ETH Block on ETH price 'crazy bullish': groundbreaking research Tim Robinson has announced groundbreaking simulation results indicating that the implementation of 'blobs' on Ethereum could have a significant Favourable Information on the long-term price of ETH. In a series of posts on X, Robinson emphasizes how blobs completely change the scalability and economic dynamics of Ethereum. 'Many people are debating Blob, but so far, no one has simulated how they respond to demand... until now,' Robinson said. 'In short: Blob is extremely beneficial for the long-term trend of ETH.' The Blob introduced in Ethereum Improvement Proposal (EIP)-4844 is a large data structure designed to enhance network capacity by efficiently storing and processing off-chain data. This mechanism is crucial for layer 2 (L2) scaling solutions to offer lower transaction fees, while maintaining security through Ethereum's Consensus. Robinson's simulation project shows that the Ethereum network has a transaction speed of 10,000 transactions per second (TPS), with an annual burn rate of 6.5% of its total ETH supply. The average cost of L2 transactions is $0.06. This scenario involves a blob of 16 MB for each Block, consistent with the mid-term goals outlined by Ethereum co-founder Vitalik Buterin in his latest post 'The Surge'. "Yes, the Ethereum network runs at a speed of 10,000 transactions per second, consuming 6.5% per year, while the average cost of L2 transactions is $0.06, and each Block has a 16 MB blob," Robinson explained. "Do you think L2 is a parasite, and Vitalik hasn't thought this through? Ah, lovely summer child, you don't realize how crazy it will be when the Ethereum ecosystem truly kicks into high gear." An important insight from Robinson's research is that as the usage of blobs increases, the amount of ETH destroyed increases rapidly. 'Interestingly, blobs go from being free to destroying a large amount of ETH at such a fast pace. It seems that almost everyone is unaware of this tipping point. This also makes me think that there may be better pricing mechanisms,' he observed. Robinson provides a simulation tool that demonstrates that as the TPS expands from the current approximately 180 TPS to 400 TPS, the ETH destruction rate rises exponentially. The data shows that the destroyed ETH increases from about 4 ETH per day to 1,832 ETH per day. By implementing PeerDAS (Peer Data Availability Sampling), the scalability potential is further enhanced, allowing blob capacity to scale with the number of validators. "Because the total blob capacity scales with the total number of validators, after implementing PeerDAS, blobs can scale as needed," Robinson explained. "There are 10k+ nodes sharing the load between them. While other ecosystems struggle under the load, Ethereum will provide the world with cheap, abundant block space, along with a strong deflationary currency." One interesting feedback loop that Robinson discovered is the inverse relationship between ETH price and burn rate. 'Another interesting feedback loop is that the lower the ETH price, the higher the burn rate! As the trading price drops, the volume increases, and the burn rate soars,' he pointed out. 'Look at how different the burn rates are between ETH at $2000 and ETH at $10000'. In response to the appreciation of ETH, Robinson said, "So how will ETH appreciate? As the most useful, most scarce, and deflationary asset, with over 10,000 teams using ETH to develop their products, ETH may achieve this. In the long run, ETH has the best fundamentals in the world; it just needs time to take effect." This study has sparked enthusiasm and discussion within the ETH community. Mat (@materkel) commented on X, 'Once we reach blob capacity, it will be very interesting. I guess many L2s still need to figure out how to handle this situation and charge users correctly. There will be many inefficiency issues to solve; we didn't have multiple competing L2s in this scenario before. Once the dust settles, we will have proper price discovery for L2 fees and blobs on L1.' Robinson responded, emphasizing the importance of proactive analysis: "Yes, absolutely! I am trying to provide data so that we can solve any problems before reaching our destination. As the blob increases, the market will become more stable, but in the early stages, fees may be very volatile." (Data Source: Jake Simmons)

10x Research founder: The double top pattern of Bitcoin indicates that BTC may fall to $50,000 According to CoinDesk, Markus Thielen, the founder of 10x Research, said, "Technically, Bitcoin appears to be following a double top pattern and is currently testing the support level. Unless this pattern fails, it should be our basic assumption. This pattern could easily lead to a fall in prices to $50,000 or even $45,000." "Yes, the US election and the consumer price index should be favourable later this year, but prices could still experience a steeper pullback," Thielen added.

