August alone has seen a number of Web3 startups securing big checks. PIP Labs, for instance, raised $80 million for its Story Protocol, hitting a $2.25 billion valuation in its Series B round. Backers of the layer-1 blockchain designed for managing intellectual property include a16z Crypto and Polychain Capital. The month also saw Andrena securing $18 million to offer decentralized wireless internet and Gameplay Galaxy receiving $24 million in funds for its blockchain-based game. Investors were also looking to pour millions of dollars into the Telegram-based game Hamster Kombat, but the developers reportedly declined the offer to focus on its community needs. The ecosystem has also welcomed new funds targeting Web3 startups. Parafi Capital, for instance, secured $120 million for a new crypto fund just a day after Lemniscap raised $70 million to invest in the space. In addition, Open Network Ventures launched a $40 million fund to support early-stage crypto projects within the TON ecosystem.
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On sun-drenched days in 2022, the cryptocurrency entrepreneur Brock Pierce liked to take his friends sailing to the island of Vieques, about 75 miles from his home in Puerto Rico. Mr. Pierce wanted to show off a property that he described as “the most important passion in my life”: a once-glamorous beachside resort that he had recently bought for more than $15 million. In its heyday, the resort, a W Hotel, boasted a 6,000-square-foot spa, restaurants run by a Michelin-starred chef and sweeping views of the ocean; it was a key source of tourism jobs in Vieques. Then, in 2017, the hotel was damaged by Hurricane Maria, forcing it to close. Mr. Pierce planned to reopen it, using his crypto riches to revitalize both the glistening property and the local economy. A former child actor, Mr. Pierce knew how to put on a show. On the trips to Vieques, he would anchor his Italian-made yacht at a local harbor, then lead his guests to the gates of the shuttered W, along a stretch of beach where wild horses roamed.
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Although the trading price of DOGE remains bearish at $0.1242, down 7.45% in 24 hours, the spike in trading volume indicates investors’ confidence in the coin’s long-term performance remains unwavering. Notably, Dogecoin, along with Solana, Ethereum and XRP, recently made price recoveries on the crypto market. Analysts attribute the surge in trading volume to an anticipated bullish run for DOGE, as a technical indicator signals the coin will soar before mid-August. A renowned crypto analyst hinted at the likelihood of a golden cross in the next 2-3 weeks for an 18,000% rally. An occurrence will see DOGE climb above $23 and translate to a significant profit for holders. Another contributory factor that could see an upward shift in price for Dogecoin is speculation around Tesla’s boss, Elon Musk. In the broader cryptocurrency space, the entrepreneur’s leanings toward DOGE is an open secret. For instance, in May, Tesla added DOGE to its list of accepted payment options.
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