity funds advisers will now face increased reporting requirements under the new Form P.F. The ruling is part of the SEC’s ongoing efforts to enhance visibility into private funds and help protect investors while promoting financial stability.

The SEC’s enforcement approach and reluctance to provide clarity around the status of digital assets have drawn criticism from the industry. The exclusion of digital assets from the final ruling underscores the agency’s cautious approach to regulating the nascent industry, which has yet to.



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