Cryptocurrency prices are on the rise again and some altcoins have managed to make spectacular gains this week. But isn’t it too early to declare that the altcoin season has really begun? See a selection of the most interesting altcoin news from the last 7 days and decide for yourself!
Zilliqa soars almost 300%
Zilliqa (ZIL) was definitely one of the top performing altcoins of the past week. ZIL has risen in price by a staggering 287% and currently has a market cap of $2.5B, making it the 54th largest coin by market cap.
The trigger for ZIL’s spectacular rally was the announcement that Zilliqa would soon launch an ambitious metaverse project. Zilliqa’s metaverse will be a multipurpose virtual world created in partnership with Nvidia and leveraging Nvidia’s Omniverse solution.
While full details about Zilliqa’s metaverse have yet to be revealed, we do know that the project will involve a lot of NFTs. Among other features of Zilliqa’s virtual world, users can trade digital works of art in an NFT metaverse marketplace called Agora.
The partnership with Nvidia certainly makes Zilliqa’s virtual world one of the most ambitious metaverse projects in the blockchain ecosystem. But will it be enough to establish ZIL’s position as one of the most popular altcoins? Time will tell!
Investors rush to buy a scam token named after Will Smith
When the Squid Game Token hit the headlines a few months ago, no one expected that it would soon become the norm for scammers to prey on literally any news headline. The existence of Will Smith Inu (WSI) proves that the gold rush of meme tokens is still going on and that anything can become a short-lived altcoin.
It’s only been a day since Will Smith attacked Chris Rock at the Oscars for someone to release a token based on the event. The meme altcoin, available only on Uniswap, has rapidly risen in price by 440%.
While some crypto newbies rush to buy scam tokens in hopes of making money, most of them don’t realize that a lack of liquidity means they’ll probably never be able to buy the tokens they buy to sell. In other words, when the inevitable ‘rug pull’ occurs, hardly anyone except the people who created the token will be able to make any profit.
Shiba Inu launches his metaverse but does no good at SHIB price
Shiba Inu (SHIB) has revealed details about the imminent launch of his metaverse project called SHIB: The Metaverse. However, the market reaction has been very disappointing: instead of soaring, the price of SHIB only increased by a modest 7%.
Unfortunately for Shiba Inu owners, SHIB: The Metaverse seems like a generic project simply meant to jump on the metaverse bandwagon with very little effort. The Shiba Inu virtual world will contain over 100,000 packs that can be purchased as numerous competing projects. However, unlike metaverse games like Axie Infinity, SHIB: The Metaverse will likely be much less interactive and won’t allow for as many different in-game activities.
While it may be too early to judge, SHIB: The Metaverse looks like another failed attempt to revive the SHIB course. The recently released Shiboshis NFT collection didn’t help either: Shiba Inu is falling further and further down the list of top cryptocurrencies by market cap.
SHIB is currently the 15th largest token in the blockchain ecosystem, with a market capitalization of approximately $13 billion. Meanwhile, Shiba Inu’s direct competitor, Dogecoin (DOGE), has a market capitalization of over $20 billion and is currently the 11th largest cryptocurrency in the world.
Binance wins in court
Investors who own Binance Coin (BNB) have nothing to worry about. The world’s largest crypto exchange has easily avoided legal trouble and does not have to go through a lengthy and exhaustive lawsuit like the one still pending regarding Ripple Labs.
In a class action lawsuit much like the one filed by the US Securities and Exchange Commission (SEC) against Ripple, the plaintiffs accused Binance of illegally selling securities. However, the federal judge dismissed the lawsuit almost immediately, citing the fact that Binance is not even a US legal entity as it is registered in the Cayman Islands.