Skyrocketing Memecoins, Black Investors, and Halloween NFTs
We talked a couple of weeks ago about Shiba Inu, and I wanted to update you that it’s continued to grow. It seems to be unaffected by dips in other markets and has been breaking out on its own.
It’s still a low-value coin, that its supporters claim with reach one dollar and surpass Doge. We’ll see if that ever happens – but at the moment it’s going through a massive bull run with no real signs of slowing yet.
There’s also a petition that’s growing in popularity for Robinhood to list it on its market. That would be a large milestone for the meme coin, which was a big step for Dogecoin’s large bull run earlier this year.
Meme coins in general seem to be doing really well in the market. In fact, other coins jumped a huge amount in the last 24 hours. Shibx is up about 206%. Kaiken Shiba is up 154%, miniSHIB has gained 140% and FlokiGravity has seen a huge jump in the price of about 298,000% in the last 24 hours.
Of course, if you are thinking about investing in any of these coins – do your homework.
On the other end of the spectrum, after an all-time high a week ago of nearly $67,000, Bitcoin has seen a drop a steady decline. And is currently trading at around $59,000.
This isn’t something to be worried about though. A lot of people sell off after all-time highs are hit, causing a drop before another surge. So as long as people keep holding – we should see it going back up.
Over the last week, Ethereum has also been seeing resistance after hitting its all-time high. It’s seeing resistance on the low end of about $4,000, with resistance on the higher end of about $4,300.
I expect it’ll break through the resistance soon. Especially because the upgrades happening to Ethereum are going to cause burns that will decrease the supply.
An interesting study was reported in the Atlanta Black Star I wanted to share with you.
In a typical investment market, like stocks or Forex, the industry is dominated by white people.
However, in crypto, we are seeing much more adoption amongst the black community than we are with whites and Hispanics.
A Harris poll showed that 23 percent of African-Americans own cryptocurrency, while 17 percent of Hispanics do and only 11 percent of white Americans.
As crypto is becoming a larger and larger market – rivaling some of the biggest fiat currencies in the world – we might see an economic shift.
In 2021 the University of Chicago did a survey of 1,004 young adults 18-29 and found that 34 percent of traders who bought crypto over the past 12 months were people of color.
According to Ramona Ortega, the founder of My Money, My Future, many African-Americans are using bitcoin after being left out of traditional banking and wealth building.
It’s an interesting trend that I hope creates more opportunities for people and could be a way to bridge the economic divide we see amongst minorities in this country.
It’s time to turn out focus over to the world of NFTs.
Just in time for Halloween, the Texas Chainsaw Massacre Franchise is launching a collection of NFTs called “Leatherfaces”.
The project illustrations are designed by Skinner in partnership with Ultra Rare to reveal a total of 10,666 Leatherface avatars.
Kim Henkel, creator of Texas Chainsaw Massacre said, “With our first NFT drop we continue to expand upon a tradition of rewarding the Chainsaw community – a community that’s driven by its intensely loyal fanbase – with new drops, merchandise, events, and access to the original film’s IP.”
The collection is expected to release on Halloween and you can find more details by going to Leatherfaces.io
We previously talked about media outlets selling NFTs to help raise funds, and The Economist has joined in the party.
They raised $419,000 worth of Ethereum selling the magazine cover titled “Down the rabbit hole: The promise and perils of decentralized finance”
The magazine cover image is an adaptation of illustrator Sir John Tenniel’s original Alice in Wonderland drawing, revised by digital artist Justin Metz.
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Resources:
Shiba inu coin price hits a new record as Robinhood petition gains popularity
Ethereum Supply on Pace to Shrink After ETH 2.0 Upgrade
’The Economist’ Sells ‘DeFi Rabbit Hole’ NFT for $419,000 Worth of ETH