PANews reported on June 13th that during Thursday's budget hearing, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), did not directly answer whether ETH is a commodity, but instead insisted on the agency's uncertain position on the asset. At the same hearing, when asked if it is a commodity, Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC), answered, "Yes." Earlier, at the above-mentioned hearing, the chairman of the U.S. SEC stated that he expected the Ethereum ETF's S1 application to be approved at some point in the summer.

Will Dogwifhat fall? Analyst sets $1 target price for WIF Dogwifhat (WIF) is a memecoin that has swept the cryptocurrency market in the first quarter, following closely the recent decline of Bitcoin. Due to a price drop of over 10% for the token with a dog theme, some cryptocurrency analysts believe that the next target for WIF could be a fall to $1. Dogwifhat became one of the main supporters of the memecoin frenzy in the first quarter of this year, and has therefore become a hot topic of discussion. The token has surged 95,000% from $0.004773 to an all-time high (ATH) of $4.58 at the end of March. Since then, the price range of WIF has been hovering between $2.3 and $3.7, and briefly tested the $4 resistance level at the end of May. Its recent performance prompted cryptocurrency analyst Bluntz to set a target price of $1 for the memecoin. In X posts, the analyst and trader stated that WIF falling to the $1 prince zone is "inevitable". According to Bluntz's chart, the token shows a macro five-wave pulse, followed by the formation of an a, b, c zigzag pattern. For analysts, 'the plan hasn't changed,' but the time spent on wave B 'is longer than initially anticipated.' Additionally, he sets the target for wave C between $1 and $2, which should provide investors with a 'generational buying opportunity'. However, this seemingly pessimistic prediction from the analyst is based on his previous optimistic forecast. For Bluntz, before the next parabolic move, memecoin is expected to experience a significant pullback, which could potentially lead WIF to set a new ATH. According to cryptocurrency trader Otsukimi, the chart of WIF is performing well. For traders, it "shows a solid last support and provides trend support in the middle of a complex range." In addition, he believes that the bullish consolidation of WIF is "very extensive", which makes it possible to rebound from current levels. At the beginning of this week, Dogwifhat got the recognition of the owner of X and 'Dogefather' Elon Musk. During the live broadcast, Musk claimed to have heard about the memecoin craze and then changed the topic. 'Yes, I've heard of dogWiFihat, dogwifhat,' he said. The cryptocurrency community quickly shared the news and speculated whether Musk likes the token. One user claimed, 'You can tell he has a lot more to say, but he stopped.' Others are looking forward to the impact of this news on the price of memecoin. The 'Musk effect' did not affect WIF, as the token continues to hover between $2.65 and $2.8. However, Musk's influence has propelled the rapid development of dogwifihat (WIFIHAT). Within a few hours after the livestream ended, the token surged 6,200% from $0.00007048 to $0.004506. The rebound of WIFIHAT was short-lived, and it has retraced more than 95% of its rise in the past 24 hours. On the last day, WIF also fell by 14.6%, and the trading price was $2.44 at the time of writing this article. This performance has decreased by 26.3% and 18% in weekly and monthly periods, respectively. Nevertheless, the market activity of the token rose by 76.1% in the past 24 hours, with a daily trading volume of 705.6 million dollars. (Data Source: Rubmar Garcia)

Polymarket will end the prediction market on the approval of the Ethereum ETF by May 31. The resolution was made after the Securities and Exchange Commission (SEC) approved the Spot ETH ETF's multiple 19b-4 filings, which sparked controversy as the necessary S-1 form filings required by the exchange were not yet approved. Some users believe that the ETF has not been fully approved until both filings are approved. Optimistic Oracle provider UMA Protocol ultimately determined the result as "yes" based on the approved 19b-4 filings. Bloomberg analyst James Seyffart pointed out that historically, the approval of 19b-4 would lead to the approval of S-1. The total amount wagered in the prediction market is $13.2 million.

Polymarket reports that over $13.2 million worth of bets have been placed on whether the Ether ETF will be approved before May 31st, without specifying the exact meaning of "approval". On May 23rd, the market closed with a "yes" result after the Securities and Exchange Commission (SEC) approved several Ethereum ETFs' 19b-4 applications. Polymarket's logs show that this result was initially controversial but ultimately resolved with a "yes" outcome. But voters who cast "no" votes argued that this call was incorrect, stating that US ETFs need to obtain an approved 19b-4 application and S-1 form to begin trading on exchanges, and without an S-1 application, there can be no "yes" result. Analysts say that the Securities and Exchange Commission (SEC) in the United States may take several months to approve the S-1 filing, and some voters who cast opposing votes may have placed their bets on this.