After a great few weeks, the cryptocurrency market is finally starting to cool down a bit. While the price of Bitcoin is still solid around $43,000, the most popular cryptocurrencies end the week in the red. However, as always, some altcoins managed to break the trend and make spectacular gains. Without further introduction, let’s take a look at some of the most interesting altcoin news from the last 7 days.
Meta tries to cast its own token again. Will it work this time?
It seems that Mark Zuckerberg is determined to launch his own digital currency after all. According to the recent Financial Times report, Meta is working on creating its own digital token.
When Zuckerberg’s company was still called Facebook, he tried to create a cryptocurrency called Libra, which was later renamed Diem. Many cryptanalysts and blockchain experts were very excited about the prospect of one of the largest technology companies in the world launching its own cryptocurrency, but in the end the project was stopped.
The reason Facebook’s Libra was a complete flop was problems with regulators. This time, however, Zuckerberg’s company wants to avoid the same problems by trying to stay away from crypto and blockchain partnerships altogether.
According to reports, Meta’s new digital token will not be based on blockchain technology. In other words, the coin will be fully centralized and may remain an internal asset that can only be used on Meta platforms.
So far, the Meta token doesn’t even have a name and it’s unclear when it will launch. Will Mark Zuckerberg finally be able to create his own digital token, or will Meta’s currency be a flop like Facebook’s Libra? Time will tell!
CELO becomes one of the best performing cryptocurrencies of the week
While most altcoins ended the week with losses, some altcoins managed to make significant gains. One of the best performing assets of the last 7 days was Celo (CELO), whose price rose almost 20% and entered the top 100 coins list by market capitalization.
The growing popularity of CELO is attributed to the fact that it is one of the few digital currencies that is strictly mobile-focused. By building a lightweight DeFi platform for smartphones, Celo aims to introduce cryptocurrencies to a wider audience and help spread cryptocurrency adoption around the world.
This week’s CELO price rally is a continuation of the token’s stellar performance of late. In the last month, CELO has increased in value by nearly 60%, making it one of the fastest growing alternative cryptocurrencies in the blockchain ecosystem.
OpenSea finally integrates Solana, but it doesn’t help the SOL fee
OpenSea, by far the largest and most popular NFT marketplace in the blockchain ecosystem, has finally introduced support for Solana NFT. As of now, SOL is one of the four blockchain platforms supported by OpenSea, along with Ethereum, Polygon Network, and Klatyn.
For many NFT enthusiasts, the introduction of NFT support in OpenSea has been imminent for a long time. Thanks to low currency and transaction fees, Solana is fast becoming one of the most popular NFT ecosystems in the world.
Unfortunately for Solana investors, OpenSea’s decision to eventually integrate SOL has not helped Solana’s share price rise. Despite the announcement, the SOL price has fallen by almost 7%.
According to some experts, SOL’s poor price performance is due to ongoing technical issues and frequent downtime of the blockchain network. Even just after OpenSea started offering Solana NFTs, increased traffic prevented many SOL users from transacting.
WAVES crashes at almost 50% – could this just be the start of a total meltdown?
Most altcoins have only posted minimal losses this week, but with WAVES it was different. The once-promising cryptocurrency has lost nearly 50% of its value in the last 7 days, but some blockchain enthusiasts are warning that worse is yet to come.
The WAVES problems started when Twitter users started noticing problems with the Waves tokenomics. According to on-chain data discovered by user 0xHamZ, the massive WAVES rally that increased the price of the token by over 650% was largely the result of artificially inflating the price.
Shortly after, Neutrino USD, a Waves-powered stablecoin, lost its peg to the US dollar and the price of WAVES fell to almost $0.80. Currently, the situation of WAVES seems serious and it is not clear if the project will be able to recover.