General News

Decentraland and Shiba Inu top the week as the market is in decline

From October 25 to 31, 2021 the market continues with ups and downs. Most cryptocurrencies are trending downward and the few altcoins that have risen in price are registering increases of up to more than 160%, according to Live Coin Watch statistics.

The weekly top is headed by Decentraland (MANA), the price of which was boosted by the announcement of the Facebook metaverse; and Shiba Inu (SHIB), which this week marked two new all-time highs.

They follow Gnosis (GNO), which launches a new decentralized exchange; and dogecoin (DOGE), which is again spurred on by a tweet from Elon Musk. The list of most appreciated cryptocurrencies closes with IOTA (MIOTA), which launched the beta version of its smart contracts.

The price of bitcoin (BTC) is also showing its ups and downs this week and registering multiple corrections. At the time of writing this newsletter, the cryptocurrency has lost 0.03% of its value, remaining almost at the same price as last Sunday. This, after having marked a new all-time high (ATH) The last week. This price can be found in the . calculator.

As reported by this media, for analyst Willy Woo the value of bitcoin has been overvalued and, although demand has increased in the last two weeks, he considers that it has been insufficient to justify a price around USD 65,000.

Stresses that, due to insufficient demand, the value of the cryptocurrency it could maintain instability with a downward trend.

On the other hand, Ether (ETH), the cryptocurrency of Ethereum, gained more than 4% of its value in seven days, trading between $ 3,941 and a high of more than $ 4,400 on October 29. With that spike, ETH it marked a new all-time high, the second in eight days.

On October 27, the first update of the Ethereum 2.0 network was activated, named Altair. These are the first 64 fragments that will build the new blockchain. As explained by this media, this upgrade entails several changes, among which those related to incentive accounting and punitive parameters for network validators stand out.

Other relevant cryptocurrencies by market capitalization they have ups and downs. Cardano (ADA) lost 8% of its value; while XRP rose 1.7%; litecoin (LTC) gained 1%; and polkadot (DOT) appreciated by more than 0.11%. On the other hand, dogecoin (DOGE) rises by more than 12% to place itself in the top of the most appreciated of the week.

Facebook name change boosts Decentraland’s ATH

The price of Mana, the Decentraland metaverse token, reached a new all-time high (ATH) on October 28 when it traded at more than $ 1.4 and tripled in value in the following days.

The growth of MANA -and other tokens whose projects propose the creation of metaverses- is associated with renaming Facebook to Meta, announcement made by the CEO of the company, Mark Zuckerberg. This is because the growth of cryptocurrencies was evident shortly after the news was released.

As reported by ., Facebook will now focus on creating a Metaverse. It will be a 3D virtual space, where the 2.5 billion users of the social network could do thousands of digital activities with other people.

In the midst of these advances, the value of MANA rose more than 340% in one week. The rise was dizzying since October 28, peaking at $ 4.22 on the 30th (new ATH for the token).

The other tokens linked to the metaverse that rose in price are: SAND, from The Sandbox, which is up 175%; and Enjin Coin (ENJ), which saw 71% gains. The same happened with tokens adjacent to the metaverse, such as Axie Infinity’s AXS, and Flow, a blockchain designed for NFT.

MANA’s market capitalization is USD 6,156 million and the daily trade volume is USD 13,172 million.



The new ATH of MANA was USD 4.22 reached this October 30. Source: Live Coin Watch.

Shiba Inu hits three all-time highs in one month

The Shiba Inu meme cryptocurrency reached a third ATH, surpassing $ 0.000089 on October 27. It is the third historical maximum registered by the cryptocurrency in a month.

As has been reported in this medium, the abysmal growth of the cryptocurrency placed it among the top 10 crypto assets with the highest market capitalization in just a few days, surpassing even dogecoin, the other meme cryptocurrency based on the image of a shiba inu dog.

One of the reasons that is related to the advancement of SHIB, was a campaign carried out by a group of fans through, so that investment platform Robinhood include Shiba Inu on its list of crypto assets.

Additionally, it was also learned this week that SHIB can now be easily bought with BTC and other currencies thanks to its recent incorporation in Evonax, a new cryptocurrency exchange where instant asset exchanges take place.

The Token price maintains a constant rise since October 26. The rise was dizzying in the following two days, although after reaching this third ATH several corrections were observed, with a downward trend in the last hours. The weekly average is estimated at more than 82%.

