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Shiba Inu: cryptocurrency with the greatest projection along with Avalanche
After the considered "massacre" that occurred regarding the fall of Bitcoin, there are some altcoins that seek to rebound in the market.
Such is the case of Shiba Inu, the memecoin, as well as Avalanche, and lastly the Decentralad metaverse crypto, MANA.
There are other altcoins of which a greater projection is expected, such as dogecoin or cosmos. The latter, after the announcement of the launch of its ETP (Exchange-Traded Product) on the Swiss stock market.
The fall of the great
During the past weekend, starting on January 21, a drop in the price of both Bitcoin and Ether began to occur. The worst thing is that it was already having an upward trend, but it seems that it was accentuated.
The reasons for which the value of a cryptocurrency collapses can be several, but some factors can be glimpsed.
In the case of Bitcoin, its price has been marked in recent days by speculation around the threats from the Central Bank of Russia. In this sense, the financial entity seeks to prohibit mining activities in the country as it considers them a risk to economic stability.
On the other hand, there are also rumors about the increase in interest rates by the Federal Reserve System (FED).
In effect, they could begin sooner than ever to deplete the liquidity pool, which is the main driver of growth stocks.
Ethereum suffers the consequences of its network
In addition to the problems worldwide in relation to conflicts between large countries, Ethereum was also affected "by itself".
Its price drop is mainly due to the high fees, known as gas, charged within its network. And not only this, but also the fact that the network is congested with so many movements.
Even according to experts from JP Morgan, Ethereum's share of the NFT market fell to 15%. This is due to the reasons stated.
But… What does it have to do with Shiba Inu and the other altcoins?
Bitcoin, being the world's leading cryptocurrency, clearly has an influence on other digital currencies. This was clearly seen during the so-called "Black Friday", that the market was in the red due to the constant fall of BTC.
Shiba Inu and his incorporation to Uphold
In the case of the Shiba Inu, he knew how to counteract and stop the impact a bit by announcing new measures that increase the accessibility of his currency.
Last Friday, January 21, Uphold announced the addition of Shiba Inu to its list of commercial cryptocurrencies on its platform. This is an important action for the memecoin, considering that we are talking about a virtual wallet based in the United States.
The memecoin has managed to obtain a value within the community; main reason why the famous financial services platform decided to adopt it.
However, SHIB will only be available for certain regions, adapting to the legal measures of each country regarding cryptocurrencies.
After the official announcement by Uphold, Shiba began to rise, although it was affected like the rest of the market with values in the red. However, it began to be one of the first cryptocurrencies that rebounded after the sharp drop in the price of digital currencies.
1-inch DeFi protocols arrive at the Avalanche network
Since last January 20, the Avalanche network took over the services of the 1 inch DeFi protocols. In effect, they are available on the cryptocurrency blockchain.
According to an official announcement by 1 inch, the protocols that will be incorporated into the Avalanche blockchain will be:
1 inch Limit Order Protocol.
Aave, Baguette.
Canary Exchange.
Pangolin.
SushiSwap.
TraderJoe.
What the Avalanche network is looking for is to increase its usefulness, as well as to improve the service they offer in the field of decentralized networks.
In addition, they follow in the footsteps of other blockchains that have incorporated the same protocols, such as Ethereum and Binance Smart Chain.
However, in the end they are cryptocurrencies that are governed by a volatile market that is currently affected by the fall of Bitcoin. Therefore, it is not a certain science and in the end the investment in any digital asset will depend on each person.
