Most Important Day for Shiba Inu (SHIB) Holders Has Arrived U.Today
Source link ]]>
Cardano (ADA) Ecosystem Has Finally Arrived, ADA Community Activist Says U.Today
Source link ]]>
Shiba Inu (CCC:SHIB-USD) is a relatively new cryptocurrency, which its website refers to as a “decentralized meme token that evolved into a vibrant ecosystem.” For the cat lovers out there, Shiba Inu is a breed of hunting dog from Japan. And a meme coin is a cryptocurrency that has exploded in popularity thanks to the online musings of retail investors and influencers.
Source: Shutterstock
Shiba Inu wants to be more than a short-lived internet phenomenon. It intends to develop a robust community with decentralized finance applications. Its website points to some charity work as well.
This is all well and good. However, the main appeal of Shiba Inu is trading profits. Shiba rose to prominence by playing off Dogecoin (CCC:DOGE-USD), which has been one of 2021’s biggest cryptocurrency success stories. Shiba, leveraging the power of an extremely low-priced token, managed to generate substantial trader interest. Unfortunately for it, a newer dog-based cryptocurrency may considerably diminish Shiba Inu’s appeal.
Floki Inu Threatens Shiba Inu’s Popularity
On Sunday, Technoking of Tesla (NASDAQ:TSLA) Elon Musk tweeted out a picture of his adorable dog. He captioned the tweet, saying “Floki has arrived.”
Floki, in case you’re not familiar, is Musk’s new Shiba Inu puppy. It’s also a brand-new cryptocurrency. Some smart folks capitalized on the excitement around all things Musk to set up a cryptocurrency devoted to his dog.
The project is named Floki Inu (CCC:FLOKI-USD). Its website describes it as “the new community owned meme coin,” telling owners to watch it “fly to Mars!” One of the benefits touted on the site is that the altcoin is hyper-deflationary and gains in value from transactions that occur in the ecosystem.
Will Floki Inu become a relevant, long-lasting cryptocurrency asset? Probably not.
However, it’s certainly an issue for traders holding Shiba Inu. Shiba, after all, was a way to ride the coattails of the Dogecoin phenomenon. Now, in an Inception-style maneuver, the Floki community is seeking to steal thunder from Shiba Inu.
In a cryptocurrency world with so few barriers to entry, it’s hard to maintain focus on any one particular meme token. It’s easy to create a newer, flashier meme, and, in doing so, destroy value for everyone else.
Floki’s Meteoric Rise
The price of the Floki token had been rising prior to Musk’s tweet, ticking up on steadily mounting trading volume. Things accelerated sharply, though, after Musk published his pup’s photo earlier this week. Floki Inu soared roughly 1,000% in a 24-hour period.
Shiba Inu, by contrast, has been in a declining trend since August. The meme coin rallied today following its listing on cryptocurrency trading platform Binance. However, it remains to be seen whether this will be enough to put it back in the spotlight.
Shiba is much larger than Floki by market capitalization, to be sure. But I expect Floki will continue to steal attention away from its (slightly) older sibling.
The Bottom Line on Shiba Inu
Simply put, there are too many meme cryptocurrencies to keep up with. If the only dog-based crypto was Dogecoin, perhaps it would have value on a scarcity basis. Dogecoin has certainly remained relevant far longer than most analysts expected.
Now, however, traders have to grapple with numerous ways to play dog-related meme assets. Within cryptocurrency proper, coins like Shiba Inu and Floki Inu compete for attention. And related fields, such as non-fungible tokens (NFTs), offer all sorts of ways to incorporate canines as well.
This is a discussion of memes because there’s little else to support Shiba Inu. The odds of it gaining a strong developer community or widespread real-world adoption are quite low. So, to maintain any reasonable value, Shiba Inu has to stay popular on social media. But with thought leaders such as Elon Musk shifting their attention all the time, it will be easy for Shiba Inu to get lost in the shuffle.
On the date of publication, Ian Bezek did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Ian Bezek has written more than 1,000 articles for InvestorPlace.com and Seeking Alpha. He also worked as a Junior Analyst for Kerrisdale Capital, a $300 million New York City-based hedge fund. You can reach him on Twitter at @irbezek.
Looks like another metaverse is joining Decentraland and The Sandbox, and it’s called Pavia but with a difference that is built on the Cardano blockchain. ADA’s price has reacted over this news and is up approximately 10% in the last 24 hours.
According to Pavia’s official website, the name of the metaverse was chosen because Gerolamo Cardano (Cardano’s name origin) was born in Pavia, Italy in September 1501.
What Is Pavia?
Pavia is a metaverse built on Cardano’s blockchain, where you can buy and sell digital land parcels as Cardano NFTs, having an “In game experience” .
