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Cryptocurrency Market Last Week: The Rise of Virtual Currencies

Last week marked the surge in digital currencies after a certain phenomenon, like Shiba Inu (SHIB) after Dogecoin, Dogelon Mars (ELON) after Dogecoin and Elon Musk and SQUID after the current “Squid Game” symbol.

Shiba Inu and Dogelon Mars break out

Shiba Inu is up more than 173% to over $ 0.000076 in the past week, according to data from CoinMarketCap. In just 1 week, this digital currency has almost tripled.

With a market capitalization of over 42 Billion USD, Shiba Inu is in the top 9 largest digital currencies, outperforming Dogecoin (capitalization is also 38). Billion USD).

One of the reasons for the Shiba Inu’s rise was Robinhood’s ability to add a Shiba Inu to their platform.

A petition on Change.org asked Robinhood to add Shiba Inu to their platform and has over 326,000 signatures. During the October 26 financial results meeting, Robinhood CEO Vlad Tenev considered adding new cryptocurrencies to the platform.

Coinbase Global Exchange added the Shiba Inu token in September 2021.

Meanwhile, another virtual currency called Dogelon Mars also rose 120% in the past 24 hours and 261% in the past 7 days. This is last week’s biggest winner.

Squid Game’s virtual currency is up nearly 2,400% in 24 hours

Recently, the craze for squid games has increased nearly 2,400% in the past 24 hours. SQUID is currently trading at 2.22 USD and the case jumped above 174 Million dollars.

However, CoinMarketCap warns investors to exercise caution before jumping into SQUID trading. CoinMarketCap has received “many reports” that users are unable to sell the virtual currency on Pancakeswap, a popular decentralized exchange.

It’s unclear why some users can’t sell the SQUIDs they hold, but the white paper describing the coin mentions anti-dumping technology that prevents investors from selling if they don’t meet the requirements.

CNBC reached out to the SQUID coin developers to see if they are aware of the problem and are working on a solution, but have not yet received a response.

According to the SQUID whitepaper, the coin started advance sales on October 20th and appears to be “sold out in a second”. This is one of many other derivatives that have seen massive price increases for no apparent reason.

Bitcoin fluctuates, Ethereum hits new high above 4,300 USD

On the morning of October 30th, Bitcoin was priced at 61,700 USD, 1% more than a week earlier. Ethereum climbs 8% to 4,350 in 7 days USD, while Binance Coin gained almost 9% and reached the top 3.

Solana – the virtual currency that caused quite a stir recently – fell 2% to less than 200 USD.

Last week, the market capitalization of the cryptocurrency rose by 100 Billion USD 2,630 Billion USD.

The development of the top 10 largest virtual currencies

Vu Hao

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.