Crypto News Week 3 and 4 (Part 2)
Metaverse gains momentum - Axie Infinity grows by 45 per cent
The Metaverse was back in the spotlight last week as the global elite discussed digital transformation in Davos and Apple announced a low-cost mixed reality headset.
In response, Axie Infinity, a token for a Pokémon-like game, surged 45% over the week, while Immutable X rose 19% on news that NFT game Tiny Colony will break away from Solana and instead be based on the Layer 2 blockchain.
Metaverse rivals The Sandbox and Decentraland lagged behind, but also made it into positive territory with smaller percentage gains.
Shiba up 14 per cent after launch of Shibarium
To differentiate itself from rival Dogecoin, Shiba Inu is building a layer 2 dog-themed network that will run on the Ethereum blockchain.
Shibarium, as the network is called, will allow developers to build and launch decentralised applications that offer lower fees and greater scalability.
News of the Shibarium beta sparked a 14 per cent rally for Shiba Inu last week, helping the token overtake Dogecoin in the race to become the best-performing meme token so far in 2023.
- The correlation between bitcoin and tech stocks could be put to the test next week when the likes of Microsoft, IBM and Tesla announce earnings.
- Other factors that could influence the market include increasing rumours of an economic downturn and the US reaching the debt ceiling.
However, recent weeks have shown that crypto is strong enough to survive even the most negative headlines.