HODLers for the Win, MATIC’s Breakout, and Snoop Dogg’s Neighbor

With things feeling rocky in Bitcoin, we are seeing interesting user behavior. The number of people who HODL, which stands for hold on for dear life for those of you who don’t know, is at an 11 month high as of this morning.

Data from Glassnode shows that the number of accounts that are inactive on the network has risen, suggesting people are riding it out as opposed to trying to sell off – which is usually the smarter move.

We are also seeing the same trend in Ethereum.

So HODlers, keep on HODeling

Interestingly enough, the mining side of the network has been unaffected by the market volatility and continues to grow.

The Bitcoin hash rate, or processing power, had increased 5.91% from 152.73 as of November 7th to 161.755 on December 5th.

We are also seeing a lot of people taking advantage of the dip and buying more into it.

For example, MicroStrategy announced today that they decided to purchase 1,434 more Bitcoin.

According to their 8-k filing with the SEC, the average cost was the average cost of $57,477 per bitcoin.

As of Dec. 8th, Microstrategy holds 122,478 bitcoin and remains the largest corporate holder of the cryptocurrency.

In other news, MATIC, which is Polgygons’ native coin seems to be having a little bit of a breakout moment. It has risen 2.99% against Bitcoin’s apex over the last 24-hours.

This is important because most crypto in the market tend to have a similar rise and fall to Bitcoin.

Matic has risen a total of 23% over the last 30 days, and 63% over the last 90 days.

One reason for the rise is that Polygon has been one of the most mentioned cryptos on Twitter lately. It’s also been collaborating with other networks.

On Tuesday it was announced they would launch a decentralized Layer 2-to-Layer 2 cross-chain bridge connecting Polygon and Arbitrum.

On Wednesday, it was announced that Polygon was integrating into the cross-chain, decentralized and non-custodial framework of 123swap platform. So lots happening with Polygon right now.

Now it’s time to shift our focus over to the world of NFTS.

With Christmas right around the corner, is there anything you are hoping for? Maybe some NFTS?

If not, too bad – you might be getting some anyway.

It seems most people in the NFT world, both new and old collectors, are planning on giving some away for the holidays.

Some gift-givers are looking at the gift like giving a lottery scratch-off, as the gift could gain value over time. In other cases, the gifts are more akin to collectibles, souvenirs or art.

One person interviewed by Bloomberg, Abraham Aradillas, a truck driver based out of Dallas only found out about NFTS six months ago. He plans to buy Platy Punks, which are a popular NFT with the image of a platypus, for all his friends for Christmas, and he thinks they’ll be excited and confused.

To be honest, I Iove giving a gift that makes people confused.

So instead of stuffing those stockings this year, be sure to stuff those wallets.

Yesterday I told you all about Ubisoft’s NFT announcement for the game breakpoint and the silly name they are giving the collectibles – digits.

Well, apparently there was some backlash on their YouTube announcement. After receiving 1,000 like, and 23,000 dislikes as well as other negative comments they decided to pull the announcement.

I doubt the project is scrapped, but they may be rethinking their approach to entering the NFT market.

You’ve heard me talk about Sandbox before, which is a play-to-earn gaming platform with a blocky animation style similar to Minecraft.

Snoop Dogg owns land in that metaverse, and it turns out a super fan has decided they wanted to be Snoop’s virtual neighbor.

An unknown person spent 450,000 to buy virtual land in the hip-hop legend’s virtual neighborhood.

It is expected that living in that area, along with other musicians and celebrities, there will be a lot of online festivities and ways to mingle with them.

Would you spend nearly half a million dollars on virtual land to be near a celebrity? If so who? Let me know by answering my poll on Spotify.

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Resources:

Amount of Bitcoins under ‘HODL’ metric hits 11-month high amid price volatility

MicroStrategy spends $82.4 million in cash to buy even more bitcoin

What’s Going On With Ethereum Layer 2 Coin Polygon (MATIC) Today?

NFTs Are the Big Holiday Gift This Year — Whether You Want One or Not

Ubisoft Quietly Pulls Latest Announcement After It Gets 95% Dislikes On YouTube
A MYSTERY Snoop Dogg megafan has forked out $450,000 to be the rapper’s VIRTUAL neighbour in the latest NFT crypto splurge.