The global crypto market cap is $1.93T 2.83%▼ with a 24-hour market volume of $101.96B 33.49%▲. Bitcoin's dominance is currently 40.85% 0.53%▲. CURRENT PRICES BY MARKET CAP | # | Name | Price | 24h % | | 1 | Bitcoin BTC | $41,705.88 | 1.53% ▼ | | 2 | Ethereum ETH | $3,075.99 | 3.73% ▼ | | 3 | Binance Coin BNB | $423.48 | 4.14% ▼ | | 4 | Solana SOL | $135.32 | 5.00% ▼ | | 5 | Cardano ADA | $1.13 | 4.47% ▼ | Source: CoinMarketCap, 5:00 EST
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 The 4,700-member Pudgy Penguin community voted co-founder Cole Thereum and the 309Labs team out of the project. The future of the NFT project remains unclear as fighting between the founding team and the community has led to a string of acquisition rumors. More: - Most of the other goals outlined in Pudgy Penguin's now-deleted roadmap have not been delivered since the project launched in July.
- Pudgy Penguin egg NFTs were airdropped to holders at the end of August and were expected to hatch on Christmas. The eggs hatched into fishing rod NFTs that were misspelled as "rog."
- The fishing rogs were debatably supposed to be used for an alleged NFT game that was being developed; however, 309Labs has yet to deliver any updates on the game.
- 309Labs has been accused of draining all of the funds out of the project. A Twitter user highlighted that the 420 ETH raised by the Lil Pudgys drop was evenly distributed and sold off by Cole and the founding team.
Potential Acquisitions: - 9x9x9x and The OpenDAO reportedly rejected an offer from 309Labs to buy the NFT project for 888 ETH.
- Mintable founder Zach Burks offered to purchase Pudgy Penguins for 750 ETH.
- Netz Capital suggested during a Twitter spaces event that it was close to acquiring Pudgy Penguins for 750 ETH.
- Beaniemaxi offered to purchase the project for 500 ETH "as is" but later withdrew the offer following community feedback.
- A hostile takeover by the community has also been proposed, with a warped penguin solution suggested that would essentially use derivative "Phudgy penguins" to circumvent royalty payments to 309Labs.
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TOP NFT COLLECTIONS (24hr Volume) | # | Name | 24h Volume | 24h % | | 1 | Bored Ape YC ETH | $9.03M | 28.96% ▼ | | 2 | Mutant Ape YC ETH | $7.32M | 70.81% ▲ | | 2 | Art Blocks ETH | $6.45M | 721.99% ▲ | | 4 | Axie Infinity ETH, RONIN | $4.54M | 22.86% ▲ | | 5 | Doodles V4 ETH | $3.12M | 62.67% ▼ | Source: DappRadar, 5:00 pm EST
TOP ETH NFT COLLECTIONS (Floor Cap) | # | Name | Floor Price (ETH) | 24h % | | 1 | Bored Ape YC | Ξ 78 | 1.30% ▲ | | 2 | CryptoPunks | Ξ 60.95 | 0% | | 3 | Mutant Ape YC | Ξ 15.48 | 6.94% ▲ | | 4 | VeeFriends | Ξ 13.65 | 0.36% ▼ | | 5 | Cool Cats | Ξ 10.75 | 1.39% ▼ | Source: NFT Price Floor, 5:00 pm EST
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 OpenSea has already recorded over $1.36B in transaction volume in Jan. 2022. The NFT platform is on track to reach its monthly record of $3.16B set in Aug. 2021. More: - The anticipated record-breaking month comes at the same time as a $300M Series C funding round that saw the NFT platform’s valuation spike to $13B.
- Despite the crypto market cap falling below $2T for the first time since September, NFT sale activity has exploded, with projects like Bored Ape YC already seeing over $100M in sales this year.
- Sales of larger NFT collectibles have boosted transaction volume, including MoonPay’s $3M purchase of CryptoPunk #2681.
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 Weekly digital asset fund outflows reached a record $207M. The record-breaking outflows continue a four-week bearish trend of $465M in outflows. More: - CoinShares believes that the $107M in BTC outflows was correlated to the Federal Reserve’s suggestion of an interest rate hike.
- Investment products have made up 25% of total BTC trades in the past four weeks.
- SOL, XRP and LTC were the only assets to see minor inflows over the past week.
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▲ TOP GAINERS | # | Name | Price | 24h % | | 1 | NEAR Protocol NEAR | $15.11 | 9.37% ▲ | | 2 | Oasis Network ROSE | $0.36 | 6.04% ▲ | | 3 | Cosmos ATOM | $37.10 | 2.55% ▲ | | 4 | Huobi Token HT | $9.08 | 0.86% ▲ | | 5 | IOTA MIOTA | $1.09 | 0.29% ▲ | ▼ TOP LOSERS | # | Name | Price | 24h % | | 1 | Gnosis GNO | $404.38 | 16.01%▼ | | 2 | Curve DAO Token CRV | $4.28 | 10.09%▼ | | 3 | Ravencoin RVN | $0.09057 | 10.06%▼ | | 4 | Arweave AR | $46.30 | 9.97%▼ | | 5 | THORChain RUNE | $5.70 | 9.79%▼ | Source: CoinMarketCap, 5:00 EST
*Limited to cryptocurrencies in the Top 100
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 Ethereum Layer 2 scaling solution Arbitrum experienced another outage. This was the second outage experienced by Arbitrum in the past year. More: - Arbitrum is the leading Layer 2 solution on Ethereum with $2.62B in TVL and a total market share of nearly 50%.
- The Arbitrum team stated that the outage was due to the Arbitrum Sequencer being down.
- The issue took around four hours to resolve, according to data from Arbiscan.
- While Layer 2 scaling solutions offer significant opportunities for the Ethereum blockchain, the Aribtrum outage suggests that there’s still a lot of development to be done in the space.
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Kosovo Police seized over 300 BTC miners in raids over the past week. Police have issued several announcements on confiscating crypto miners amid an ongoing energy crisis. More: - Kosovo declared a blanket ban on crypto mining last week after declaring a 60-day, energy-related state of emergency.
- The state of emergency is alleged to allow the government to impose power cuts and increase spending on imported energy.
- A legal expert in Kosovo has claimed that there isn’t enough of a legal basis to ban crypto mining through a state of emergency.
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- Binance's CZ is reportedly one of the richest people in the world at $96B (exclusive of crypto holdings), according to Bloomberg's Billionaire Index.
- Publicly traded bitcoin mining company Bitfarms purchased 1,000 BTC, increasing its total BTC holdings to 4,300.
- Pakistan's Federal Investigation Agency issued a formal notice to Binance for the investigation into a crypto fraud scheme that took over $100M in crypto from Binance users.
- A Tesla owner told CNBC that he's been making around $800/month mining Bitcoin (BTC) from his Tesla.
- Pollen (PLN) was the first Avalanche (AVAX) based token listed on Singapore-based crypto exchange AscendEX.
- Paris Hilton has the most followed Twitter account that uses an Ethereum Name Service (ENS) domain at 16.8 million followers.
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 |  | Griffin McShane is a New York transplant currently living in Brooklyn, NY. He is a graduate of Providence College, where he studied both computer science and business, and the University of Maine School of Law, where he earned his JD. Beyond his work at Inside, Griffin has written articles for CoinDesk and is a member of the International Association of Privacy Professionals (IAPP). |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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