The NFT Metaverse: Building A Blockchain World

Robert Napoli is a nationally recognized business strategist who writes about cybersecurity and digital transformation. this article is about the NFT Metaverse blockchain world
During the first week of November 2021, thousands of attendees, speakers, and vendors gathered in Midtown Manhattan for the third annual NFT.NYC conference. The eclectic group of investors, gamers, artists, programmers, and crypto enthusiasts attended panel discussions, speeches, and after-parties, all centered on the burgeoning and lucrative new trend in the blockchain world: the NFT, or non-fungible token.
Still a relatively new blockchain phenomenon, NFT technology establishes ownership of digital assets and has most famously (or infamously) been applied to digital art. But this year’s conference had a new spin: There was a palpable emphasis on the future of NFTs, which many believe lies in their use as building blocks in the next iteration of the internet, referred to as Web 3.0 or “Web3.” Ultimately, the convergence of this platform with NFTs is expected to give rise to a massive, decentralized virtual world called the “metaverse.”
An NFT is a unique and non-interchangeable unit of data stored on the blockchain that can track a unique digital asset’s transfer, ownership, and properties. The term non-fungible distinguishes NFTs from other blockchain entities like cryptocurrencies, which are equal in value and mutually interchangeable or fungible.
For example, if two people each have a U.S. one-dollar bill in their pocket, they could exchange those two bills with each other, and neither would be richer or poorer for it because those two bills are fungible. But if those same two parties were holding the Mona Lisa and the deed to their home, respectively, they’d each have ownership of something with unique utility and value.
In the crypto world, currency units are similarly fungible and interchangeable, but not all digital assets are. That’s where NFTs come in. The digitization of media — including art, music, videos, books, and even news or blog posts — has confounded the nature of ownership, copyrights, and intellectual property. This is largely due to the ease with which digital media can be copied and reproduced. Nevertheless, NFTs provide a means for owners of different types of digital content to sell and trade their property using the advantages provided by the decentralized crypto space.

A 12-year-old in the UK made nearly $400,000 this summer coding some digital NFT art (a low-resolution cartoon whale). An NFT representing ownership of a single square pixel went at auction for over $1 million. If those prices seem a bit jarring, consider the $69 million paid for a much more detailed, albeit still digital, NFT work by an American graphic designer.
It’s not unusual to hear about extravagant expenditures in the art world — but millions of dollars for a computer file you can easily copy? What’s going on? The application of NFT technology to the ownership of digital art can be thought of as a dress rehearsal for the expansion of NFTs into other types of assets.
For example, companies like McDonald’s and Burger King are beginning to exploit the growing popularity of NFTs by experimenting with digital “collectibles.” But the sector that might serve as the biggest launching pad for NFTs is gaming.
Online gaming is already big business, recently surpassing movies, music, and sports in popularity. Many games even already implement blockchain, including NFTs, into their play. Games like Axie Infinity allow players to create digital NFT creatures with unique characteristics that can be traded for real cryptocurrency to other players. In the property-trading game Upland, users participate in a virtual real estate market where NFTs represent parcels mapped to real-world locations.
These games serve as proving grounds for how NFTs could represent assets in a larger-scale, a more dynamic virtual environment like a metaverse.

But what is a metaverse?

In the 1992 science fiction novel Snow Crash, author Neal Stephenson described a virtual world he called the Metaverse — an internet-connected, immersive construct that served as an alternate shared reality for its users. As the internet grew, the metaverse reference gradually made its way into the tech lexicon to describe any large-scale, persistent virtual environment in the online space.
The idea of a metaverse has manifested itself in the gaming world, especially with the recent rise of multiplayer online games and the emergence of affordable virtual reality technology. But these primordial metaverses are limited in scope and self-contained. The vision of the “metaverse of the future” is much more ambitious.
The notion of a metaverse recently hit the news cycle when Facebook CEO Mark Zuckerberg announced his ambitious intention to transform the social media giant into a massive metaverse experience for its users – even going so far as to change the name of Facebook’s parent company to Meta.
Zuckerberg and others see a virtual world that exists in parallel to our own, where people work, buy, sell and interact. In Snow Crash, Stephenson describes the main thoroughfare, called the “Street” off which the inhabitants can build their neighborhoods, streets, buildings, and other features. This prescient description may as well be describing many of the emerging uses of NFTs as well as their potential value in a Web3 metaverse.
Although NFTs have a promising future, they’re not without their challenges. Most NFTs are currently built on the Ethereum blockchain, although this gap is shrinking as competitors like the much faster Solana gain in popularity. Ethereum has scalability, cost, and speed problems. Although these will be addressed in the full Ethereum 2.0 upgrade currently anticipated sometime in 2022, this is subject to change given the past delays.
Many of the technologies that will form the basis of the metaverse — including the underlying Web3 network, cryptocurrencies, and NFTs — will likely have to grow and evolve together in stages, much like the backbone of the internet in the 1990s.

