Last Week On Sunday – Flash Crashes, Rejections, And The Sudden Ascent of Kadena
Flash crash? ETF Rejection? No problem. The crypto market has rebounded strongly, led by projects like the proof-of-work protocol Kadena.
For last week’s edition of Last Week On Sunday, click here.
Week In Review: Evergrande Everlasting; Flash Crash
#Evergrande fun next week pic.twitter.com/JRmpUgzlmX
— The Market Dog (@TheMarketDog) November 1, 2021
Despite the seemingly neverending Evergrande saga (more on that below) the market is doing pretty good overall.
Compared to last Sunday when the global market was at $2.7 trillion USD, this afternoon the total cap stands at $2.8 trillion. It’s not a huge increase by any means, but if you put it into the context of what was a bumpy end to the week, it sure looks a lot more impressive.
Recommended: Crypto Market Showing Signs Of Rebound Despite Evergrande Fears
Not only did the market endure a flash crash — that was likely coordinated but blamed on Evergrande — it also had the first Bitcoin Spot ETF rejection become official. One of those would have been enough to send the global market cap spiraling most weeks.
The fact that the market withstood both of those news events is mighty impressive. And, likely bodes well.
The Good: Kadena
Kadena (ticker symbol: KDA) continues its rise up. The proof-of-work chain — that’s figured out scaling before Bitcoin — is up 50% the last 7 days, and 260% the last 14 days. KDA is currently trading in the $22 USD range.
Recommended: Click here to LEARN MORE ABOUT KADENA’S UNIQUE TAKE ON THE “CLASSIC” PROOF-OF-WORK Protocol
It’s been a wild ride of late for the proof-of-work protocol, which has been around since 2020. Just a couple of weeks ago, Kadena wasn’t even in the top 100 based on market cap. Now it finds itself 54th. Not to mention, it’s ahead of Proof-of-work stalwarts like Zcash (64th) and Dash (70th).
In other good proof-of-work news, Bitcoin finally launched Taproot. It hasn’t had much of an effect on its price so far, but long term it’s bullish. It will be interesting to see what place Kadena has moving forward with Taproot improving scaling for the world’s oldest cryptocurrency.
Here’s an unusual choice re The Good: The Sudden Discontinuation Of Hic ET Nunc. Normally, crypto stories that involve founders suddenly pulling the cord on a project and disappearing off the face of the earth would usually fall under “The Bad”. But in this case, it’s definitely not the case.
Recommended: What Is Flux?
The Tezos-based NFT marketplace was truly decentralized. Meaning, when the founder decided to head for the exits, the community was left to decide the project’s future. The result? They had a brand new website in 2 hours. Next time I see some Etsy bro on Twitter think they are the first person to make the “right-click and save” joke, I need to direct them to this example of how communities can prosper using blockchain tech and the ethos of DAO’s. I’m sure it will be a productive conversation.
The Bad
Imagine a place…
– Built for gamers
– Home to everyone playing the Great Online Game
– Has 150 million MAUs
– Generates $130 million in revenue
– Is a web3 sleeper@mariogabriele & I teamed up on @discord. We imagine the possibilities…https://t.co/8bZRL6dQe8— Packy McCormick (,) (@packyM) November 8, 2021
Hey, remember when Evergrande went bankrupt back in September? Well, it went bankrupt again apparently.
Of course, you can’t go bankrupt twice in that short amount of time. What really happened was also what happened in September: Evergrande, again, almost defaulted but ended up making their payments just in the nick of time. And, just like back in September the news was staggered the same way. Weird!
Even weirder was how the flash crash happened hours after the actual announcement.
The most underrated bad news of the week — that wasn’t actually bad. Discord founder hinted at crypto wallets coming to his social media platform. Apparently, people were upset about it. How many people? Outlets like Kotaku couldn’t be bothered to figure that out. You’d think considering how many NFT projects use Discord alone that there would be a market for a crypto wallet…
The Funny
— Crypto Bros Taking Ls (@CoinersTakingLs) November 14, 2021
This wasn’t a particularly funny week, what with an ETF rejection and a flash crash. One of the few highlights was seeing the “Right-click and save” brigade ridiculing the news that Bored Ape Yacht Club NFTs were signed by a major label. Somehow it was lost on them that even if they saved one of the apes to their desktop, they won’t be getting a kickback from UMG. It’s worth trying to wrestle with what ownership rights mean in a web3 world. But, that’s just me.
This wasn’t necessarily funny, but the Tweets made it so.
BREAKING: Fake Belle Delphine Clone has exit scammed traders for over 80 #Ethereum ($369,000) after launching a scam crypto token. pic.twitter.com/1GJ8Aw4V3D
— Max Wale (@CryptoWhale) November 13, 2021
It’s never fun hearing about people getting rug pulled, but considering the public figure whose likeness was stolen in this case, it obviously produced some gems. Like this one:
Do belle delphine tokens come with bath water ?
— Hammer (@0x_Hammer) November 13, 2021
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