The price of Decentraland rose by more than 300% after the announcement of the change in the name of Facebook. The value of Shiba Inu increased by more than 80% and reached two all-time highs in one week.
Amid ups and downs in the market, most cryptocurrencies have shown a bearish trend in the last week. Meanwhile, the price of a few altcoins has risen by up to more than 160%.
The leading cryptocurrencies in the weekly top are Decentraland (MANA) and Shiba Inu (SHIB). While the former increased due to the announcement of the Facebook metaverse, the latter hit two new all-time highs.
They precede Gnosis (GNO), which is releasing a new decentralized exchange, and Dogecoin (DOGE), whose price rose thanks to a tweet from Elon Musk. IOTA (MIOTA), which launched the beta version of its smart contracts, closes the list of most appreciated cryptocurrencies.
The price of Bitcoin (BTC) has also shown highs and lows and suffered many corrections. The cryptocurrency is trading at around USD 61,185 and has lost 0.0% of its value in the last week. Its price reached a new all-time high above USD 67,276 on October 20th.
Renowned analyst Willy Woo believes that people overrate the value of Bitcoin. He considers the increase in the demand for the cryptocurrency in the last two weeks has been insufficient to justify a price of around USD 65,000.
Change in the Name of Facebook Boosts Decentraland’s All-Time High
On October 28th, the price of Mana, the token of Decentraland, reached a new all-time high above USD 1.4. In the following days, the value of the crypto asset tripled.
The change in the name of Facebook, which the company’s CEO Mark Zuckerberg announced, could have caused the growth of MANA. Analysts believe that due to the evident growth of cryptocurrencies shortly after the release of the news.
The value of MANA rose by more than 340% during the week amid those advances. The increase was dramatic since October 28th, and the price reached a new all-time high of USD 4.22 on October 30th.
The market capitalization of MANA is above USD 4.2 billion, and the daily trading volume is around USD 7.6 billion.
Shiba Inu Reaches Three All-Time Highs in One Month
On October 27th, the price of Shiba Inu reached an all-time high, exceeding USD 0.000089. It was the third time the meme cryptocurrency did it in a month.
The exponential growth of the cryptocurrency placed it among the ten crypto assets with the highest market capitalization. It even exceeded Dogecoin, the other meme cryptocurrency based on the image of a Shiba dog.
A group of fans conducted a campaign through Change.org, which could have caused the advancement of SHIB. They wanted the investment platform Robinhood to include Shiba Inu in its list of crypto assets.
After October 26th, the price of SHIBn rose dramatically for two days but has kept growing steadily. However, there have been several corrections after it reached its third all-time high, with a bearish trend in the last hours.
The market capitalization of Shiba Inu is above USD 37.8 billion, and the daily trading volume is around USD 6.5 billion.
By Alexander Salazar
