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Action in meme coins is heating up with SHIBA INU reaching a market capitalization of almost $40 billion and Dogecoin crossing $38 billion.
Justin Sun, the founder of the Tron Blockchain, has reportedly withdrawn billions of dollars of crypto from leading DeFi protocol Aave. It is rumored that this is because of suspected security vulnerabilities in Aave.
AnubisDAO, a crypto project, raised and then lost $60 million in ETH to a suspected phishing attack.
Squid, a "play-to-earn" crypto inspired by the South Korean Netflix series Squid Game has turned out to be a rug pull and its developers have scammed over $3 million.
1. What is Metaverse?
Metaverse = Internet + Augmented Reality + Virtual Reality
The best way to understand Metaverse is by watching 7 movies - Ready Player One, Minority Report, Avatar, Iron Man, Matrix, Inception, and Wreck-it Ralph.
Facebook's rebranding to "Meta Platforms" has brought Metaverse to the front, but it is actually an old concept.
I remember using Second Life in the early 2000s. Second Life created a user-defined world in which people could interact, play, do business, and communicate. The major band Duran Duran performed a concert in the Second Life virtual world in 2006!
2. Metaverse cryptos
The top Metaverse cryptos are
Axie Infinity (AXS),
Enjin Coin (ENJ), and
The Sandbox (SAND).
Axie Infinity is an Ethereum-based virtual world where you can collect, breed, battle, and trade virtual pets called Axies. These virtual assets are represented by tradable ERC-20 or ERC-721 tokens.
Decentraland is an Ethereum-based virtual reality platform where you can buy, build upon and monetize plots of virtual land.
Enjin enables developers to tokenize "in-game" items on Ethereum. Enjin Coin is an ERC-20 token that backs these digital assets.
The Sandbox is a blockchain-based virtual world where you can create and trade digital assets in the form of a game. Its a place where decentralized autonomous organizations (DAO) meet non-fungible tokens (NFTs).
M = million and B = billion.
Circulating Supply is the number of coins / tokens in public hands.
Total Supply is the number of coins / tokens created minus the number burned.
Maximum Supply is the maximum amount of this crypto that can ever exist.
Figures have been rounded off for convenience.
Marketcap & Volume metrics:
Market Cap ($):
$ 5.9 B
$ 2.4 B
$ 2.4 B
Fully Diluted Mcap ($):
$ 38 B
$ 7.1 B
$ 2.8 B
$ 8 B
Volume (24h) ($):
$ 600 M
$ 8 B
$ 1 B
$ 8.7 B
Volume / Mcap ratio:
Market cap = Current Price x Circulating Supply.
Fully Diluted Market Cap is the market cap if the maximum supply was in circulation.
Volume (24h) is the fiat value of this crypto traded over the last 24 hours.
Dominance measures a crypto's total market capitalization relative to the total market cap of all cryptos.
Volume / market cap ratio = 24h Volume / Marketcap.
Total Value Locked = Total assets value currently staked or locked in the protocol.