Axie Infinity; A platform to play and earn money in the metaverse

How to buy land in Metaverse; How to have virtual land?

 

What is Diem? What happened to Facebook cryptocurrency?

A fast and cheap cryptocurrency for 2 billion people; Diem (Facebook coin)has come to implement this idea.

Facebook’s cryptocurrency project (renamed Meta) has been a hot topic in the field of cryptocurrencies for several years, and many people have questions about the nature of this cryptocurrency and its applications to the potential 2 billion users of this currency.

What is Diem? What is its purpose? how does it work? Is it a good investment option? This article answers all of these questions about Facebook’s cryptocurrency, the world’s largest social network.

What is Diem?

Diem is a payment system based on Blockchain technology as well as a backed cryptocurrency (stable coin). Facebook (renamed Meta) is behind this huge project that is claimed to serve billions of people around the world.

Libra is Diem’s previous name. Due to the fringes of this project called Libra, which we will review in the following article, on December 1, 2020, Facebook announced the change of its name to Diem to reduce some of the pressures.

This project has not been launched yet and is in the development stage, But it is estimated that it will be launched by the end of 2022.

Diem Payment System

According to published documents, the Diem project has introduced itself as follows:

“Diem payment system is made for everyone. Transferring money should be as simple and cheap as texting. “It does not matter where you live, what your job is, or how much you earn.”

According to the official website of Diem, this project has unique features:

It is on mobile: Diem payment system is available to everyone; It can be used only with a smartphone and simple internet.
It is stable: The cryptocurrency has a backing that includes the following assets: Cash or equivalent and 2. Very short-term government bonds.
Fast: Transactions on this platform are fast and easy; Both when sending money and when spending it.
It’s for everyone around the world: Diem payment system makes the global financial system more accessible and connected than ever.
Scalable: Its open-source protocol builds a dynamic community of developers who offer products and services to help people access their payment systems.
It is secure: This network is built on Blockchain technology and is designed with complete security in mind.

Although this project was created at the suggestion of Facebook; To maintain transparency in the project, oversight of all its operations is the responsibility of a council called The Diem Association. It is an institution composed of companies active in various economic sectors, including technology, financial technology, telecommunications, investment funds, and non-profit organizations.

The members of this association initially included large companies such as Visa, MasterCard, PayPal, Visa, Uber, Lift, Quinn Base, etc. However, PayPal, Visa, eBay, and MasterCard justify the association due to concerns from lawmakers.

However, large companies such as Uber, Kevin Bass, and Spotify are still members of the association. The number of these members may reach more than 100.’

Diem cryptocurrency; A currency without fluctuations

As mentioned, this payment system has a stable coin or cryptocurrency with backing, which is also called Diem. Of course, in the documents, the symbol of this cryptocurrency is “LBR”; But due to the name change, its symbol will probably change as well.

The US dollar, the euro, the British pound, and other major Fiat currencies will support this cryptocurrency, and its value will go up and down with them; Like Tetra, the price of each unit of which is equal to the US dollar.

Given the support of this cryptocurrency, it can not be considered an independent cryptocurrency. Facebook itself has repeatedly stated that designing this cryptocurrency only helps make national currencies easier to transfer, and in practice, no new currencies have been created.

So, at least in the early stages, Diem cryptocurrency is just money and a gadget of payment, and it can not be considered an investment option.

Diem Centralized network

diem coin

Although Meta (Facebook) itself believes that Diem operates in a decentralized manner, most Diem experts believe that it will be centralized.

However, according to published documents, Diem’s ultimate goal is to have a payment system without the need for a license (such as Bitcoin and Ethereum); But according to the evidence that the system is currently set to run on a licensed blockchain. For this reason, only members of the Diem Association can trade on this blockchain.

The long-term goal of the project is to provide people around the world with easier and faster access to financial services. Meta plans to launch this cryptocurrency on Facebook, WhatsApp, and Instagram, which will reach more than 2 billion users.

The project also promises to address government constraints and comply with legal frameworks. In that sense, Diem may be complying with sanctions.

If Diem is approved by the US and other regulators, the project will be like a full-fledged central bank running on blockchain technology. With this description, it is easy to see that this project is something different from Bitcoin and other cryptocurrencies.

How does Diem work?

This cryptocurrency will be launched based on its exclusive blockchain. The chain is based on an algorithm called LibraBFT, which has many similarities to PoS. To confirm any transaction on the network, two-thirds of the participants, or validation nodes, must confirm it.

Initially, only members of the Libra community were responsible for verifying and validating transactions. The main condition for joining the Liberian community is that each member must pay at least $ 10 million in cash as collateral and support. However, in the future, more people will be able to participate by depositing Libra tokens.

