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Bitcoin: A Stomach-Churning Freefall

Welcome to the summer of 2023, where the heat isn’t the only thing making Bitcoin enthusiasts break out in a sweat. Our dear old Bitcoin is dropping faster than a lead balloon on Jupiter. It’s like watching a mountain goat try to navigate a downhill ice-skating rink. The bear market’s grip on Bitcoin is merciless, with the unyielding Federal Reserve tightening the noose. Loretta Mester, the President of the Federal Reserve Bank of Cleveland, has made it clear that the Fed has no intention of taking its foot off Bitcoin’s neck. Her recent remarks have caused Bitcoin to stumble to a rather unimpressive $27,00.

But let’s not get too hasty in preparing Bitcoin’s eulogy. Despite the current predicament, Bitcoin remains a digital force to reckon with. Its potential as a disruptor of traditional financial systems and a hedge against inflation cannot be discounted.

NFTs: From Cinderella Stories to Unlikely Heroes

As Bitcoin continues to navigate this minefield, the non-fungible tokens (NFTs) universe is buzzing like a beehive on steroids. Some NFT projects have managed to flip the script, turning their fortunes around in a spectacular and admittedly unexpected fashion.

Case in point: Pudgy Penguins. This NFT project took a dive in 2021 that would make professional cliff divers envious. Accusations of founder doubts and treasury fund drainage led to a spectacular crash. However, the Pudgy Penguins community, known as “the Huddle,” rallied like an underdog sports team in a Hollywood movie, ousting the founders in a community vote. Enter the hero of our tale, Luca Netz, a Los Angeles entrepreneur and a Huddle member, who swooped in to purchase the brand for a whopping 750 ETH, or $2.5 million at the time.

The Phoenix Rises: The Astonishing Comeback of Pudgy Penguins

Under Netz’s stewardship, the Pudgy Penguins began to flap their wings again. Unlike the original founders, Netz had a roadmap, a vision, and, most importantly, a commitment to transparency. He focused on building the project’s intellectual property and leading the transition from Web2 to Web3. To the surprise of many, he announced plans to create toys based on the penguin NFTs and even release a children’s book. 

In response, the NFTs’ price rose to new highs, proving that even in the harshest crypto winters, some creatures can survive.

In May 2023, the team announced a new $9 million funding round and launched the promised toys. The toys sold like hotcakes, 20,000 units in just a few days, and the floor price of the project soared to 6.2 ETH

The Community: The Unsung Hero

The Pudgy Penguins’ story is a testament to the power of community in the world of NFTs. Netz understood this power and went to great lengths to earn the community’s trust. He made good on his promises and kept the community updated, thus ensuring the project’s survival and prosperity. The community, known as the Huddle, was able to profit off their penguins through licensing and other deals.

As of now, Pudgy Penguin NFTs have done a total of 170,457 ETH in trading volume (over $300 million) and have a floor price of 5.4 ETH.

The Big Question: How Low Will Bitcoin Go?

As we look to June 11th, the direction of Bitcoin’s price movement is as clear as mud. The prospects aren’t exactly rosy. With the current trend, Bitcoin is more likely to take a nose-dive than to soar like an eagle. The real question on everyone’s lips is: “How far will it fall?” Will it be able to hold its ground at the $25,800 support, or are we in for a roller coaster ride to the low 20s?

The crypto world is akin to a game of chess but with a thousand more variables and a million more players. The only thing that’s certain is uncertainty. But one thing is for sure – no matter how far Bitcoin falls, it won’t be lying on the floor for long. It’s a phoenix, and it always rises from the ashes.

Hang tight, fellow Bitcoin enthusiasts, and keep your seatbelts fastened. This ride is far from over. 

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Mario Estrella

Mario Estrella

Mario Estrella is a seasoned journalist and digital marketing professional at exxeo.report, specializing in technology-related news. With over two decades of experience in the field, he brings a rich history of working in diverse media outlets and advertising agencies. Notably, he has been instrumental in driving significant growth in online presence and readership in his past roles​. At exxeo.report, Mario leverages his extensive experience and deep understanding of the digital landscape to deliver engaging and insightful technology news to the audience.
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