As of press time, SHIB’s market capitalization is $ 39,259 million and daily trade volume is $ 10,182 million.



The price of SHIB reached a maximum of USD 0.000089 on October 27, in a vertiginous rise that lasted for two days. Source: Source: Live Coin Watch.

Balancer integrates with Gnosis and launches new DEX

Two of the most important protocols on the Ethereum network, Balancer and Gnosis, partnered to the launch of a new decentralized exchange (DEX).

The announcement was made by the head of growth of Balancer Labs, Jeremy Musighi, within the framework of the international LisCon event that took place this October 20 and 21 in Portugal with the participation of companies linked to the Ethereum ecosystem.

The new DEX It is called Balancer Gnosis Protocol (BGP) and combines the Vault architecture of Balancer V2 with the price search mechanism of the Gnosis protocol. As explained in a blog post on October 25, the goal of this service is to provide users with better experiences, including on-chain liquidity, MEV (miner extractable value) protection, optimized gas costs and better prices.

“Collaborating with Balancer is a natural fit, the native integration of the Balancer architecture enables us to achieve even better pricing for end users and provide a seamless user experience across the two platforms,” ​​said Gnosis CEO and Co-Founder, Martin Köppelmann.

Shortly after the information was released, the value of the Gnosis cryptocurrency began to rise steadily since October 25, going from $ 384 to a peak of $ 468 on October 30. On average GNO rose more than 25% in one week.

The market capitalization is USD 669 million and the daily trade volume is USD 3 million.



The price of GNO reached its maximum on October 30, reaching a value of USD 468. Source: Live Coin Watch.

Elon Musk boosts Dogecoin again with a tweet

As is often the case with the cryptocurrency meme, traders’ interest in the dogecoin markets began to rise shortly after Elon Musk, CEO of Tesla and SpaceX, posted a new tweet on October 28.

In his post, Musk responded to a comment by Billy Marcus (known on Twitter as Shibetoshi Nakamoto), advisor to the board of directors of the Dogecoin Foundation, expressing his support for DOGE. The tweet generated a rise in the cryptocurrency that in a few hours went from USD 0.234 to a maximum of USD 0.332.

Even so, DOGE’s advancement has been surpassed by its now main competitor: Shiba Inu, who even it was placed above dogecoin in the ranking by market capitalization.

In this regard, Su Zhu, co-founder, CEO and chief information officer of the fund management firm Three Arrows Capital, observes a profit rotation between both cryptocurrencies considering that the rise in the value of DOGE occurred at the time that SHIB was experiencing a correction.

On average, dogecoin increased around 12% in seven days. At press time, the market capitalization is USD 35,292 million and the daily trade volume is USD 2,891 million.



The price of DOGE rose close to 50% on October 28. Source: Live Coin Watch.

IOTA launches smart contracts in beta version

The IOTA team activated this week the beta version of the new smart contracts solution of the network. As explained in a blog post, with this launch the Internet of Things (IoT) protocol has moved to Web3, along with a new decentralized application utility (dApps).

They add that with this version interoperability of IOTA smart contracts is possible with the Ethereum Virtual Machine (EVM) and any smart contracts written in Solidity. This, they limit, gives the platform additional functions to be able to operate in the NFT markets, decentralized finance (DeFi) and decentralized exchanges (DEX).

Thus, for example, “IOTA’s Tangle-based NFT market will allow minting of NFTs without transaction fees. On the back of the NFT craze, IOTA will compete with offerings on chains like Solana and Ethereum. ‘

In this context, there was a significant advance in the value of the MIOTA token in these seven days, with a continuous rise between October 25 and 27. The cryptocurrency falls the following days to return to the rise on the 30th to reach a peak of $ 1.44 on October 31. Average growth was over 9%.

MIOTA’s market capitalization is estimated at USD 3,948 million and the daily trade volume is USD 146 million.



MIOTA price hit a high of $ 1.44 on October 31. Source: Live Coin Watch.

About the author

Donna Miller

Donna is one of the oldest contributors of Gruntstuff and she has a unique perspective with regards to Science which makes her write news from the Science field. She aims to empower the readers with the delivery of apt factual analysis of various news pieces from Science. Donna has 3.5 years of experience in news-based content creation, and she is now an expert at it. She loves journalism, and that is the reason, she moved from a web content writer to a News writer, and she is loving it. She is a fun-loving woman who has very good connections with every team member. She makes the working environment cheerful which improves the team’s work productivity.

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