Blockchain Libra has a proprietary programming language called “Move” for writing smart contracts. So like Ethereum, we have something more than a stable cryptocurrency about Libra.

According to Libra Technical White Paper, the network’s transaction speed will be at least about 1,000 transactions per second, which will increase according to the network’s needs. The network fee is also very small and close to zero.

Although the Liber blockchain does not ask for real names or information, and only addresses and pseudo-accounts will be available on the network like Bitcoin and other blockchains, the project has reassured lawmakers that it can prevent illegal transactions if needed.

It can be said that Facebook’s cryptocurrency project has three unique parts that work together in harmony to create a comprehensive and secure financial system. These three sections are:

1. Blockchain Technology

One of the components of Diem cryptocurrency is the blockchain infrastructure with scalability and acceptable security, which is the technological basis of this payment system.

The open-source Diem’s source code is available on the Github website. This code is written in the “Rust” programming language and can be accessed by anyone.

Diem code is scalable and allows hosting a large number of projects for the infrastructure of this cryptocurrency. As we said, Diem is developing a new programming language called Move, which is to be used to build smart contracts and execute custom transactions.

2. E-Commerce

One of Facebook’s goals is to create better economic opportunities and high-performance global e-commerce. Such a goal is easily achievable due to the billions of users of Diem’s community and at least three billion global Facebook users.

Shopify, an e-commerce company that is a member of the Diem Association, will ensure Dime’s integration into e-commerce websites. Those companies that are members of the Diem Association that provide business services to the customer (B2C) will implement the Diem system on their platform, and this will lead to unprecedented ease of use.

3. International payments

Diem helps to reduce the cost of overseas money transfers, which currently have a high fee of 6.5 %. Having enough payment systems for Diem means that the currency is almost entirely digital.

Diem can pre-program transactions in its database. Diem operating costs are much lower than traditional remittance systems. The result of these features is that the cost of using diem sum is lower and its share of the market’s cryptocurrency users will be higher.

4. Governance

One of the important applications of Diem (Facebook coin) is related to the sphere of governance which arises from its governance structure. It is impossible to infiltrate Diem’s operations and capabilities, and this ensures that Diem can be an alternative monetary model for cash flow in government institutions.

Diem transactions can be used for a variety of actions that are in the public interest, and since the method of budgeting and spending in Diem is recorded in a public domain and is accessible to all, the benefits to the public will be twofold.

Also, since Facebook does not have exclusive control of Diem, it is impossible to use Diem against public interests.

These are the main differences between Diem and another Facebook product called Facebook Connect. Facebook Connect was launched in 2008 as the next version of the Facebook platform, allowing users to connect their Facebook friends, identity, and privacy to other sites on the Internet; But Diem is a  blockchain payment system that has a private cryptocurrency.

Diem’s challenge with governments

Diem was scheduled to officially launch in late 2019 or early 2020; But after the project was announced, a wave of concern from lawmakers around the world, especially the United States and the European Union, halted the project indefinitely.

Lawmakers believed the project could jeopardize global financial stability and the value of national currencies.

The same fear of legislative obstacles causes big giants such as PayPal, MasterCard, VisaCard, and eBay to leave the Diem Association.

Concerns about Diem went so as far as the US Treasury Secretary and the German and French Economy Ministers officially announced in statements that they would not allow the project to operate at this time until Diem’s ​​activities became transparent, and the work even escalated to the point where Mark Zuckerberg, Facebook CEO, appeared before members of the US Congress and promised that the Diem project would not pose a threat to national currencies.

Facebook (Meta) is still negotiating with lawmakers around the world to gain their trust. Legislators have said they will only allow the project to be launched if they are relieved of their concerns about money laundering, the weakening of national currencies, and the fight against terrorist financing.

With all these interpretations, experts believe that given the rapid development trend, Meta may not be worried about the legislature and may eventually be able to obtain the necessary licenses.

The end of Diem cryptocurrency

Following last week’s reports that the Diem Association had been dissolved, the association confirmed that it had sold its Diem Payment Network assets for $ 200 million.
According to ZDNet, the Diem Association had announced in a statement that they would sell its assets to Silvergate. Silvergate is the bank that the Diem network worked with last year to launch the US dollar-denominated StableCoin.
The CEO of Diem network said:
We are confident in the ability of StableCoin to be designed on a blockchain to provide benefits that have motivated the rainfed community from the beginning. With today’s sale, Silvergate will be well-positioned to advance this vision. This sale is the end of Meta’s controversial journey to build a new cryptocurrency.

Conclusion

Diem is a large project of Meta (Facebook) Company, which has been developed to facilitate payments and money transfers to people all over the world and is to be launched soon.

This project was founded by Facebook, But the world’s technology and financial giants are also contributing to its development. This project, unlike other blockchain projects, is highly centralized; But it looks very interesting in terms of efficiency.

