Bitcoin Rises To $42k, Shiba Soars 22%, Axie Changes ‘Play-to-Earn’ NFT Economy

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Last Updated on 7 February 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Bitcoin rises to $42k overnight and has risen some 15% in the past week. More and more Bitcoin maxis are calling for $50k next already but a lot will depend on whether or not tech stocks and markets rebound as well.

In the broader altcoin market we notice mostly the steep rise of memecoin Shiba Inu again which apparently is being snapped up by whales.

Advertentie.

Shiba Inu being snapped up

With many already convinced that memecoin Shiba Inu was on it’s way down, the surprise was even bigger when we noticed this weekend that Shiba added 35% in the past week, of which 22% came in the past 24 hours.

It comes as four crypto addresses held by whales could be seen stacking up several billion coins and a Valentine’s day event by Bigger Entertainment was announced.

CEO Steven Cooper said Sunday that the company is organizing what could become its “largest burn party” yet next Monday, aka Valentine’s Day.

NFT economy

Axie Infinity is the most successful NFT project of all time because of the way the game has structured its play-to-earn economy. With some $4 billion generated by players, it is understandable why the Axie token rose to an all-time-high of $165 back in November 2021. Now, as Metaverse interest is peaking and more competitors are lurking around the corner, the Axie developers thought it a good moment to restructure their NFT economy model.

As such, Axie Infinity will cash out far less of its reward token SLP and aims to cut out rewards for daily quests.

Developer Sky Mavis explained last week:

We believe that these economic changes will allow us to start righting the ship and getting the economy moving in the right direction.

Cubodeluz / Depositphotos.com