Key Takeaways
- It's no surprise that Avalanche has continued to rise in value after claiming a position in the top 10 most valuable cryptocurrencies over the weekend.
- Investors are being duped by fraudsters who utilize the Shiba Inu coin's name to deceive them.
- Relatively high gas costs for Ethereum persist. Some are leaving, while others are voicing their opposition to what they perceive to be centralized choices.
By CoinGecko statistics, AVAX, the native cryptocurrency of the high-speed, low-cost blockchain has risen by 10% today. The digital asset's price rose to a record high of $142.34 earlier today.
It has subsequently corrected somewhat and is presently trading at approximately $138.
It's gained 44.3 percent in the last week alone, while the majority of big cryptocurrencies have lost ground. The company has a market value of approximately $30 billion.
Decentralized finance (DeFi) products can be produced on Avalanche's network just as they can on Ethereum's network. There is no middleman in DeFi goods, which is why they are considered experimental.
Investors in SHIB are being warned about fake Telegram accounts
Whenever the value and popularity of a digital asset rises quickly, undesirable actors are more likely to take note. In the Shiba Inu case, the team behind it has claimed that fraudulent accounts using the same name have been attempting to swindle investors out of money.
A year after its debut, the self-proclaimed Dogecoin killer has become something of an overnight celebrity.
For retail investors, the Meme Coin's decentralized exchange and NFT collection drew their interest with promises of large returns.
Prices rose as SHIB, the greatest performer in 2021, achieved a ROI of 100,000,000% before rebounding marginally.
Shiba Inu's spike in popularity has placed them in the sights of fraudsters, at least according to the project's creators.
They posted a video on Twitter to explain that unscrupulous actors have started mimicking Shiba Inu's official Telegram accounts and have targeted some of the most popular hashtags associated with the project.
Ethereum's Gas Fee and Usability Debate rages on
Another week, another flurry of frosty words about the Ethereum transaction fees. An existential crisis is starting to appear more and more like it.
Three Arrows Capital co-founder Su Zhu informed his quarter-million Twitter followers over the weekend that he was abandoning the original smart contract-enabled blockchain due to growing transaction prices and decreasing network usability in a 46-word message he sent out over the weekend.
However, "Yes I've given up on Ethereum," he stated in his blog post. "Yes, Ethereum has abandoned its consumers, after previously supporting them. It's disgusting to sit about watching the fire and concocting purity tests when no one can buy the chain."
According to him, the cryptocurrency community makes users spend hundreds of dollars for transactions so that they may "be told some stories about how they should've been clever enough to acquire ETH at $10. "
Though Zhu subsequently apologized for his phrasing and acknowledged the "excellent teams working on scaling [Ethereum] on [layer-2 protocols], his tweets remain." Zhu's rhetoric didn't sit well with several Ethereum engineers, and neither did the reaction.
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