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Weekly Recap: MegaETH ICO Attracts Nearly $1.4 Billion

Happy weekend Defiers!

Crypto markets had another volatile week, with BTC giving back most of the previous week’s gains after Fed chair Powell said that a December rate cut is far from guaranteed. BTC is hovering around $110K after dipping as low as $106K on Thursday.

MegaETH’s highly anticipated ICO was oversubscribed by nearly 28x after it raised a whopping $1.39 billion in commitments over three days.

Decentralized AI network Bittensor is set to undergo its first halving in December, and its ecosystem is rallying ahead of the event.

Meanwhile, two digital asset treasury companies sold some of their crypto holdings this week, sparking concerns over a broader unwind.

Finally, AI coins are showing renewed signs of life, as the Virtuals ecosystem and x402 protocols drive a sector-wide rebound.

Enjoy!

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Top stories this week

MegaETH ICO Crosses $1 Billion in Commitments

MegaETH, a highly anticipated ‘real-time’ Ethereum Layer 2 blockchain, wrapped up its initial coin offering (ICO) at on Thursday, and despite the raise’s $50 million cap, nearly $1.4 billion in commitments are competing for a MEGA token allocation.

Bittensor Rallies Ahead of First TAO Halving

Decentralized AI network Bittensor is set to undergo its first halving event in December, and TAO is outperforming the rest of the altcoin market in anticipation.

TAO is up 30% over the past week, trading above $500 for the first time since January.

Bitcoin Faces First Red October Since 2018

Crypto markets rebounded on Friday after Thursday’s sharp sell-off as traders digested a cautiously optimistic outcome from the Trump-Xi meeting in Busan.

BTC ended the month down nearly 4%, marking its first red October since 2018.

Crypto Sales From ETHZilla, Sequans Spark DAT Unwind Fears

Two digital asset treasury (DAT) companies moved to cash out part of their crypto holdings this week, after months of non-stop accumulation across the emerging DAT sector.

The moves triggered speculation that corporate crypto treasuries may be starting an early-stage, but long-predicted unwind.

AI Sector Rebounds as Agent Payment Systems Gain Traction

There are renewed signs of life in the artificial intelligence (AI) coin space, driven by the Virtuals ecosystem and the rise of x402 protocols.

VIRTUAL is up 125% over the last two weeks, and leading coins in its ecosystem, such as TIBBIR and AIXBT, are also catching a bid.

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