Pi Listing, Trump NFT and Ripple’s Wins
Crypto News: Here are the top stories from around the cryptosphere as featured on BeInCrypto this first week of the new year.
Fake Pi entries
Reports of Huobi and XT.com listing the Pi token sent valuations soaring. However, the crypto community became skeptical of the entry, as there had been no official announcement from the Pi Network. Some even went so far as to call out Huobi for trying to deceive investors.
The Pi Network announced that it had not been involved in any alleged acts. They warned that investors could suffer significant losses by participating in unauthorized listings. According to the announcement, “Pi is currently in the closed network and has not been approved by the Pi Network for listing on any exchange or for trading.”
Trump tokens down
Non-fungible tokens recently launched by former US President Donald Trump have already fallen 80% below their peak value. The floor price of the collection fell to 0.19 ETH from a peak of 0.84 ETH in less than two weeks.
In addition to the drop in floor prices, daily sales are also down 99% from their peak. This indicates a significant loss of momentum. CryptoSlam data showed that one week’s sales volume had dropped by 94% to just over $386,170.
Schiff tries to troll Saylor
Bitcoin skeptic Peter Schiff said 2023 would test the endurance of Bitcoin hodlers after Michael Saylor sold 700 BTC for tax breaks. Schiff emphasized that Bitcoin had lost 65% of its value by 2022. He created a poll asking how long Bitcoin would have to go before investors would sell. About 61% of respondents said they would stick to zero.
MicroStrategy had actually sold 704 BTC for roughly $12 million, but went on to buy back 810 BTC a few days later. MicroStrategy founder Saylor admitted that selling Bitcoin introduces a capital loss that can offset the company’s capital gains tax.
Ripple’s Top 5 Crypto Gains
Although the lawsuit with the SEC had crippled it in 2021, Ripple Labs had a more prosperous year in 2022. The company achieved several notable achievements in addition to making progress in the case with the SEC. BeInCrypto covered the top 5 crypto gains of Ripple and CEO Brad Garlinghouse in the past year.
Last March, Ripple brought on board 4,000 NFT artists through its $250 million creator fund it launched the year before. Later, the number of XRP tokens across the company’s various wallets fell below 50 billion, exactly half of the total outstanding supply of 100 billion tokens. As well as allaying concerns about over-centralisation, Garlinghouse said it showed users were finding greater utility with the XRP Ledger.
Ripple also announced its intention to expand into Europe, through registration as a virtual asset service provider in Ireland. Garlinghouse emphasized that the SEC’s indictment had driven Ripple’s business development overseas, so it was now primarily based outside the United States. Ripple also managed to secure key documents in its case with the SEC, which Garlinghouse expects to conclude in the first half of this year.
AI chatbots can fill the metaverse
The use of AI chatbots like ChatGPT has exploded in 2022, offering exciting solutions to populate the Metaverse. Within the shared digital spaces, AI chatbots offer users a world that feels more inhabited and organic than existing platforms.
The technology can also be used for customer service and introducing new users to NFTs and DeFi services. AI-based chatbots can offer corporate giants the opportunity to staff their digital stores without actually requiring any personnel. But without proper guardrails, chatbots can be yet another arm of surveillance capitalism.
This week in NFT Sales
After a noted New Year’s drop, sales of non-fungible tokens have been on an upward trend this week. Daily sales doubled from $15 million on December 31 to $30 million on January 6. While the number of sales took a dip on January 4, they shot back up the next day. Bored Ape Yacht Club remains the top-selling NFT collection, with sales volume of $57 million last week.
News about crypto coins
Several coins experienced notable gains in the past week, with Solana leading the pack with a 45% increase in value. Lido came in second with a 35% increase, while BitDAO, NEAR and Ethereum classic all rose by about 20%.
Meanwhile, last week’s biggest losers were Huobi and TRON, which fell 8% and 6% respectively. Internet Computer and Hedera Hashgraph also fell by 4% and 3% respectively, while XRP fell 0.69%.
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