Nov 5, 2021
This week in The Flippening, TL;DR
Game over for ‘Squid Games’ token, not yet? This US Mayor would prefer to have his salary paid completely in Bitcoin. Lucrative Wall Street jobs being turned down for crypto gaming. Coin of the week, Mudrex Coin Sets to look out for, market performance, memes, and more.
Top Highlights of the Week (ending 5th Nov)
Rug pulls have been a massive cause of concern in this sketchy universe of cryptocurrencies. In one of the fastest rug pulls since the inception of Bitcoin and other cryptocurrencies, the token Squid Games goes from over $2800 to close to 0 cents in less than five minutes. However, that wasn’t the end for it.
Binance announced that it has initiated an investigation to track the missing funds and the developers. The crazy turning point came when the token shot up another 660% a couple days after the rug pull. There’s never a dull day in the cryptocurrency realm!
The mayor of Miami, Francis Suarez, has claimed that he would be happy to take his next paycheck completely in Bitcoin!.
Miami is often touted as the crypto-capital of the United States. Mayor Suarez responded to a question on Twitter asking who would be the first politician to take a crypto salary payment, suggesting that he would be that politician!
Bloomberg mentions that the metaverse and its possibilities have the potential to upend not just how we work, earn and spend, but also the fundamental ways in which we live, plan and run our lives. In essence, they promise to transform the way capitalism functions.
Sam Peurifoy, is among many others turning backs on lucrative jobs and turning to the world of crypto gaming. He is a 27-year-old PhD from Columbia University who left his job at Goldman Sachs at the height of the pandemic to foray into the crypto metaverse.
- Ethereum gas fees have risen 2300% since June, developers are working hard to bring it down. Read it here
- Bitcoin’s volatility is now considered to be declining! Read it here
- Sandbox, the famous NFT game, has managed to raise $93 million in its latest funding round. Read it here
- FC Barcelona soccer club announces the launch of its NFT collection. Read it here
Market Performance Overview
Binance Coin and Solana had a wild ride this week. SOL holders cheered as their favourite crypto steadily rose higher in the market cap chart. Although Bitcoin and Ether ended the week with modest gains, Ether made a swing towards newer heights bumping the total market crypto market cap above $2.9 trillion at one point. The coming week definitely looks promising. Stay tuned fellas!
The past week saw massive growth across Web 3 applications, rising more than 12.8%. DeFi and Decentralized Exchanges too witnessed decent growth moving 7.76% and 6.66% higher respectively. Smart contracts witnessed a modest 4.5% growth, while Currencies faced minor pullback declining a little more than 1%. Which sector are you most bullish on? Mudrex Coin Sets let you invest in your favourite sector in a few clicks!
Coin of the week
Combining the powers of decentralized autonomous organizations (DAO) and non-fungible tokens (NFTs), the Sandbox creates a decentralized platform for a thriving gaming community. After Facebook announced its plans to rebrand itself, glamourising the notion of a metaverse, $SAND had a wild run. This token has shown solidarity during some of the past sell-offs and has come out stronger. Over the coming week, we would like to keep an eye on this token, along with some of the promising ones within the same category.
Featured - Top Coin Sets Of The Week
Mudrex helps investors like you to invest in thematic crypto baskets created and managed by seasoned crypto experts. Here are some of the top Coin Sets this week:
Raging Bulls: Perfect investment to ride the market trend, the Raging Bulls Coin Set includes the top 10 tokens that have shown the most growth last month.
NFT: NFTs are hot, and so is this Coin Set. Instead of exorbitantly priced Jpegs, this basket contains the 6 most popular NFT tokens.
New Crypto Stars: Invest in the future with this Coin Set. The New Crypto Stars Coin Set consists of 10 tokens that show a promise of growth.
Here we are, at the end of our 14th edition. We hope you liked reading it. Please write back with your feedback, comments, and stuff that you’d like us to include in the newsletter. We end with a meme that takes a dig at the massive attention that all the random coins are getting at the moment. Happy investing!