Many critics believe that this project is not going anywhere; But despite the large companies involved in the project as investors and a golden set of experts and outstanding people as its team, the chances of this project succeeding seem high.

If Facebook’s revolutionary cryptocurrency project successfully overcomes its progressive legislative challenges, it could be the start of a major transformation of the world financial system.

Our related articles:

What is Metaverse? Everything about living in the digital world
Axie Infinity; A platform to play and earn money in the metaverse

And you can find paying HYIPs here 

Elon Musk is Time’s 2021 person of the year

TIME, one of the most prestigious magazines and news media in the world, chose Elon Musk as its face of 2021. In an interview with the magazine, he said he was not sure that  cryptocurrencies would one day replace Fiat currencies.

According to Coin Desk , Yesterday Time magazine chose Elon Musk as its man of 2021 . “It is doubtful that cryptocurrencies can one day replace Fiat currencies,” the world’s richest man told the magazine.

Time magazine referred to 2021 as “Elon’s Without Borders Year” and The reason for this nomination was the comments, activities and remarkable achievements of Mask, CEO of Tesla and SpaceX, in 2021.

Musk told Time that he thought cryptocurrency was an attractive field and that he could talk a lot about the nature of money as “an information system for the distribution of resources.” However, Musk said he doubted cryptocurrencies would one day replace Fiat currencies.

Elon Musk

Musk was recently named one of the most influential figures of Coin Desk due to its profound positive and negative effects on cryptocurrencies, especially the price of Bitcoin and Dogecoin, and was chosen as the face of the year in 2021.

Musk told the Time about his effective actions are often criticized :

Markets are always in motion, and I can say that [these movements] have no basis. So are my comments fundamentally different from the market movements that may occur anyway? I do not think so.

Polygon Makes USD 400M Bet On Ethereum Scaling, Pepsi Goes NFT + More News

Investments news

  • Ethereum (ETH) scaling platform Polygon (MATIC) announced a USD 400m deal with zero-knowledge (ZK) startup Mir in an attempt to scale Ethereum further and “bring millions of users to Web 3.0.” The structure of the acquisition was not specified. ZK proofs are a scaling solution because it allows many Ethereum transactions to be verified with a single tiny proof. “But until now, generating ZK proofs has been slow and inefficient. Mir has solved this problem by generating recursive proofs faster than ever before,” according to Polygon. (Watch: Polygon’s Co-founder On ‘Holy Grail’ of Scaling, Ethereum Merge, NFTs, and More)
  • The managing director of SoftBank’s Latin America Fund, Paulo Passoni, stated that approximately 10% of one of the firm’s USD 5bn funds is invested in cryptoassets, which is a strategy he supports even if some tokens are overvalued, per Bloomberg. He was quoted as saying that the crypto market is “the most relevant thing going on around the globe right now.”
  • Programmable liquidity mining protocol izumi announced it has closed its Series A fundraising round of USD 3.5m. The funds are going to facilitate izumi’s native token (iZi) launch, which will happen on December 20th, and will be followed by the launch of the izumi “LiquidBox” platform on December 21, they said.
  • Crypto derivatives firm Paradigm has closed a USD 35m Series A funding round, which values the company at USD 400m. It was co-led by Jump Capital and Alameda Ventures, with over 25 investors participating. Per the press release, the company works with over 600 institutions, while trading volumes on the network have increased upwards of 1,300% year-over-year to USD 10m in total volume traded per month.

NFTs news

  • Global soft drink giant Pepsi announced its first non-fungible token (NFT) series called the Pepsi Mic Drop genesis collection. Pepsi is creating 1,893 (to mark the year Pepsi was ‘born’) unique generative-style NFTs that will go live on the Ethereum blockchain on Friday, December 10, free for users (outside of gas fees).
  • The Ross Ulbricht Genesis Collection NFT auction raised ETH 1446 (USD 6.27m), while the auction winner was FreeRossDAO, a group that says they are supporters of Ross Ulbricht and prison reform. All proceeds raised from the auction will not be owned by Ulbricht or his family, but by a legally separate entity that will redistribute proceeds towards the Art4Giving fund, as well as towards the efforts to free Ulbricht by new legal proceedings, raising awareness, and more.

