The CEO of a large crypto exchange intends to hold Shiba Inu, despite recent losses. The Sandbox (SAND) and Decentraland (MANA), both of which are tied to the Metaverse. Have had their prices rise by 210 percent and 200 percen. Respectively, in the last seven days after Facebook changed its name to Meta.
Ether ETHUSD reached a new all-time high of $4,669 on Wednesday. Bringing the cryptocurrency’s seven-day gain to 11 percent to $4,669. Bitcoin (BTCUSD) has gained 3.35 percent during the last seven days, according to CoinMarketCap.
According to Dow Jones data, the price of Dogecoin DOGEUSD has dropped 14.2 percent. In the last seven days, marking its worst seven-day performance since September 21. During the past seven days, the Shiba Inu has suffered a loss of 31.9 percent. Marking its worst seven-day performance since May 25.
According to Johnny Lyu, the CEO of KuCoin, the trading volume of Shiba Inu recently topped. That of bitcoin for at least three consecutive days on the cryptocurrency exchange. Which is the world’s third-largest crypto exchange in terms of trading volume. On October 28, the volume of SHIB was over three times greater than the amount of bitcoin.
KuCoin is largely aimed towards retail investors, according to Lyu.
Shiba Inu, the third most googled cryptocurrency in the world, has experienced a gain. Of more than 380 percent in the last 30 days. And a gain of more than 76,000,000 percent in the last year.
“As a result of bitcoin’s ascent, several younger investors who do not have a lot of money. Are interested in profiting from cryptocurrency,” Lyu explained. “However, it would take more than $60,000 to purchase a single bitcoin.”
Meta FB aspires to create a Metaverse. Though crypto and non-fungible tokens appear to be involved. The crypto community is unhappy.
According to MarketWatch, “It’s a tremendous endorsement that we’re in a sector that’s prepared. To break out into the mainstream.”
In contrast, “It bothers me because I believe part of the metaverse’s goal and ambition. For us is that it is really open,” Yung remarked. “Unfortunately, Facebook hasn’t always been open.”
Meta’s Metaverse predicted to result in an opaque and less secure network. Where value created does not accrue to its users as would be the case. In a decentralized platform like Ethereum,” writes IntoTheBlock’s Lucas Outumuro.
The Sandbox (SAND) and Decentraland (MANA), both metaverse-related tokens, gained 210 percent. And 200 percent respectively after Facebook announced its name change.
According to the rises, crypto investors dislike #Meta’s centralized vision. Acheson, Noelle, wrote on Twitter.
Moreover, according to Acheson, the surge in worldwide attention on metaverse potential. It would spur more fast decentralized innovation.
On Nov. 1, Squid Game (SQUID), a cryptocurrency named after a popular Korean TV show. Crashed to practically zero after rising from $39 to $2,857 in just three hours.
XRP fell quickly after being posted on decentralized also crypto exchange PancakeSwap on Oct. 21. October 26-31: $0.01 to $39 for SQUID.
The occurrence was a “rug pull” hoax, meaning the creators of a cryptocurrency abandoned the project. And cashed out the tokens. It reported to CoinMarketCap. That users were unable to sell the token at PancakeSwap.
The developers reported someone tried also to hack SQUID’s twitter account. And smart contracts on the official Telegram channel.
Analysts say the painful costs for investors highlight the need of doing their own. Due research before investing in any cryptocurrency.
According to The CEO Christopher Vecchio, senior strategist at market research firm DailyFX. Squid also used to defraud crypto investors out of millions of dollars.
Speculating the CEO in new altcoins without a legitimate use case. Especially those that you can only buy and never sell, is a bad idea.