This week we saw an influx of memecoins take center stage in the cryptocurrency market, all led by Shiba Inu (SHIB). Meanwhile, ETH set a new peak while Bitcoin dipped below $60K.
There are no boring days in crypto. This week was the definitive proof of this. We saw something insane happen literally every day from the past seven, so let’s start with Bitcoin.
This time last week, there were already some signs of indecisiveness in bitcoin’s price, which was approaching $60K. On Sunday, though, bulls stepped in and pushed the price up to $64K, where it stayed for about a day. On Wednesday, we saw two consecutive drops, which led to the price testing the support around $58K. Fortunately, it held, and BTC recovered to around $61K where it currently trades.
Ethereum is the other cryptocurrency that took center stage today. The price finally managed to break its previous all-time high, peaking at around $4,400 – a slightly underwhelming performance as everyone seems to have expected a more definitive surge.
All of the above pales in comparison to what SHIB did. Shiba Inu – the memecoin that everyone is now talking about, increased by another 160% over the past seven days and flipped Dogecoin in terms of total market capitalization. The cryptocurrency is now over 100,000,000% up in 2021, meaning that a $1 investment would now be worth – yes, you guessed it, $1 million.
Naturally, this led to other memecoins also pop in valuation. Floki Inu – a coin that’s admittedly inspired by SHIB, is up 266% in the past week. Interestingly enough, the cryptocurrency has a very serious marketing campaign going on for it. In fact, it’s even advertised in physical locations such as London’s metro and public transport.
Meanwhile, El Salvador continues to invest in Bitcoin. The president announced that they bought an additional 420 more bitcoins, putting the country’s total stash at 1120 BTC, which is already in profit. The value locked in DeFi protocols also surged to a new all-time high.
Today, play2earn cryptocurrencies such as Axies Infinity, Decentraland, and The Sandbox, exploded in price following Facebook’s announcement that they are rebranding to Meta. The social media behemoth now aims to invest $10 billion into building the Metaverse.
It’s been a crazy few weeks in the cryptocurrency market, and there are no signs that all of this will stop anytime soon. It’s interesting to see what the next seven days have in store – probably something just as exciting.