Adoption news

  • Social media platform Reddit has launched a waitlist for the upcoming site-wide expansion of its Ethereum-based “Community Points” token rewards program, as well as a dedicated website. Redditors will be able to earn Community Points by making contributions to a subreddit, such as creating and uploading valuable content, or volunteering to moderate the community, while selling, exchanging or trading the points are against the site’s rules.
  • Crowdfunding platform Kickstarter said it will be launching a new company that will eventually see its website move to a blockchain-based system on Celo (CELO).
  • Ava Labs, the developer of Avalanche (AVAX), has been selected to join Mastercard Start Path Crypto, a startup engagement program dedicated to exploring blockchain technology. Ava Labs will connect with Mastercard’s ecosystem of partners and digital players across the globe to expand and accelerate blockchain technology innovation, they said.
  • Binance Charity, the blockchain-enabled donation platform, said it has partnered with Code To Inspire in oder to launch a three-month pilot project. The program aims to fund and support 100 young women in Afghanistan, who have lost their jobs as a result of the Taliban takeover, through computer education. Binance Charity will open Trust Wallets for each student, to which the binance USD (BUSD) stablecoin will be directly transferred. Students can convert BUSD to local currency at local money exchanges.

Exchanges news

  • Bybit said its user base increased 77% in the third quarter this year, compared with the second quarter, reaching around 4.8 million users globally. The platform also said it saw more than USD 1.7trn worth of cryptoasset transactions in the third quarter, compared with USD 1trn in the first quarter of this year.

Career news

  • Decentralized exchange SushiSwap (SUSHI) Chief Technology Officer Joseph Delong announced that he is stepping away from the project “effective immediately.” He stated that the current problems that the protocol is facing are “unlikely” to result in an acceptable resolution, and warned the community to be “wary of any self-proclaimed leaders arising from the current core team.”
Photo Source: Adobe/Jon Le-Bon

Miami Will Monitor Air Quality Using ‘Carbon-Negative’ Blockchain Algorand

Miami, Florida, is set to be the first U.S. city to incorporate a blockchain-based decentralized solution to monitor air quality.

What Happened: In an announcement at Miami’s DeCipher event last week, Miami Mayor Francis Suarez said that the city would deploy an air-quality monitoring solution built on the Algorand (CRYPTO: ALGO) blockchain.

The sensor-based system was developed by PlanetWatch (CRYPTO: PLANETS), a French company that has already implemented its solutions in several European cities.

PlanetWatchers will supply air-quality sensors and collect green data that will be transcribed onto the Algorand blockchain. People who get the sensors and contribute to the project will then receive PLANETS tokens as compensation.

According to PlanetWatch, the information will be used to detect pollution hotspots and provide a database of environmental analytics to protect the health of Miami’s inhabitants.

“Algorand is a carbon-negative blockchain, and the data from this project will play a crucial role in our climate adaptation efforts as well as our ambitions to make Miami an epicenter for digital capital markets,” said Mayor Suarez.

Algorand has also caught the attention of SkyBridge Capital’s Anthony Scaramucci, who launched a $250 million ALGO fund earlier this year.

Price Action: As of Monday at publication, ALGO was trading at $1.69, down 2.76% in the last 24 hours. The coin’s trading volume was up by 52.38% over the same period and was more than $983 million.

Bitcoin (CRYPTO: BTC) was down 0.74% at $48.844.05 and Ethereum (CRYPTO: ETH) was up 0.19% at $4,156.07.

Photo by Denys Kostyuchenko on Unsplash

snoop dogg token

Snoop Dogg Launches ‘Decentralized Dogg’ NFTs

Rapper Snoop Dogg released his first non-fungible token (NFT), “Decentralized Dogg,” in collaboration with digital artist Coldie.

What Happened: The NFT was released on the super rare market on Monday as the final release of the Decentral Eyes Portrait Series, according to a Tuesday Cointelegraph report. The auction will continue until Friday.

The NFT features a stereoscopic 3D collage of 10 different portraits of the musician from various phases of his artistic development and a short music piece with NFT-themed lyrics.

As of press time, the highest bid for the artwork is 169 Ethereum (CRYPTO: ETH), equivalent to over $771,000.

Snoop Dogg’s innovation and investment partner Nick Adler told the news outlet that the NFT is nothing more than the “beginning of Snoop’s work in the NFT and art space.” Snoop Dogg getting involved in the space is not particularly surprising since he bought numerous NFTs himself at a hefty price, clearly showing that he believes in this technology’s potential.

According to late September reports, Snoop Dogg paid nearly $3.9 million — in the form of 1,300 ETH — for an NFT by XCOPY after collecting $17 million worth of NFTs.

Adler said that based on the reception of the NFT, Snoop Dogg would be “absolutely open to future collaborations with Coldie or other iconic NFT artists.”

Famous football player converts 50% of his salary into Bitcoin

The Inter-Miami CF (IMCF) Major League Soccer (MLS) star Kieran Gibbs has announced the player plans to convert half of his salary into bitcoin. Gibbs will leverage the crypto finance firm XBTO in order to convert his salary and avoid heavy fees.

