Crypto in October Report: Shiba Inu, Meta and China

The Chinese government is finding its way through regulation to control the activities in the cryptocurrency market.  On Friday, one of the major cryptocurrency exchanges Huobi has ended futures and derivative trading in mainland China as planned.

According to previous announcements, Huobi, China’s largest exchange, will today completely shut down futures, contracts, and other derivatives functions for all Chinese users. — Wu Blockchain (@WuBlockchain).

The Chinese government’s persistent refusal to lift its ban on Bitcoin has forced exchanges to limit the mode of operation to users. Huboi was the first exchange to announce its withdrawal from Mainland China.  This decision was made by the company shareholders during their meeting which was held on September 20, 2021. The shareholders unanimously agreed to leave China and withdraw its operations.

Following the move by Huobi Exchange, other exchanges and crypto-related platforms have withdrawn their operation also from Mainland China. The cryptocurrency was banned by the government of China and this has resulted in the withdrawal of operations from companies whose major activities are crypto-related. According to a Cointelegraph report, Huobi Group co-founder Du Jun has vowed to secure all crypto assets for Chinese accounts before permanently shutting down by Dec. 31.

Shiba Inu

With the recent downtrend in September, October has been a month filled with an uptrend and more momentum has been gained with the massive movement of Bitcoin(BTC), though major Altcoin are suffering seriously from the rising of BTC. Despite this, Meme coins have been supporting the market, and investors and traders have been gaining from the massive uptrend in meme coins, especially SHIBA INU.

According to Coindesk report, a SHIBA INU hodler who spent $3,400 on the meme coin last August is now a crypto billionaire from that purchase alone, with the asset gaining 94,278,239.8% over the past year.

According to Etherscan, the anonymous SHIBA INU hodler purchased these tokens on nine occasions in August 2020, spending a total of $3,400 worth of Wrapped Ethereum (wETH) that month.

According to data from CoinGecko, the total market capitalization of SHIBA INU is now worth $40.3 billion.

According to CoinGecko’s measurement, $SHIBA has definitively flipped. An absolutely historic day for memecoins  – Joe Weisenthal (@TheStalwart).

Attention has been drawn to Shiba Inu, as it flipped Dogecoin, traders and investors are more interested in Shiba Inu. Shiba Inu has been adopted as a means of payment in a restaurant in Paris, France.

Le Bistrot d’Eleonore et Maxence, a restaurant in Paris, France has added Shiba Inu as one of its payment methods. According to the Cointelegraph report, the information came to light from a video shared by a local resident and crypto investor Natheno Davy, showing that the restaurant’s main entrance sported two new “Shiba Inu accepted here” stickers right above the other traditional payment options.

Shiba accepted in a restaurant in PARIS
Eleanor and Maxence
39 Avenue Duquesne, Paris
Shib will be the biggest regret as the bitcoin laggards were
#ShibArmy #SHIB #shiba #ShibaSwap #crypto #ShibaCoin #Robinhood #SHIBARMY  — Crypto Master (@NathKamga) 

 

The Metaverse and the new Meta

On Thursday, Facebook announced changing its corporate name to “Meta” adding a new focus to what they do, focusing more on online virtual reality. “Meta”, which now becomes the parent company name, will at as an umbrella over the Facebook app, Instagram, Whatsapp, and Oculus.

Mark Zuckerberg makes it clear that Facebook did not present complete everything about a company or what a company does, and this requires a change. According to Zuckerberg, “Over time, I hope that we’re seen as a metaverse company,” He continues, “And I want to anchor identity on what we’re building towards.”

While introducing the name, Zuckerberg said, he liked Meta because it’s a Greek word that symbolizes there’s always more to build”. The Greek meaning of “Meta” is “after” or “beyond”.

From the word “Metaverse”, “Meta” was derived, used as a corporate name by Facebook. “Metaverse” is a blockchain concept, and the core idea behind this is to expand the interoperability of virtual assets stored on a neutral and verifiable ledger. This blockchain technology allows non-fungible tokens (NFTs) usable across virtual galleries and virtual reality assets to function well.

As Zuckerberg described it, a space that is persistent, synchronous, spans both the digital and physical worlds, offers “unprecedented interoperability” and contains a fully functioning economy. It is intended as an “embodied internet”.

The announcement made by Zuckerberg has increased traders’ and investors’ focus on metaverse coins/tokens. A positive impact has been felt with a jump in the prices of the virtual world’s coins/tokens, especially MANA and SAND. According to Nystrom, Virtual worlds like Decentraland and Sandbox have stark differences to Facebook’s Meta vision for the metaverse.

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