Ethereum

Polygon and Reddit Co-Founders Launch $200 Million Social Media Web3 Fond

Polygon, Reddit Co-Founder's VC Firm Launch $200 Million Social Media Web3 Fund

The team behind Polygon, the protocol dedicated to interconnected blockchain networks like Ethereum, and Alexis Ohanian’s Seven Seven Six venture capital company have revealed a $200 million investment fund in blockchain-based social media projects. The announcement stated that the partner’s mission was to try to connect blockchain, Web3 technology and social media.

Polygon and Alexis Ohanian’s Seven Seven Six Launch $200 Million Fund Dedicated to Web3, Blockchain, and Social Media

Polygon and Alexis Ohanian’s firm Seven Seven Six plan to bolster Web3 technology with social media via blockchain compatibility with an investment of $200 million, according to the Polygon team’s most recent blog post. Polygon is most well-known for its scaling enhancements using the open-source blockchain network Ethereum, and its native token MATIC. Alexis Ohanian, Steve Huffman and Aaron Swartz are well-known for founding Reddit, a social media news and news aggregation website. Ohanian’s venture capital company Seven Seven Six is a software-enabling venture firm founded in 2020.

“Polygon and Alexis Ohanian’s Seven Seven Six have created a $200 million initiative that will back projects at the intersection of social media and Web3, exploring better ways for humans to connect online,” the Polygon team detailed on Friday. Web3’s motivation is to create a better Internet, one that empowers users across platforms. It’s a response to the pervasive sense that the current web3 as it exists today has drifted too far from the open-source early Web ideals .”

The Polygon team added

The result is, as one Facebook engineer famously quipped, the best minds of our generation are thinking about how to make people click ads. Polygon’s mission, according to Polygon, is to provide a wide variety of Ethereum scaling and infrastructure solutions that are secure, quick, inexpensive, energy-efficient, and cost-effective for developers. This will enable them to create Web3 applications around the globe.

Alexis Ohanian – ‘Web3’s Most Obvious Opportunities Now Are Gaming and Social ‘

The announcement to invest $200 million into social media and blockchain platforms follows Polygon’s recent acquistion of the Mir protocol. After previously acquiring the Hermez Network (now Polygon Hermez) for $250 million in August, Polygon paid $400 million for the Ethereum scaling startup Mir. Seven Seven Six Ventures, Ohanian’s venture company, has made a number investments in blockchain and Web3 such as Sky Mavis and Droneseed. Better Brand and Stoke Space are also among them. Ohanian recently backed the NFT project Heir co-founded by NBA legend Michael Jordan and his son Jeffrey Jordan.

” We are still in the early stages of Web3 and there are many opportunities in social and gaming,” Ohanian stated in a statement. This initiative will accomplish exactly that. It will focus on social media platforms and gaming properties built on Polygon’s scalable infrastructure. “We’ve seen some of our best product founders start building on Polygon, and I’m excited that Seven Seven Six and Polygon will play a major role in shaping the future internet,” Reddit co-founder said.

This story contains tags

$200 million, $200 Million Fund, Alexis Ohanian, Better Brand, Blockchain, crypto assets, Droneseed, fund, Gaming, investment fund, Mir Protocol, Ohanian’s venture firm, Polygon, Polygon (MATIC), Polygon Team, Seven Seven Six, Sky Mavis, Social Media, Stoke Space, Web3

What do you think about Polygon and Alexis Ohanian’s Seven Seven Six investing $200 million into blockchain and Web3 technology tethered to social media platforms? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 4,900 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Ethereum

Ethereum Price Analysis: What’s Ahead for ETH After a 9% Weekly Dip?

Ethereum currently rests at a notable support region near $3.2K, with market participants closely observing the potential for a bullish rebound.

The Funding Rates metric offers valuable insights into the sentiment within the perpetual futures markets, helping to gauge the likelihood of a recovery.

Technical Analysis

By Shayan

The Daily Chart

Ethereum has seen consistent declines following its rejection at the $4K resistance level, indicating the dominance of sellers. Most recently, another sharp decline pushed the price toward a substantial support zone, defined by the 100-day moving average of $3.1K.

This dynamic support is critical as demand concentration near this region is expected to curb downward momentum, with a bullish rebound being plausible if buying interest emerges.

Currently, ETH is trapped between the 100-day MA ($3.1K) and the $3.5K resistance level, forming a tight consolidation range. A decisive move in either direction will likely determine the mid-term trend.

The 4-Hour Chart

On the 4-hour timeframe, Ethereum broke down from an ascending wedge pattern, a bearish structure that typically signals further declines. This breakdown triggered a swift sell-off, pushing the price toward a support zone defined by the 0.5-0.618 Fibonacci retracement levels.

This support zone has the potential to stabilize the price and possibly initiate a short-term bullish rebound. However, persistent bearish pressure could result in a break below this line, intensifying the downtrend.