Inter-Miami CF’s Left-Back Kieran Gibbs to Get Half of His Earnings Converted to Bitcoin

The MLS player Kieran Gibbs has announced his intentions to convert half of his salary into bitcoin (BTC). Gibbs plays as a left-back for IMCF and announced his decision to play for the David Beckham-owned team at the end of March 2021. Gibbs, 31, will utilize the crypto finance firm XBTO in December 2021 in order to convert 50% of his USD salary into BTC. XBTO says Gibbs won’t be charged conversion fees and the funds will be sent to his bitcoin wallet.
XBTO says that it has a lot of experience dealing with complex crypto conversions and gaining access to liquidity. The company highlights that it also has its own ESG compliant mining operation which gives the company access to freshly mined bitcoins. In a statement sent to Bitcoin.com News, the IMCF star left-back Gibbs explained that he has been a bitcoin supporter for a while.
“I’ve been a fan of bitcoin and the crypto space for some time now, and I believe they have the ability to break down huge social and economic barriers — crypto is for everyone,” Gibbs detailed. “I hope my partnership with XBTO can further the awareness and education of cryptocurrencies and their tremendous potential to positively impact global societies,” the soccer player added.
Gibbs follows a slew of athletes turning to crypto. Many individuals such as Green Bay Packers quarterback Aaron Rodgers, Carolina Panthers offensive lineman Russell Okung, Los Angeles Angels Shohei Ohtani, Argentinian soccer star Lionel Messi, American professional stock car racing driver Landon Cassill, New York Giants running back Saquon Barkley and many more are choosing to be paid in crypto for marketing deals or salary conversions.
Source of News: Bitcoin.com

Shiba Inu slump continues: Data shows retail interest waning as SHIB down 60% in 4 weeks

Conflicted technical setups emerge in the wake of Shiba Inu’s latest price decline, with price targets sitting as high as $0.0001.

Shiba Inu (SHIB) edged further down on Nov. 24 as its appeal among the army of retail traders, who helped it rally by more than 535% to a record high of $0.00008854 earlier this year, declined.
SHIB’s price dropped by nearly 60% after establishing the said all-time high on Oct. 28, signaling that traders have been actively locking their Shiba Inu profits. That has further resulted in a substantial drop in SHIB’s benchmark instrument of SHIB/USDT volumes on Binance, underscoring a weak retail interest.
In doing so, SHIB’s reported market capitalization slipped to $21.30 billion from around $28.31 billion in just five days beginning on Friday.

SHIB/USDT daily price chart. Source: TradingView

Google’s keyword search data also showed a declining interest in the “Shiba Inu” markets, with its score on a 12-month timeframe dropping down from a perfect 100 to 20, much in line with SHIB’s 60% price correction.
Alex Krüger, an independent market analyst, referred to the dropping Google Trends for the keyword “Shiba Inu” as a sign that the token has been topping out — i.e., the beginning of its bear cycle.

Internet searches for the keyword “Shiba Inu.” Source: Google Trends

More sell-off ahead?

The latest bout of selling in the SHIB market pushed its prices below a critical upward sloping support (the velvet trendline), triggering its potential to undergo further declines.
For instance, the levels defined within the scope of the Fibonacci retracement graph, drawn from a swing low of $0.00000614 to a swing high of $0.00008933, provided potential entry and exit points as SHIB’s price trended lower, as shown in the chart below.

SHIB/USDT daily price chart featuring Fibonacci retracement levels. Source: TradingView

It appears SHIB’s latest price had it test the 0.618 Fib line at $0.00003792 as its interim support level. A rebound off the said price floor raised SHIB’s potential to retest the upward sloping trendline as resistance, which coincides with the 0.5 Fib line at $0.00004773.
Conversely, a move below $0.00003792 may risk sending SHIB’s price to the 0.786 Fib line at $0.00002394. Market analyst IncomeSharks also highlighted the area around $0.00002394 as a potential “buy zone” while referring to a weekly SHIB chart.

SHIB price bull flag setup

Offsetting the sell-off fears in the SHIB market is the occurrence of a potential bull flag setup. In detail, SHIB’s price has been trending lower inside a downward sloping channel since topping out at $0.00008854 on Oct. 28. The channel more or less appears like a bull flag, a bullish continuation indicator that appears as a consolidation phase following a strong move higher, as shown in the chart below.

SHIB/USDT daily price chart featuring bull flag setup. Source: TradingView

Typically, traders place their upside target at a length equal to the height of the previous uptrend (called a flagpole), anticipating that the instrument will break above the flag range with higher volumes. As a result, SHIB has the potential to rally by as high as $0.00005100, its flagpole’s height. That puts the Shiba Inu token en route toward $0.00010000.

Source of News: cointelegraph.com

Price analysis 11/24: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, AVAX, CRO

Bitcoin and most major altcoins are struggling to find bullish momentum, a possible signal that prices could continue to erode.

