This Week on Crypto Twitter
Illustration by Mitchell Preffer for Decrypt

Twitter is the undisputed watering hole of the crypto industry, and something pops up on our feeds that propels the industry along each week. Here's our handy roundup of the tweets that made waves this week.

On Monday, a picture Elon Musk posted of his dog is believed to have contributed to the 266% surge of meme coin Shiba Inu (SHIB).

Although some argue that the association is hard to quantify, the coin set new highs for daily trading volumes—$20 billion on Thursday—making it one of the most traded currencies after Bitcoin, Ethereum, and Tether. It also sent SHIB to the No. 12 spot among all cryptocurrencies by market cap.

On Tuesday, Republican Patrick McHenry introduced the Clarity for Digital Tokens Act, a bill that clears up ambiguities in the SEC’s two-year-old framework for determining whether cryptocurrencies constitute securities.

McHenry’s legislation is based on SEC Commissioner Hester Peirce's proposal for a safe harbor for new cryptocurrency projects, which would provide DeFi developers with a three-year grace period in which to decentralize. 

The updated regulatory framework aims to help American DeFi developers innovate without fear of violating securities laws, whilst simultaneously protecting investors. 

On the same day, Bankless launched its “State of the DAOs” newsletter, a comprehensive overview and continued guideline to help break down the ins and outs of Decentralised Autonomous Organisations.

On Wednesday, NFT collector “Cozomo de’Medici” (an identity that Snoop Dogg claimed on September 20) released an intriguingly ambiguous tweet alluding to a “grand awakening” for the art industry. 

He was talking about the success of Justin Aversano’s Twin Flames NFT and emerging developments within NFT photography. According to Cozomo, NFT photos are just as exciting as other digital artworks. 

The revered co-creator of Nouns DAO, the pseudonymous Evil King Gremplin, had welcomed Snoop to the rapidly growing CrypToadz community a day earlier. Sales for rarer toads, like #1519, have surpassed 400 ETH ($1.4 million). 

If all that wasn’t enough from Snoop, he also declared—from his Cozomo de Medici account—his view that spamming celeb Ethereum wallets with uninvited NFTs is “an insult to artists.”

On Thursday, Bitcoin reached highs of $55,000, breaking past a market cap of $1 trillion, making Bitcoin’s worth larger than two of the largest banks in America combined, JPMorgan Chase and Bank of America, as the mega-popular "Documenting Bitcoin" account pointed out. Bitcoin is currently holding at around $55,144.

In a similar vein, the official account of markets tracker TradingView pointed out Bitcoin's market cap currently beats out Facebook—a timely poke at the social media giant after it suffered two outages this week, which led many on Crypto Twitter to point out the need for decentralized social media apps.

On Friday, the Ethereum Name Service announced a feature that allows users to upload NFT avatars to their ENS profile pictures. This new integration, supported by Uniswap and 1inch, helps provide further customization and serves as a step forward for unique Web 3.0 identities. Twitter is exploring a feature to verify NFT profile pictures.

On the same day, Sotheby’s announced its second installment of #NativelyDigital. The upcoming auction was curated by 19 collectors across 53 NFT lots. Collectors selling NFTs include CatDad, Paris Hilton and Steve Aoki. 

And on Friday night, the Bored Ape Yacht Club confirmed that it would release an ERC-20 in the first quarter of next year. Although releasing an ERC-20 token takes just minutes to do, it said that working around regulation requires much more consideration.