After briefly falling through the support line at $40,000, Bitcoin rallied and was quickly up a few thousand dollars. But while the altcoin market reacted positively, most altcoins have seen only modest gains. However, some lesser-known altcoins managed to appreciate massively. Without further introduction, let’s take a look at the most interesting altcoin news from the past week.
Solana is in trouble. Will the Metaverse save SOL?
The last quarter of 2021 was not very good for Solana (SOL). The ambitious project encountered many bumps along the way, mainly caused by technology issues that led to downtime and outages. While Solana managed to remain among the top 5 cryptocurrencies in the market, investor sentiment towards SOL became much less enthusiastic.
However, there is a chance that Solana’s woes are finally over, as one of the new projects on the SOL blockchain has just announced a massive partnership with Binance, the world’s largest crypto exchange.
The project called Portals is a metaverse built on the Solana network that allows individuals and companies to own rooms in the virtual world. While the project has yet to receive wider recognition, Binance’s decision to build a virtual office in the Solana metaverse could provide a huge boost not only to Portals, but to the SOL ecosystem as a whole.
Until now, companies and brands migrating to the metaverse chose ETH-based platforms like Decentraland (MANA) or The Sandbox (SAND). Will Binance’s surprising decision to choose Solana as its favorite metaverse be enough to change this trend?
Disney Joins the Metaverse Race
Following in the footsteps of companies like Meta (formerly Facebook), IBM, Nvidia and Microsoft, another multi-billion dollar company has jumped on the metaverse bandwagon. Disney, the world’s largest media company, has announced that US regulators have just accepted its patent for a revolutionary metaverse technology.
Until now, most of the projects that claim to be metaverses remain simple online games that do not even include Augmented Reality (AR) or Virtual Reality (VR) solutions. Disney’s metaverse will be different: Innovative technology will make it possible to render 3D assets directly onto real objects, such as walls.
It is not yet clear if Disney’s metaverse will feature blockchain-based assets such as non-replaceable tokens, or if Disney will decide to launch its own altcoin, but one thing is certain: the possibility of realizing its NFTs one day. be much more likely!
Harmony and Oasis Network Become Top Performing Altcoins of the Week
The best-known altcoins posted very moderate gains this week, with some failing to even make up for their recent losses. However, two lesser-known alternative cryptocurrencies have made impressive gains in the last 7 days.
Of the 100 largest coins in the market, Oasis Network (ROSE) is the best performer. Oasis Network is a DeFi-oriented decentralized protocol that aims to increase the privacy and scalability of data stored on the blockchain. The price of ROSE has increased by more than 32%, making the Oasis Network the 68th largest project in the blockchain ecosystem.
Another altcoin that posted impressive gains this week was Harmony (ONE), a blockchain platform aimed at dApp developers that enables the creation of fast and efficient smart contracts with cross-chain interoperability. In the last 7 weeks, the price of ONE has increased by almost 29%.
SHIB price rises slightly as Shiba Inu shares become increasingly centralized
The Shiba Inu (SHIB) price is up more than 5% in the last 7 days, covering a small part of the huge losses SHIB owners have suffered since October. But in the case of the Shiba Inu, on-chain data can tell us more than price action itself.
Last week, two important things happened to the Shiba Inu. More importantly, SHIB whale activity skyrocketed, with some addresses quickly amassing billions of SHIB tokens. In other words, the cryptocurrency known for having most of its supply in fewer than 10 wallets is becoming increasingly centralized.
On the other hand, the number of SHIB transactions continues to decline. The number of daily SHIB trades has fallen below 200, showing that retail interest in the meme cryptocurrency may be waning.
Is the massive buildup of SHIB by some whales in recent weeks a sign that we could see another massive Shiba Inu bomb before the chips are undone? We will most likely find out soon!