Bitcoin (BTC) and most major altcoins continue to be pinned below their respective overhead resistances, indicating that bears are selling on rallies.
According to Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, “whales are depositing Bitcoin to exchanges.” Curiously, the outflows from the exchanges have also continued and due to this, the reserves are still hovering close to their lowest levels since mid-2018.
In a somewhat contradictory report, Glassnode said that long-term holders may be “reducing their spending, and thus are more likely to be adding to positions, not exiting them.”
While Bitcoin has been in a corrective phase in dollar terms, it has proven to be a savior of purchasing power for Turkish investors. While the lira continues to lose value in 2021, Bitcoin in lira terms has regularly been hitting new all-time highs and it crossed 700,000 lira on Nov. 23.
Let’s study the charts of the top 10 cryptocurrencies to find out whether it is time for a rebound or could the correction deepen further?

BTC/USDT daily chart. Source: TradingView

BTC/USDT

The bulls are attempting to arrest the correction near $55,000 but the bears are not willing to relent. Bitcoin’s relief rally on Nov. 23 turned down from $58,000, indicating that bears are attempting to flip this level into resistance.

BTC/USDT daily chart. Source: TradingView

The moving averages have completed a bearish crossover and the relative strength index (RSI) continues to languish in the negative territory, signaling that bears have the upper hand.
If the price slips below $55,317, the selling may intensify and the BTC/USDT pair could drop to the $52,500 to $50,000 support zone. The bulls are likely to defend this zone aggressively but the subsequent rebound may face selling at the 20-day exponential moving average (EMA) ($60,084).
This negative view will invalidate if the price turns up from the current level and breaks above the downtrend line. The pair could then attempt to resume the uptrend.

ETH/USDT

Ether (ETH) rebounded from close to the neckline of the developing head and shoulders (H&S) pattern on Nov. 22. The rebound off the neckline reached the 20-day EMA ($4,337) on Nov. 23, which is acting as a strong resistance.

ETH/USDT daily chart. Source: TradingView

If the price turns down from the current level and breaks below the 50-day simple moving average (SMA) ($4,169), the bears will again attempt to pull the ETH/USDT pair below the neckline. If they succeed, it will complete the bearish pattern, which has a target objective of $3,047.
Conversely, if bulls push the price above the 20-day EMA and the resistance at $4,451, it will suggest that the selling pressure may be reducing. The pair will then attempt to rally to the overhead resistance zone at $4,772.01 to $4,868. A break and close above this zone will signal the resumption of the uptrend.

BNB/USDT

Binance Coin (BNB) turned down from $605.20 on Nov. 21 and dipped back below the 20-day EMA ($584). However, the bears could not take advantage of this weakness and sink the price to the 50-day SMA ($532).

BNB/USDT daily chart. Source: TradingView

This indicates that bulls are accumulating at lower levels. The buyers tried to clear the overhead hurdle on Nov. 23 but the bears again defended this level aggressively. The price is currently hovering near the 20-day EMA.
If the price turns up from the current level and breaks above $605.20, the BNB/USDT pair could attempt to challenge the resistance at $669.20. If this level is crossed, the pair could retest the all-time high at $691.80.
On the contrary, if the price sustains below the 20-day EMA, the bears will again try to pull the pair to the 50-day SMA. A break and close below this support could signal the start of a deeper correction.

SOL/USDT

Solana (SOL) broke below the 20-day EMA ($219) on Nov. 22. The bulls pushed the price back above this level on Nov. 23 but could not sustain the higher levels. This indicates that bears are defending the 20-day EMA.

SOL/USDT daily chart. Source: TradingView

The bears will now try to pull the price to the support line of the symmetrical triangle. This is an important level for the bulls to defend because a break below it could tilt the advantage in favor of the bears. The SOL/USDT pair could then start its downward move to $153 and later to $140.
Alternatively, if the price turns up and breaks above the resistance line, it will signal that bulls have the upper hand. The pair could then rally to the all-time high at $259.90 where the bears are expected to mount a stiff resistance.

ADA/USDT

Cardano (ADA) turned down from the 20-day EMA ($1.90) on Nov. 21 and the bears have pulled the price below the critical support at $1.70 on . If bears sustain the price below $1.70, the selling momentum may pick up.

ADA/USDT daily chart. Source: TradingView

The downsloping moving averages and the RSI near the oversold zone indicate that bears are in control. The ADA/USDT pair could now drop to the strong support at $1.50 where the buyers are expected to step in.
On the upside, the bulls will have to push and sustain the price above the 20-day EMA to indicate that the selling pressure may be reducing. The trend may turn in favor of the bulls on a break and close above the downtrend line.

XRP/USDT

Ripple (XRP) rebounded off the psychological support at $1 on Nov. 23 but the bulls have not been able to push the price to the 20-day EMA ($1.10). The shallow bounce indicates that bears continue to sell on every minor relief rally.

