After Facebook changed its name to Meta, Metaverse-related tokens The Sandbox (SAND) and Decentraland (MANA) recorded 210% and 200% gain over the past seven days, respectively.
Hi there! We’re finally here – welcome to the first installment of Distributed Ledger, our weekly crypto newsletter that will reach your inbox every Thursday. I’m Frances Yue, crypto reporter at MarketWatch, and I’ll walk you through the latest and greatest in digital assets this week so far.
Dogecoin DOGEUSD went down 14.2% for the past seven days, its worst 7-day performance since Sep. 21, according to Dow Jones data. Shiba Inu saw a loss of 31.9% over the past seven days, its worst 7-day performance since May 25.
|Biggest Gainers||Price||% 7-day return|
|Source: CoinMarketCap.com as of Nov. 4|
|Biggest Decliners||Price||% 7-day return|
|Curve DAO Token||$4.15||-17.29%|
|Source: CoinMarketCap.com as of Nov.4|
The trading volume of Shiba Inu recently surpassed that of bitcoin for at least three consecutive days on KuCoin, the world’s third-largest crypto exchange based on trading volume, according to Johnny Lyu, KuCoin’s CEO. On Oct. 28, SHIB’s volume was almost three times that of bitcoin.
KuCoin primarily targets retail investors, Lyu said.
As the world’s third most googled cryptocurrency, Shiba Inu notched a gain of more than 380% for the past 30 days and rallied more than 76,000,000% over the past 12 months.
“Seeing bitcoin’s rise, some younger investors without a lot of money want to profit from crypto as well,” Lyu said. “But you’d need over $60,000 to buy one bitcoin. So they turn to Dogecoin and SHIB, where you buy tons using just $100.” A bitcoin can be divided into 100 million satoshi, its smallest unit.
“These investors are very passionate about such tokens and are determined to push the prices higher,” Lyu said. On Change.org, a petition to get SHIB listed on Robinhood has received more than 490,000 signatures.
Despite SHIB’s loss of about 30% over the past seven days, Lyu said he would hold the meme coin in the long term, along with bitcoin and dogecoin. Bitcoin can be seen as a hedge against inflation, while the dog-themed coins represent the power of community, according to Lyu.
Meta FB, or previously Facebook, aims to build a Metaverse. Though it seems crypto and non-fungible tokens will play a role in it, the crypto community is not too happy.
“It’s a great endorsement that we’re in a sector that’s poised to break out into the mainstream,” Robby Yung, CEO at Animoca Brands, which owns metaverse-related game The Sandbox, told MarketWatch in an interview.
“On the other hand, it concerns me because I think part of the vision and the dream for us, at least, with the metaverse is that it’s a very open place,” Yung said. “And Facebook, unfortunately, doesn’t have a great history of openness.”
Lucas Outumuro, head of research at data analytics firm IntoTheBlock recently wrote in notes that Meta’s Metaverse “is expected to result in an opaque and less secure network where value created does not accrue to its users as would be the case in a decentralized platform like Ethereum.”
After Facebook announced its name change, The Sandbox (SAND) and another metaverse-related token Decentraland (MANA) recorded 210% and 200% gain over the past seven days, respectively.
The surges are “a strong statement of what crypto investors think of #Meta’s centralized vision.” Noelle Acheson, head of market insights at Genesis Trading wrote on Twitter.
The jump also shows “a bet that the increase in global attention on metaverse potential will drive even more rapid decentralized innovation,” Acheson wrote.