You can read the Digest here:

• Bitcoin’s downtrend continues; Algorand gains 25% after FIFA partnership.

• Whales accumulate ETH while they buy 196 millions ADA.

• Dfinity Foundation slams Meta with trademark lawsuit over ‘Infinity’ logo.

• Mark Cuban and Elon Musk to use to defeat Twitter’s spam bots.

• Square Enix has sold IPs from Tomb Raider and Deus Ex to other west studios in order to create NFT Games.

Bitcoin’s Downtrend Continues; Algorand Gains 25% After FIFA Partnership

May has seen the crypto market’s weakness stretch on even longer as consolidated under $39,000. Bitcoin tried to surpass the $39k mark, but it was stopped by the bears when it plummeted to $38,156.

Chart showing the Bitcoin (BTC), price since May 1, 2018. Source: Tradingview

Bitcoin is still just slightly over $38k but there are several bullish divergences that can be seen across different time periods which may lead to Bitcoin breaking through the immediate resistance levels at $40k or $42k.

Algorand, (ALGO), has experienced gains up to 25% while Bitcoin is still waiting for a bullish breakout. This pushes its price up to $0.7357. ALGO trades at $0.70806 right now, having seen gains of 19% over the past 24 hours.

Algorand 24 hour price chart (ALGO). Source: Tradingview

ALGO’s price rise came in the wake of Algorand’s reveal as the first U.S. blockchain sponsor of the FIFA World Cup. The international soccer governing body announced Algorand as an official blockchain partner for Qatar’s upcoming World Cup competition.

Flipsider:

• Despite Bitcoin’s bullish sentiment, some analysts believe that Bitcoin could fall under $38,000 to retest lows of $31,000.

Care is a must

The stock prices of companies with BTC exposure – Block, Tesla (NASDAQ:), Microstrategy (NASDAQ:), and Coinbase (NASDAQ:) – have dropped by between 20% and 50% each due to the crypto’s poor performance.

Whales Keep ETH Accumulation Going, and Cardano Whales Purchase 196 Million ADA

The crypto market’s decline hasn’t done little to deter whales, whose accumulation efforts have only intensified. Santiment data shows that ETH whales are strong accumulations over the last two weeks.

Santiment’s data indicates that recent accumulation has led wallets with 1000-10,000 ETH to increase their stakes. Santiment reports that these ETH whales now hold 12% of Ethereum’s total supply, up from the 11.92% recorded 10 days prior.

The accumulation of Cardano (ADA) by whales, which stretches back five weeks, has seen whales that hold between 1 – 10 million ADA gather 196 Million ADA. The accumulation occurred after seven months of ADA dumping, according to data from on-chain.

Accumulation has continued despite ADA’s drop from $1.22 on April 4th, to its current price of $0.783 at the time of writing.

Flipsider:

• Experts think that crypto investors might be forced out of the market, if it falls further.

What You Need to Care About

Whales’ actions are an expression of their bullish sentiment towards Cardano and the wider crypto market.

Dfinity Foundation Slams Meta with Trademark Lawsuit Over ‘Infinity’ Logo

Mark Zuckerberg’s Meta, formerly known as Facebook (NASDAQ:), has fallen into dire straits once again. This time, the Web 3.0 non-profit behind ‘Internet Computer’, Dfinity Foundation, has sued Meta for its trademark registration of a logo similar to their own.

The lawsuit was filed by Meta in California Federal Court on April 29th. It claims that the Meta logo will confuse with the infinity symbol logo. Both logos are based on the infinity symbol mathematically.

Dfinity was established in 2016 and received its federal trademark in 2018 for the infinity-symbol symbol logo. Meta, which was founded in 2016, received a federal trademark for its infinity-symbol logo. It was rebranded by Meta with its new logo only October 2021.

Both Meta and Dfinity are alleged to be targeting the same audience, users looking for a unique and distinctive internet experience.

Flipsider:

• ICP fell 98% after climbing to the top 10 when Dfinity introduced the Internet Computer.

What You Need to Care About

The Dfinity Foundation began using the symbol in 2017, and Meta using a similar logo could cause “serious reputational harm to Infinity.”

Mark Cuban and Elon Musk to Use Dogecoin to Defeat Twitter’s Spam Bots

Following Elon Musk’s purchase and consequent proposed changes to Twitter (NYSE:), a graphic designer at the Dogecoin Foundation proposed the use of the meme coin as a tip users’ tweets.

Mark Cuban, a billionaire and Dogecoin promoter, liked the designer’s idea, suggesting to Elon Musk that using Dogecoin to authenticate Twitter users could decrease the amount of bot-driven spam on the site.

He stated that every person should contribute 1 DOGE. An optimistic roll up will be provided for unlimited postings. The post could be disputed by users. If it is confirmed to be a spam post, the accuser receives the spammer’s DOGE.

Musk said that spammers should post 100x more Doge and that if the posts are not spam the accuser will lose their Doge. Musk, who has called crypto spambots “the single most annoying problem on Twitter,” replied that it was “not a bad” idea under Cuban’s post.

Flipsider:

• There have been many questions about the value of forcing spammers to sign up for the meme coin to avoid being charged.

What You Need to Care About

Dogecoin supporters seem to love the idea of Musk, Mark Cuban, and Billy Markus as they share the same vision. They also note that the concept is extremely bullish for DOGE.

Square Enix Purchases Deus Ex IPs, Tomb Raider IPs, and Other Western Studios in Order to Create NFT Games

Square Enix is a Japanese video game giant that has decided to leave Western gaming development. It will sell its three major studios in the region and some top franchises, along with its other games, to the Embracer Group, for $300 million.

Embracer Group announced that it had acquired the video games and intellectual property rights for ‘Tomb Raider‘, ‘Thief‘, ‘Deus Ex‘, and other franchises. The deal also includes “continued sales and operations of the studios’ more than 50 back-catalogue games.”

Embracer will also take over Square Enix’s game studios – Crystal Dynamics, Eidos-Montréal, and Square Enix Montréal. Together, the three studios employ approximately 1,100 employees.

According to Square Enix, the deal is expected to help accelerate the company’s growth and “enables the launch of new businesses by moving forward with investments in fields including blockchain, AI and the cloud.“

Flipsider:

• NFT gaming has been protested by Minecraft developers.

What You Need to Care About

Square Enix’s sale of video games will fund new Square Enix efforts, which include NFT-based and blockchain games.

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