XRP/USDT daily chart. Source: TradingView

The bears will once again try to sink and sustain the price below the strong support at $1. If they manage to do that, the selling could accelerate and the XRP/USDT pair could drop to the critical support at $0.85.
The downsloping 20-day EMA and the RSI in the negative zone suggest that the path of least resistance is to the downside. This negative view will invalidate if the price rises and breaks above the 50-day SMA ($1.12). That could open the doors for a possible rally to $1.24.

DOT/USDT

Polkadot (DOT) rebounded off the uptrend line on Nov. 23 but the bulls could not sustain the higher levels. The price has again turned down and dropped to the uptrend line.

DOT/USDT daily chart. Source: TradingView

The frequent retest of a support level tends to weaken it. The moving averages have completed a bearish crossover and the RSI is below 40, indicating that bears are in command.
If the price breaks and closes below $37.53, the DOT/USDT pair will complete a bearish H&S pattern. The pair could then start a deeper correction toward $26.
Conversely, if the price rebounds off the current level, the bulls will make one more attempt to overcome the barrier at $43.56. If they can pull it off, it will signal that the sellers may be losing their grip.

DOGE/USDT

Dogecoin (DOGE) bounced off the critical support at $0.21 on Nov. 23 but the long wick on the day’s candlestick suggests that bears continue to sell near the downtrend line.

DOGE/USDT daily chart. Source: TradingView

The DOGE/USDT pair broke below the $0.21 support on Nov. 24 and the bears will now attempt to pull the price to the critical support at $0.19. This is an important support for the bulls to defend because if it cracks, the pair could plummet to $0.15.
The downsloping 20-day EMA ($0.24) and the RSI below 37 indicate that bears have the upper hand. The first sign of strength will be a break and close above the downtrend line. That will indicate a possible comeback by the bulls.

AVAX/USDT

The bulls failed to push Avalanche (AVAX) above the all-time high at $147 on Nov. 22, indicating that bears are aggressively defending the overhead resistance. This may have prompted profit-booking from the short-term traders.

AVAX/USDT daily chart. Source: TradingView

The AVAX/USDT pair has started a correction that could find strong support in the zone between the 38.2% Fibonacci retracement level at $112.63 and the 20-day EMA ($103).
If the price rebounds off this zone, it will suggest that sentiment remains positive and traders are buying on dips. The bulls will then make one more attempt to push the pair above the all-time high and resume the uptrend.
Alternatively, a break and close below the 20-day EMA will signal that supply exceeds demand. The pair could then drop to the 61.8% Fibonacci retracement level at $91.39.

CRO/USDT

Crypto.com Coin (CRO) has been in a strong uptrend for the past few days. The vertical rally has pushed the RSI close to 90, indicating that the rally is overheated in the short term. This could result in a minor correction or consolidation for a few days.

CRO/USDT daily chart. Source: TradingView

The up-move may witness profit-booking near the psychologically important barrier at $1. If that happens, the CRO/USDT pair could start a correction. The first major support on the downside is the 38.2% Fibonacci retracement level at $0.73.
Generally, vertical rallies are followed by sharp declines. If the price breaks below $0.73, the correction may extend to the 61.8% retracement level at $0.59. Conversely, if the price bounces off $0.73, the bulls will make one more attempt to resume the uptrend.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
Source of News: cointelegraph.com

Ethereum Milestone Reached: 1,000,000 ETH Burned

Ethereum has reached another milestone that changes the shape of the coin.The Ethereum network has reached a major milestone after burning the millionth coin on the blockchain since the implementation of the fee-burning mechanism presented in the EIP-1559 update.
The current Ethereum emission remains at a bit more than two Ethereum coins, which means that assets have not yet reached the long-awaited deflation and the network is still issuing more coins than burns.

Fee-burning mechanism

The fee-burning mechanism was introduced in EIP-1559, which went live back in August. The network has spent only three full months burning $4.2 billion worth of coins. Thanks to the NFT and DeFi industries, the burn rate of the network has been continuously spiking up, which has led to the result that the community sees today.

Fee-burning mechanism

Fee-burning mechanism


Before the update, the fee structure of Ethereum was working in favor of cryptocurrency miners that were receiving enormous fees in periods of high network congestion. At some point, users had to pay up to $80 to accomplish one transaction only.
With the implementation of the new fee-burning mechanism, fees that previously went to miners are now being burned and moved out of supply circulation, which sometimes leads to the appearance of a “deflationary block.” Each deflationary block issues less Ethereum than was previously burned.

How the market reacts

While, in general, the market has positively reacted to the implementation of a burning mechanism that resulted in 74% growth from Oct. 1 to Nov. 9. After reaching the most recent ATH, Ethereum has retraced down by 11% due to the global cryptocurrency market correction.
In the last week, Ethereum’s price has been ranging from approximately $4,100 to $4,200 in accordance with other major cryptocurrencies moving with lower volatility compared to the previous week.
Source of News: U.Today