Hi there,
Welcome to the latest Stack weekly, as usual we've got the top projects to keep an eye on (based on the data) plus the week's top news.
Weekly Projects to Watch
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Top risers by Coinrank
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- Ethereum Classic ($ETC) ⬆️ 26%
- Pocket Network ($POKT) ⬆️ 5%
- NEM ($XEM) ⬆️ 3%
- Aave ($AAVE) ⬆️ 2%
Top risers by Dev Rank
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- Basic Attention Token ($BAT) ⬆️ 26%
- NEM ($XEM) ⬆️ 12%
- Aave ($AAVE) ⬆️ 10%
- Kadena ($KDA) ⬆️ 9%
Top risers by Social Rank
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- Near ($NEAR) ⬆️ 0.5%
- Pocket Network ($POKT) ⬆️ 0.5%
- Avalanche ($AVAX) ⬆️ 0.4%
- Solana ($SOL) ⬆️ 0.3%
Top small cap risers by Coinrank
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- CheeseFry ($CHEESE) ⬆️ 187%
- CREA ($CREA) ⬆️ 178%
- Zenfuse ($ZEFU) ⬆️ 122%
- EnreachDAO ($NRCH) ⬆️ 120%
Top News
El Salvador Buys Its Cheapest 410 BTC while IMF Urges Them to Remove Bitcoin as Legal Tender
The Central American Country of El Salvador ended up adding 410 Bitcoin (BTC) cryptocurrency tokens to their central reserve as BTC prices traded under $37,000. This fresh addition to the reserve was announced by President Nayib Bukele, who confirmed that the purchase of 410 BTC was made against $15 million.
This placed the price at $36,585 per BTC. However, the IMF called on them to change course and stop using Bitcoin as legal tender, citing the “large risks” posed by the cryptocurrency. The staff at the crisis lender called on the government of President Nayib Bukele to reconsider the move.
Reddit Tests Letting Users Set NFTS as Their Profile Picture, While YouTube Plans to Add NFT Features As-Well
Reddit has started testing a feature that lets users set any NFT that they own as their profile picture. This means any NFT, not just the Ethereum-based NFTs called CryptoSnoos, which were released in limited quantities throughout the last year.
Reddit explained that this NFT test is in its early stages and has not been made available to public users. YouTube's CEO, Susan Wojcicki, also revealed that the platform is exploring adding NFT features in the future. They have taken Web3 as a source of inspiration and plan to tap into the growing popularity of NFTs and decentralized autonomous organizations (DAOs).
Meta Introduced the Metaverse AI Supercomputer
The parent company of Facebook, Meta, said that they have a newly created artificial intelligence (AI) known as the “Research SuperCluster” (RSC), intended to pave the way towards building the metaverse.
Meta said that they believe RSC is already one of the fastest supercomputers in the world and will get the top spot when it's fully operational throughout the middle of 2022. The company wrote, “Developing the next generation of advanced AI will require powerful new computers capable of quintillions of operations per second.”.
Elon Musk and McDonald's Caused an Unknown Token to Increase in Value by 6,000%
Elon Musk said that he would eat a Happy Meal on TV if McDonald's started accepting Dogecoin as a form of payment. Then, McDonald's replied to the billionaire, jokingly claiming that they would accept Dogecoin if Tesla accepted GrimaceCoin as payment.
While at the time, GrimaceCoin wasn’t a thing, now it is, as the GrimaceCoin was created on the Binance Smart Chain and skyrocketed 6,000% a few hours after this event. Note that the GrimaceCoin asset is not related to McDonald's.
Goldman Sachs Views the Metaverse as $8 Trillion Opportunity and the Sandbox Partnered with Warner for Musical Metaverse
The Global Investment Bank, Goldman Sachs, predicted that the metaverse has the potential of becoming an $8 trillion opportunity. Analyst Eric Sheridan explained the bank’s metaverse prediction in a recent “Exchanges at Goldman Sachs” episode, titled “Understanding the metaverse and web 3.0.”
Additionally, The Sandbox will introduce a music-themed virtual world through a partnership with Warner Music Group (WMG), according to an announcement made on January 27. It’s the first time Warner Music is venturing into the world of NFTs and the Metaverse.
Fresh Content From the Team
Thanks for reading,
The Stack team
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