10/29 FAL Weekly Digest
Welcome to the FAL Weekly Digest, a source for this week’s biggest news articles and crypto market updates.
Here is what you need to know:
Shiba Inu ($SHIB) sees a massive rally this week, entering the top 10 listing of cryptocurrencies in terms of market size.
SHIB Barks Back Into the Spotlight
Shiba inu ($SHIB), a popular dog themed cryptocurrency, is the latest pup on the block to take the cryptocurrency space by storm. The “meme” coin has increased about 1000% in value over the course of October, reaching new all time highs of $0.00008894 on the Coinbase exchange.
At the time of publication Shib is now the 9th largest cryptocurrency in terms of market capitalization, edging out Dogecoin ($DOGE) which holds the #10 spot. For more information regarding the canine themed trading rally, please see our in-depth article found here.
The effects of the dog themed trading frenzy have been felt across the entire market. Coinbase, a popular cryptocurrency exchange used to buy and sell crypto, saw extreme levels of trading volume during the past week. Over $2.5 billion dollars of $SHIB tokens were traded on the exchange in the past 24 hours, accounting for 25% of the total trading volume on Coinbase according to CoinMarketCap.
The Coinbase mobile app also became the most downloaded app on the Apple app store this week as a result of retail traders attempting to join the mass hysteria. The exchange struggled to accommodate the influx of users and spike of transactions on Wednesday, resulting in multiple system outages and issues during crucial trading time periods.
Market Analysis - Bitcoin and Ethereum
Bitcoin has recovered from lows of $57,500 observed on Thursday as the asset stabilizes from the aftermath of the Bitcoin ETF listing and the subsequent all time high prices seen last week.
The overall crypto market capitalization is about $2.65 trillion USD, an increase of about $100 billion compared to last week. At the time of publication, Bitcoin ($BTC) is valued at $62,350 per bitcoin with a market capitalization of $1.175 trillion making up 44.2% of the overall crypto market. For a more in-depth technical analysis, see our post found here.
Following Bitcoin’s price recovery, Ethereum ($ETH) has produced a new all time high of $4461 today as the overall cryptocurrency market continues to grow. Blockchain analytics indicate that part of ETH’s upward movement has resulted from the amount of ETH destroyed due to its burn protocol implemented in August.
Shiba Inu, a token that operates on the Ethereum blockchain, has burnt 770.12 ETH as a result of its trading frenzy. In the past 24 hours only 15,109.34 ETH have been created while 16,710.2 ETH have been destroyed, resulting in a net loss of available supply.
Bitcoin Mining Continues to Spread Across the U.S.
The proliferation of Bitcoin mining across the U.S. continues as the digital asset grows in value. In terms of mining in the U.S., 19.9% of Bitcoin’s hash rate is located in New York state according to Foundry USA, the largest mining pool in North America.
Hash rate is the measurement of computing power that miners dedicate to the Bitcoin network, essentially representing how powerful their equipment is. Following New York is Kentucky which represents 18.7% of the U.S. hash rate, then Georgia with 17.3% and 14% in Texas. For more information regarding the mining sector, check out our mining analysis found here.
Facebook Transitions into the Metaverse
Facebook ($FB) has announced that the company will be changing its name to Meta ($MVRS) as it shifts its focus from social media to the virtual reality world that it calls “the metaverse.” During the company’s “Connect” conference, CEO Mark Zuckerberg disclosed the rebranding of Facebook and future plans for the metaverse and virtual reality in the coming decade.
Facebook Head of Metaverse Products Vishal Shah stated that the new metaverse will support NFTs, in an effort to “make it easier for people to sell limited edition digital objects like NFTs, display them in their digital spaces and even resell them to the next person securely.” For more information on Facebook’s transition into the virtual world, be sure to read our article found here.
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