Ethereum, Kava surge 8% in the past 24 hours

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Ethereum, Kava surge 8% in the past 24 hours

The cryptocurrencies have started the week in a green, with Ether up nearly 3% at $1,860.

Render is up 13% this morning and 60% in the past two weeks, despite claims that Apple's rumored VR headset will utilize its decentralized graphics processing network. Kava, a layer 1 blockchain that utilizes the co-chain architecture to provide compatibility with the Ethereum and Cosmos ecosystems, surged 8%.

In the past 24 hours, only five of the top 100 digital assets have posted losses of more than 1%, the company said.

A Defiant Terminal report says ETH last changed hands for $1,860 after tagging $1,875 earlier on Tuesday.

Crypto is exhibiting signs of resilience despite the recent loss of major stock markets, including the S&P 500 and Nasdaq. The US dollar remains stable as debt ceiling negotiations continue.

Ethereum is riding momentum from its Shapella upgrade six weeks ago, which activated staked Ether withdrawals for the first time. After an initial spate of withdrawal requests, the queue for withdrawals briefly hit zero, Wen Merge said.

The queue for onboarding validators has risen to more than 68,000, meaning that one must wait for more than a month before joining the network.

ETH locked up for staking is up by more than 8% since Shapella went live, according to Nansen. The data shows that newly onboarded stakers and existing validators have already offset the ETH withdrawn from the Beacon Chain. This year, Ether has surged 55%.

The burning rate of Ethereum remains high, as memecoin traders continue to drive elevated rates of on-chain activity. In the past 30 days, almost 60% of all Ether destroyed, according to Ultra Sound Money.

The memecoin flavor of the week appears to be pizza, with opportunistic scammers whipping up multiple rug-pulls on Bitcoin Pizza Day. On May 22, 2010, Laszlo Hanyecz, a programmer and early Bitcoin adopter, paid 10,000 BTC for two pepperoni pizzas to demonstrate Bitcoin's potential as a payment method.

Four of 14 pizza-related meme tokens were confirmed to be rug pulls in just 24 hours, Dextools said. A further five are believed to be honeypots, which are tokens that can be purchased but not sold. The scams are believed to have raked in more than $200,000.

DeFi assets' combined market capitalization is down on the month, but it's up 37% year-on-year, currently sitting at $46.6B after starting May at $50B.