Where do I start? The cryptocurrency is in free fall. The Bored Ape market floor is now below $100k, Bitcoin and Ethereum are hitting 2020 lows, and we are now in “crypto winter”. So the question is, can he recover?
After screaming internally, in short, my answer is yes.
Now, I am not here to “be an expert”, but as a long-term investor and supporter of the technology, there is a need and benefit to utilizing blockchain for a number of reasons. The good news is that we don’t even have to get into that conversation to justify a rally in this harsh market climate. Global corporations invest in NFTs, metaverse scalability, and cryptocurrency support through payments. In any case, the market is not even close to breaking the tip of the iceberg.
It’s just a matter of when.
I think it’s important to note that many other markets, including Wall Street and the stock market, will continue to fall, with some predicting that this may continue for years. General goods, gas and the cost of living are also increasing. Inflation is reaching absurd highs globally. Now is a great time to be frugal and focus on maintaining good habits!
Now let’s look at some market updates.
Binance doubles down on its commitment to the cryptocurrency sector
While global crypto exchanges are shedding workers ahead of “crypto winter” and unbelievably useless market figures, industry leader Binance has doubled down on its commitment to the crypto sector. Binance CEO Changpeng Zhao announced the company’s promise to grow its global forces throughout 2022.
Binance is hiring for more than 2,000 jobs worldwide. Click here to see Binance job openings.
Anonymous Shiba Inu Lead Developer Teases Highly Anticipated Layer 2 Blockchain, Shibarium
Shytoshi Kusama, the anonymous lead developer of Shiba Inu, shared a new update on WELLY’s Discord. Shy confirmed that the Layer-2 solution, known as Shibarium, is coming soon, adding that it is “already under discussion to bolster efforts.”
Shibarium is one of the most talked about Ethereum Layer-2 blockchain solutions that will hopefully provide transaction relief and a safe and creative space within crypto and web3. The launch of this project should add immense value to the Shiba Inu ecosystem as a whole.
For now, there is no official timeline for the release of Shibarium.
Scientists Unveil Fully Decentralized Stablecoin Tied To Electricity
Scientists and researchers at the Lawrence Livermore National Laboratory in California are introducing a new fully decentralized stablecoin pegged to a physical asset; electricity.
But what exactly does this mean?
This “fully collateralized stablecoin” is tied to a physical asset, and its value depends on the use of electricity as a utility. Supposedly, scientists say that energy can be transmitted without the need for physical cables or a network-based transmission system. This stablecoin, initially introduced as an electronic stablecoin or electricity stablecoin, would be the first of its kind.
“Any anonymous party can mint an E-Stablecoin token with the input of approximately one kilowatt-hour of electricity. They can then transact with the digital token like any other cryptocurrency or even convert it back into usable electricity without the need for power companies, power transmission lines, permits, or authorities. So it’s a trustless system from top to bottom,” explained Maxwell Muriado, one of the scientists involved in the project.
This news potentially spells an end to high transaction fees with global exchanges and could create new excitement within the industry.
Coinbase lays off the highest employee rates of any crypto exchange
Coinbase is laying off nearly 1/5 of its active workforce, leading to recent layoffs by massive global crypto exchanges. As a result, CEOs and executives are bracing for a sharp drop in market value, production, and the inevitable “crypto winter.” Crypto.com will lay off 5%, Robinhood 9%, Gemini 10%, BitMex 25%, and many more employee cuts across the market.
For Coinbase, its recent layoff announcements strangely fell after its newly aired commercial debuted during the NBA Finals on Monday.
WELLY NFT Collection Launches a Shib Community Hit
The WELLY NFT collection launched this week and proved to be a huge success, led by the vigorous efforts of the Shiba Inu ($SHIB) community. While thousands of NFTs were collected over the weekend through initial minting or purchase on OpenSea, the developers of WELLY NFTs burned the remaining unminted supply, adding value to the assets held for those who participated.
Each NFT owner owns a minority interest in all existing and future WELLY franchise locations.
Divulgation: At the time of writing this article, the author owns various crypto assets and NFTs. The information in this article is not financial advice.