KEYTAKEAWAYS
- Texas becomes the first state to follow the federal government's lead with Senate approval of a state-controlled cryptocurrency reserve designed to hedge against inflation.
- Large investors show continued confidence in Ethereum's future, with two major whales accumulating 7,591 ETH worth over $16 million despite the broader market decline.
- The NFT market demonstrates resilience with sales volume increasing 15.27% to $121.5 million even as Bitcoin and Ethereum prices decline to $86,000 and $2,100 respectively.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
MORNING NEWS
1. Shiba Inu Owner’s Meme Coin Experiences Dramatic Price Swing
According to Ember monitoring, the new pet meme coin Cocoro, created by the owner of the Doge prototype Shiba Inu, completed a dramatic price cycle within 12 hours. Trader Cooker.hl (@CookerFlips) suffered the largest losses on the token, having invested $534,000 to purchase 6.4 million Cocoro at an average price of $0.0836, only to sell the entire position two hours later at $0.0338, resulting in a $317,000 loss (59%).
2. Texas Senate Passes State Cryptocurrency Reserve Bill
The Texas Senate passed Senate Bill 21 on Thursday, establishing a state-controlled cryptocurrency reserve. Authored by Republican Senator Charles Schwertner, the bill would allow the state comptroller to purchase and manage Bitcoin and other digital assets as “a hedge against inflation and economic volatility.” The reserve would be funded through legislative appropriations and private donations, with investment guidance from a dedicated committee. Despite opposition from Democratic Senator Roland Gutierrez, who questioned Bitcoin’s volatility and regulation, the bill passed 25-5 and now heads to the Texas House for consideration. Governor Greg Abbott has previously expressed interest in making Texas a cryptocurrency hub.
3. Stablecoin Market Adds $7.72B in February
The stablecoin market expanded by $7.719 billion in February, with USDS showing the most significant growth at 63.68%. Tether (USDT) maintains its dominant position with a valuation of $142.579 billion, representing 63.37% of the total $225 billion stablecoin market. USDT’s supply grew by $2.5 billion since January 31. Circle’s USDC increased by 7.33% ($3.85 billion), while Ethena’s USDe contracted by 2.63% ($154.87 million). PayPal’s PYUSD showed strong growth of 49.32%, adding $248.9 million to reach a market capitalization of $753.61 million.
4. Major Token Movements: AUCTION and RAY Withdrawn from Binance
According to tracking by The Data Nerd, a newly created wallet withdrew 160,700 AUCTION tokens (worth approximately $2.45 million) from Binance three hours ago. Additionally, about seven hours ago, a wallet beginning with 6QaoC withdrew 1.168 million RAY tokens (worth approximately $2.3 million) from Binance and transferred them to Raydium, indicating significant cryptocurrency movement within a short timeframe.
5. PNut Owner Adopts Mini Dachshund Named Howard
Mark Longo, the owner of PNut, has adopted a mini dachshund named Howard, which he believes “might be” the reincarnation of his beloved squirrel PNut. Longo, 34, and his wife Daniela Bittner, 28, adopted the dog from a neighbor two weeks ago despite initial hesitation. The family is still mourning PNut, who was taken by the New York State Department of Environmental Conservation during a raid on October 30 for rabies testing, which requires decapitation, after the squirrel bit a staff member’s hand during the incident.
NOON NEWS
1. Ethereum Whale Acquires 8,265 stETH Worth $18.33M
Blockchain analyst @ai_9684xtpa reports that address 0x655…1e0B8 acquired 8,265 stETH tokens at an average price of $2,218 over the past eight hours, totaling $18.33 million. This acquisition has made stETH the largest asset in this address’s portfolio. Previously, two major whales were noted to have increased their holdings by 7,591 ETH in the last 12 hours.
2. Mysten Labs Acquires Game Development Platform Parasol
Mysten Labs, the company behind the Sui blockchain, has acquired game development platform Parasol for an undisclosed amount. Parasol is an end-to-end platform comprised of gaming experts from Japan and the United States, offering developers seamless integration of blockchain infrastructure into their games.
