Last Week On Sunday – Shiba Inu Is Alpha
Every week on Sunday, we will be going over some of the good, the bad, and the funny things the CRU News Desk came across during the week.
Week In Review: Shiba Inu Is Alpha
Shiba Inu 7-day Chart. Credit: CoinGecko.com
A week after Bitcoin dominated, altcoins surged. It was disappointing, though, many who had hoped Bitcoin would continue its ascent after reaching a new all-time high. It shouldn’t be that surprising considering altcoins tend to benefit from profit-taking. But I guess it’s hard to square those profits going into something like Shiba Inu…
The unironic ripoff of a satirical coin reached another uncatchy all-time high of $0.00008845 USD this week. There’s nothing less satisfying than telling people that your prized investment reached 0.00008845. Sure, it’s cool that you doubled your money, but it’s not as cool as saying your coin went to 60k, 4k, or 69 cents, and then you cashed out.
Either way, Shib is now the alpha of dog coins. Shiba is currently 9th in market cap, one spot ahead of the Old Yeller of memecoins, Dogecoin. Though, Shib is only about 3 billion USD ahead of the OG dog coin. Shib’s market cap is 36.7 billion, compared Doge’s 33.9 billion.
Other than Shib, Solana did very well this week. After a brief rough patch, Solana set another all-time high of $219. Though, the big winner of the week is Decentraland (ticker symbol: MANA).
Decentraland 7-Day Chart. Credit: CoinGecko.com
MANA appears to be the biggest beneficiary of the Facebook rebrand. Not entirely sure why. Isn’t Facebook a direct competitor? Or, is this irrational excitement over a buyout ala Microvision? Even if Facebook wanted to add Decentraland to its list of pelts (Instagram, Occulus, The Winklevi’s abstract idea of a social networking application), not sure how they would do that with the games DAO. Either way, MANA did well enough to get some mainstream exposure, like this New York Post piece.
The Good
The Facebook rebrand story isn’t necessarily good. Probably bad, if anything. Cuz you know Facebook is… not great. But, you could argue it didn’t exactly hurt Bitcoin. And maybe even helped it. Bitcoin stayed strong this week (up 1% despite options expiry).
Recommended: Facebook Spending 50 Million To Develop Crypto Projects
Arguably the best story out of this week came from Mastercard, which announced that it’s going to make crypto as accessible as possible through its payment infrastructure.
In a very underreported story, Decrypt alongside other crypto outlets formed PubDAO, a crypto newswire. It’s billed as, “a decentralized Associated Press.” This is a great idea, and great use of decentralization as a concept. The hope here is not only to produce uncensorable journalism, but also make it more efficient and monetizable. A while back I wrote about some issues with crypto journalism.
The Bad
Facebook rebranding itself to Meta definitely feels pretty midlife crisis-y. Blockchain being the sports car, Web 2.0 the ex-wife. Though, the level of bad is mainly just a taste thing. Hopefully, Facebook is a gateway drug into the good stuff.
Funny enough, CTO for Occulus, part of the Facebook orbit, thinks “it’s unlikely we’re going to be in the completely open crypto world of things.” My interpretation: it’s probably not gonna be decentralized, but you’ll get to buy PFP avatars on Facebook marketplace.
I know this takes some mental gymnastics to call this bad, but the underreporting of Ethereum’s mainstream adoption caught me off-guard. Two cases in particular: Houston’s firefighter pension fund and Australia’s ETF. The pension fund invested in Bitcoin and Ethereum, however, most headlines ignored that fact and favoured used Bitcoin as the headline. Same thing happened with Australia’s approval of physically-backed ETFs for both cryptocurrencies. Weird. Either way, this level of mainstream adoption of Ethereum shows it no longer should be considered an altcoin.
Of course, there is already a Squid Game Pay-To-Earn game. And, of course, it’s a scam. And, of course, it brings crypto more negative mainstream press. As always, DYOR, kids.
The Funny
Hey @FTX_Official, let’s make a trade…Let’s get this guy a Bitcoin https://t.co/emBFE1Lyr7
— Tom Brady (@TomBrady) October 25, 2021
A salt of the earth type gave back Tom Brady’s 600th touchdown pass that he was mistakenly handed by Brady’s teammate Mike Evans. Sure, the guy didn’t do anything really to deserve getting a football worth 500k on the open market. But deserve’s got nothing to do with it. Feeling bad, Brady offered the simple man a Bitcoin care of the official exchange of TB12, FTX.
Some out there said if the salt of the earth type holds out long enough, he will get that 500k back the ball was likely worth because Bitcoin only goes up. Sure, I’ll accept that premise. Some time down the line, Bitcoin is likely to get that expensive. But, as the saying goes, money makes money.
If the guy had done a full heel turn and just pretended he needed to go to the washroom and then bolted for the exits, he could have already doubled that 500k if he bought some Shib. Maybe even 10x’ed it on some sketchy DeFi AMM that Mark Cuban hasn’t disavowed yet. Or, just as as likely, lost it all in seconds.
Regardless, now that he has some Bitcoin, he should HODL it. He will never recover the lost profits, but 1 bitcoin for giving up a ball is nice work if you can get it.
The post Last Week On Sunday – Shiba Inu Is Alpha appeared first on CryptosRus.
Text source: CryptosRus
