# Web3 Weekly Digest: August 5th 2024

> Bite-sized news from the blockchain. By creators, for creators. 

**Published by:** [Tellr](https://paragraph.com/@tellr/)
**Published on:** 2024-08-05
**Categories:** blockchain, web3 news, doodles, meme coins
**URL:** https://paragraph.com/@tellr/web3-weekly-digest-aug5-2024

## Content

We're going to $0?!?!Source: TradingViewThe crypto market has recently experienced its most significant three-day sell-off in a year, losing $510 billion since August 2nd due to weak employment data and recession fears. Major cryptocurrencies like Bitcoin and Ether saw sharp declines, with Bitcoin down 20% and Ether down 28% over the past week. This downturn was exacerbated by disappointing Q2 results from tech giants like Microsoft and Intel, and significant asset sales by Jump Crypto. As a result, the Crypto Fear and Greed Index fell back into "fear," with a score of 26, highlighting the current cautious sentiment. Looking ahead, the crypto market is expected to face challenges, with recovery dependent on increased trading activity from traditional financial institutions.Time to Detect AI ContentOpenAI has developed a "highly accurate" tool to detect AI-generated content from ChatGPT, but concerns about potential misuse and stigma towards non-English users have halted its release. The Wall Street Journal reported internal debates about the implications of releasing the tool, which can detect AI content even after localized tampering. OpenAI worries that the tool could discourage non-English speakers from using AI due to translation exploits. Despite other tools claiming to detect AI-generated content, none have proven highly accurate. OpenAI's tool uses invisible watermarking and proprietary methods for its models.DoodlesTV Launches Super Pass on BaseSource: DoodlesDoodlesTV has launched the DoodlesTV Super Pass on the Ethereum layer-2 network Base, allowing creators to connect with fans through exclusive content. For 0.0021 ETH (about $7), creators and fans can access early premieres of music videos and specials like "Dullsville and the Doodleverse." With contributions from artists like Pharrell Williams and Lil Wayne, DoodlesTV fosters direct community interaction and empowers creators to own and monetize their content, making it a unique opportunity for creators in the Web3 space.Meme Coin MadnessSource:Bitcoin.com newsSolana's celebrity memecoin trend highlights the risky side of crypto, with stars like Caitlyn Jenner and Iggy Azalea launching tokens linked to scams and controversies, often tied to figures like Sahil Arora. While these memecoins draw attention, they also lead to financial losses and skepticism, sparking debates on their impact on crypto. Critics say this trend distracts from blockchain innovation, while others see it as driving mass adoption. The Solana community should address exploitative practices and educate newcomers on the risks.Creators Tap into Tellr & Stay Updated on Web3Discord - https://discord.gg/r2EfnRfs Telegram - https://t.me/tellrlabs You can also find us across web3 social... Warpcast - https://warpcast.com/tellr orb.club - orb.club/@tellr Tape.xyz - https://tape.xyz/u/tellr Zora - https://zora.co/@tellr And let's not forget good' ol web2... X - https://x.com/TellrLabs Instagram - https://www.instagram.com/tellrlabs/ YouTube - https://www.youtube.com/@tellrlabs

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