3. Bubblemaps Announces Token Launch
Bubblemaps, an on-chain data visualization platform, has announced that its platform token BMT will officially launch on March 11 to support its on-chain survey platform Intel Desk. The token issuance plan was initially announced in January, with a total supply of 1 billion BMT to be issued on the Solana chain. The market is closely watching the token’s future applications within the Bubblemaps ecosystem.
4. Conic Finance Announces Service Discontinuation
Conic Finance has announced it will discontinue its services after the core team was unable to resolve several issues with a new version despite working with auditors. Some core team members have departed, and the remaining team decided it would be best to shut down the project. The current deployment remains functional with no security issues, and all Conic Omnipools have been shut down with deposits disabled. Users should withdraw their funds, and the CNC locker has been disabled, allowing all vote lockers to withdraw regardless of previous lock times. The Conic UI will remain accessible for three months.
5. Crypto KOL Ansem Discusses Ye’s Interest in Cryptocurrency
Crypto KOL Ansem (@blknoiz06) posted on X that he believes Ye (Kanye West) is “one of the few individuals in the world with enough influence to significantly impact mainstream adoption of cryptocurrency.” Ansem revealed that Ye has shown genuine interest in learning about cryptocurrency and how it works, noting that “99% of outsiders wouldn’t even care to the extent of asking questions.” When asked why Ye is interested in cryptocurrency, Ansem mentioned that Ye “has indeed experienced being banned on various social and financial applications, which is something that cannot happen on services built on cryptocurrency infrastructure.”
EVENING NEWS
1. NFT Market Rebounds Despite Crypto Market Weakness
The NFT market has shown resilience despite ongoing cryptocurrency weakness, with Bitcoin sliding to $86,000 and Ethereum dropping to $2,100. According to CryptoSlam data, NFT sales volume increased 15.27% to $121.5 million from the previous week’s $107.1 million, though market participation contracted sharply. Ethereum sales jumped 50.76% to $37.6 million, while Bitcoin declined 17.21% to $21.0 million. Solana moved to third place with $18.0 million (up 51.24%). Notable sales included CryptoPunk #4464 for $2,196,232 (1011 ETH) and Uncategorized Ordinals #7d0 for $1,321,676 (14 BTC).
2. UniSat Initiates Community Vote on PizzaSwap Fee Adjustment
UniSat has initiated a community vote to adjust PizzaSwap’s service fee. Currently, the platform charges 0.3% per transaction, with 5/6 allocated to LP rewards and 1/6 for platform maintenance. Some community members believe the current fee is too low, resulting in insufficient LP rewards and weakened incentives for liquidity providers. The additional revenue from any potential fee increase would be used for short-term reward programs, such as the upcoming LPFest Epoch3. The voting period runs from March 10 to March 12, and requires locking FB to gain voting rights.
3. Ethereum Whales Accumulate 7,591 ETH
On March 9th, two major cryptocurrency investors (“whales”) collectively increased their Ethereum holdings by 7,591 ETH. The address redbase.eth was particularly active, purchasing 6,100 ETH at an average price of $2,200, totaling approximately $13.42 million. This substantial accumulation reflects growing confidence among large investors in Ethereum’s future, potentially driven by the network’s technological advancements and the ongoing transition to Ethereum 2.0.
4. Validation Cloud Raises $15M in Series A Funding
Validation Cloud, a leading Web3 infrastructure platform, has announced a $15 million Series A funding round led by True Global Ventures. The investment will accelerate growth in Staking, Node API, and Data x AI services, driving business intelligence for blockchain networks, protocols, and applications, including Chainlink, Aptos, Consensys, Stellar, and Hedera. With over $1.5 billion in staked assets across 50+ protocols, Validation Cloud has seen a 500% year-over-year increase in staked assets. The funding will expand the company’s data and AI capabilities, transforming how organizations access blockchain intelligence by reducing time-to-value from hours to seconds.
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