Pavia was first announced in September 2021, owned by Pavia Corp. According to their website, there are 100,000 digital land parcels, of which 60,000 were sold during October and November 2021. The rest of the parcels are planned to be sold during this quarter, according to Pavia’s team roadmap.
Pavia has its utility token named PAVIA which will be airdropped to the 60% early landowners. PAVIA has a total supply of 2 billion tokens and 25% (500 million) will be airdropped to those owners, according to PAVIA tokenomics.
There are six locations where your digital land parcel could be located in the metaverse: Land, Sand, Sea, Deep Sea, Mountain and Forest. With 60% of all the land being sold, there are over 8,300 landowners in Pavia, according to Pavia’s official website.
Besides selling and buying lands, Pavia plans this first quarter to add liquidity to Cardano Decentralized Exchanges (DEXs) and explore liquidity in different blockchains (cross-chain).
The team also intends to have on-platform assets, gamification and more to the Pavia community.
Later this year, the team plans to host the first live event at Pavia Plaza, focus on cross metaverse and start testing Pavia Portals.
As more blockchains are created, it appears in each one of them at least there will be one metaverse. We all know Decentraland and The Sandbox in Ethereum, now Pavia in Cardano and others like Polka City in Polkadot, Kalao in Avalanche and Star Atlas in Solana.
Do you imagine if the metaverse of each blockchain could connect between each other? It would be mind-blowing, right? Only time will tell, but the sure thing, like it or not, we are going to live in two parallel worlds.
Crypto has made its way into pretty much every major industry. So it comes as no surprise that it has evidently made its way into Hollywood. Now, the stars are announcing their investments in crypto. The gains that crypto brings cannot be overestimated and even the rich and famous do not want to miss out on it.
Recently, A-list actress Reese Witherspoon took to Twitter to announce her entrance into the crypto world. The two-time Oscar and eight-time Golden Globes award winner revealed that she had made her first-ever purchase, which was Ethereum.
Related Reading | Bitcoin At $100,000, Ethereum At $5,000 Is Path Of Least Resistance, Says Bloomberg Crypto Analyst
Witherspoon’s revelation opened the floodgates, as replies ranged from people congratulating her on this journey to people downright shilling their coins to her. The actress follower count also saw an uptick after the tweet went live. Crypto Twitter seemed to have come out en masse to welcome the actress.
Just bought my first ETH! Let’s do this #cryptotwitter
— Reese Witherspoon (@ReeseW) September 2, 2021
Related Reading | Venture Capitalist Bill Gurley Takes Personal Position In Ethereum, Here’s Why
At this point, it is safe to say that Witherspoon has been pitched almost every crypto token worth mentioning in the market. Amid this was Logan Paul who offered to show the actress around the NFT world. Paul had replied to Witherspoon asking for her ETH address so he could gift her first NFT project, World of Women.
welcome to the club Reese
DM me your Eth address, I’d love to gift you this @WorldOfWomenNFT because y’all could be related. And it’d be badass for your first NFT project pic.twitter.com/epA0EZQdXG
— Logan Paul (@LoganPaul) September 3, 2021
Celebrities Jumping Into Crypto
Witherspoon is not the only celebrity that has jumped on the crypto train. Notable names have been world-renowned boxer Mike Tyson showing support for digital assets. 50 Cent, an American hip-hop star, back in 2018, had revealed that he had forgotten he had a stash of bitcoins. The coins were paid to him for his fifth studio album “Wild Ambitions” when the rapper had agreed to accept payments in bitcoin. The bitcoins which he had gotten in 2014 at $662 were worth about $8 million when the rapper rediscovered it in 2018.
Related Reading | Deloitte Survey Shows 76% Of Finance Execs Think Physical Money Is Nearing Its End
Other notable names include Busta Rhymes. Mr. Rhymes had first shown interest in the market back in July. He had asked his followers on Twitter how they felt about crypto, which caught the attention of notable names in the community such as Elon Musk and Michael Saylor. Later on, the rapper had tweeted confirming that he had indeed gotten into crypto after doing his research and now holds bitcoin.
Why Notable Names Are Important
Although most would argue that crypto does not need big names to soar, the opposite is very true. The world which we live in today is completely governed by having information at our fingertips and with so much information coming at us at the same time, people will tune out most things. But people will listen to prominent people.
Crypto going mainstream will be a faster process once people start seeing their favorites getting in on it, which in turn says to their fans that the market is something they should get into.
ETH price resting above $3,900 | Source: ETHUSD on TradingView.com
The 24 hours following Witherspoon’s announcement has seen the price of Ethereum test the $4,000 resistance point. Although the asset took a beat down at this point, it has posted an upward recovering which now puts the asset in the $3,900 trading range.
Featured image from Bitcoin News, chart from TradingView.com