Author: Amy H. Twiggs
On the 1st of November, Elon Musk, the new boss of Twitter, tweeted an Inu dog clothed in a Twitter t-shirt, after which the value of meme coins increased. According to data from CoinGecko, the value of famous meme coins, such as Dogecoin and Shiba Inu, have posted significant gains over the past 24 hours. The new tweet from Elon, the CEO of Tesla and SpaceX, added more fuel to speculation that he would make DOGE the primary currency of Twitter. Elon continued its meme-coin rally on Halloween night, after which the value of DOGE increased. According to data from…
Stani Kulechov, the co-founder of Aave, feels more optimistic that their $5 billion DeFi lending protocol’s upcoming stablecoin GHO will solve real-world payment problems. On the episode of Decrypt’s gm podcast, Stani said that he thinks it’s a big issue because, just going back a couple of months ago, he was visiting Buenos Aires, Argentina, and stablecoins are used to preserve value and transact. For example, Argentina’s national currency has almost 100% inflation, which means whatever you earn as a consumer today, one year later, you have half of that value in your hand, Stani said. Moreover, he said that…
On the 2nd of November, Bitcoin and the crypto market continued to trade correlated with risk. According to data from CoinGecko, Bitcoin, the largest cryptocurrency, is trading at $20,414 and is 0.2% up as of this writing. While Ethereum, the second largest cryptocurrency, is trading at around $1,579 and is 0.6% up. The Federal Reserve’s interest rate decision is on tomorrow, which will also affect the broader crypto market. On the other hand, the US stocks had a difficult day of trading, as all the Wall Street’s major indexes dropped due to news that the labor market was strong. This…
Changpeng Zhao, the CEO of Binance, argued that cryptocurrency is the only stable thing in this very dynamic environment, despite the crypto market crash, in which the price of Bitcoin dropped 70% from $69,000 to its current value of around $20,000. On the 2nd of November, in Lisbon, at Web Summit, Binance’s CEO argued that while crypto prices are volatile, if you look at the technology, if you look at the fundamentals of cryptocurrencies and the limited supply, nothing has changed. Moreover, he said that technology-wise, it has been the most stable thing in this turmoil situation. In the Web…
At the start of 2021, NBA Top Shot surged in popularity due to Dapper Labs’ digital collectibles platform, which brought NFTs into the mainstream. But this sales hike was not for so long, as after this time, the sales momentum gradually dwindled. Last month, the NBA Top Shot platform hit a two-year low for monthly sales. According to data from CryptoSlam, an NFT analytics platform, the platform generated just under $2.7 million worth of secondary market sales in October, which was down from its sales in September. It was the fourth straight month in which trading volume fell. As per…
On the 2nd of October, Roham Gharegozlou, the founder and CEO of Dapper Labs, announced that their Web3 studio had reduced its team size by 22%. In a letter to employees posted publicly online, Roham said that these reductions are the last thing they want to do, but they are necessary for the long-term health of their business and communities. Roham said they know web3 and crypto are the future across many industries, but today’s macroeconomic environment means they aren’t in control of the timing. Roham also showed that the company grew too fast, from 100 to over 600 employees…
On the 2nd of November, Surojit Chatterjee, the chief product officer of Coinbase, the crypto exchange, announced that he was leaving his position. After this announcement, Coinbase lost one of its C-suite executives. In a post on Linkedin, Surojit said that working at Coinbase for three years was a ride and the most exciting roller coaster from where he needs a break. Surojit is trying to give himself rest from his job; as he said in the post, it’s time to get off the ride and catch his breath. Last week, the company filed with the SEC, according to which,…
On the 2nd of November, at WebSummit in Lisbon, Juan Benet, the CEO & founder of Protocol Labs, spoke candidly about the technology sector’s future challenges. However, Juan Benet’s main topic was Web3 and its scaling infrastructure and computational power. From the Filecoin stand, Juan indicated that the latest technological progression iteration focused on access, verifiability, and anonymity. Juan said that over the last 80 years, the scale of computing’s impact couldn’t be overstated. Moreover, he said that over a decade, these improvements have conspired to give them effectively these superpowers that their ancestors would have thought magical. Juan warned…