If Ethereum breaches this critical support zone, it may trigger panic selling, further strengthening sellers’ dominance. Conversely, a sustained rebound could pave the way for a recovery toward the $3.5K resistance level.

Onchain Analysis

By Shayan

Examining the chart, the recent market correction has coincided with a significant decline in funding rates. This shift suggests growing bearish sentiment among speculators, with many traders betting on further decreases in ETH’s price.

However, upon reaching the substantial support zone at $3K, the Funding Rates metric has started to show signs of recovery. A notable bullish spike in the metric suggests an influx of buying interest as market participants begin to open long positions in anticipation of a price rebound.

If this recovery in funding rates continues, it could indicate sustained demand and the potential for a bullish rebound from the $3K support. On the other hand, if the current recovery loses momentum or reverses, it would signal a return to bearish sentiment, paving the way for a deeper correction.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Ethereum

Bitcoin Price Stalls at $94K, Ethereum Struggles to Maintain $3.2K (Weekend Watch)

Bitcoin’s volatile end of the week resulted in a price drop toward $91,000 and a subsequent surge to $96,000 before the asset calmed roughly in the middle.

The altcoins continue to struggle as SOL, ADA, and AVAX have charted 4% daily declines.

BTC Calms at $94K

It was nothing short of a volatile rollercoaster of a week for the primary cryptocurrency. It all started quite promising after the most recent MicroStrategy purchase on Monday, as the asset flew past $100,000 for the first time this year and kept climbing on Tuesday morning to over $102,000.

However, that’s when the landscape changed, and BTC slumped hard later that day, and on Wednesday, it slumped to $96,000. Although that was a painful correction on its own, bitcoin kept plunging in the following days to $91,200 (on Bitstamp) on Thursday, which became its lowest price tag in over a month.

The bulls managed to intervene at this point and pushed BTC north. More volatility ensued with several big moves that eventually pushed the asset to $96,000. However, it failed there and has lost almost two grand since then to trade at $94,000 as of now.

Its market cap has risen to just under $1.870 trillion on CG, while its dominance over the alts is up to 54.5%.

ADA, SOL Struggle

Most altcoins are in the red today as well. Ethereum slipped below $3,200 on Thursday, and even though it managed to recover some ground since that low is close to breaking below it now after a 2.3% daily decline. XRP is among the few alts with minor gains today.

In contrast, SOL, ADA, SUI, AVAX, and LINK continue to lose value, with losses of up to 4%. SOL is well below $190 now, while ADA is just over $0.9. More painful losses come from OM, ICP, and RNDR from the larger cap alts.

The total crypto market cap has lost some steam since yesterday and is down to $3.43 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto

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Cryptocurrency charts by TradingView.

Ethereum

Weekly Bitcoin, Ethereum ETF Insights: The Highs, Lows, and Key Takeaways

After struggling at the end of the year with numerous consecutive days of net outflows, the spot Bitcoin ETFs in the States finally registered some notable inflows on Friday.

The Ethereum counterparts sit in the opposite corner, as they have been mostly in the green since mid-December despite the FOMC aftermath on the entire market.

BTC ETFs Are Back

The latest FOMC meeting that took place in mid-December had a dramatic and immediate effect on US-based investors in terms of their Bitcoin-related activities. Following a superb streak after the presidential elections in which they poured billions of dollars within weeks into the regulated BTC financial vehicles, they did a 180-turn and started taking funds out.

December 19 was the worst day in terms of daily net outflows, with $671.9 million taken out. By January 2, seven out of the nine trading days were in the red, with a total withdrawn amount of roughly $2 billion.

This negative streak was finally broken on Friday as the spot Bitcoin ETFs saw $908.1 million in net inflows. Fidelity’s FBTC led the pack with $357 million, followed by BlackRock’s IBIT at $253.1 million and Ark Invest’s ARKB at $222.6 million. No fund recorded any outflows.

Friday’s numbers were so impressive that they managed to turn the whole week around. After the $415.1 million withdrawn on Monday and $242.3 million on Thursday, the week ended in the green with $256 million in net inflows, given the minor $5.3 million on Tuesday.

BTC’s price actions within the same week were quite volatile as the asset slumped hard on Monday amid the massive outflows to $91,300. However, it pumped to almost $99,000 later during the week as the inflows returned.

Ethereum ETFs’ Landscape

Unlike the BTC ETFs, the funds tracking Ethereum saw fewer days in the red after the aforementioned Fed meeting. Withdrawals were observed on December 19 and 20, but investors started to pour funds into them in the following days.

The past week was less positive, though, as net outflows dominated. $55.5 million was withdrawn on Monday and $77.5 million on Thursday. The $36 million in net inflows on Tuesday and $58.9 million on Friday couldn’t make up the difference, and the week ended with $36.1 million in the red.

ETH’s price tumbled hard on Monday as well but is 6.5% up on a weekly scale, which is more than double the increase for BTC. As of press time, Ethereum’s native token stands above $3,600.

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