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​​Dogecoin’s (DOGE) Price Crashes Despite Reclaiming Top 10 Ranking By Market Capitalization

Elon “The Dogefather” Musk’s endorsement of Dogecoin (DOGE) nearly a year and a half ago on the Saturday Night Live show seems to not have paid dividends, as data shows that the the top meme coin’s market value has plunged by more than 75% since then.

Despite the success of the Mr. Musk’s recent ‘Twitter Whistleblower’ campaign, it seems that The Dogefather’s constant support of the DOGE Army has barely had any effect on Dogecoin’s (DOGE) market price. Interestingly, according to data metrics by Revondo, Dogecoin (DOGE) is likely to hit $0.05975 in the next 24 hours.

How Much Does the Market Price of DOGE Influence Adoption Speed?
In spite of the ‘Crypto Fear & Greed Index‘ once again pointing to sentiment of Extreme Fear, with a rating of 21, some crypto enthusiasts on Twitter argue that Dogecoin’s (DOGE) price doesn’t always reflect the reality of its situation. Indeed Dogecoin (DOGE) has gone through a great deal of technical upgrades, including the C-Library update and the upcoming Layer-2 solution. Dogecoin (DOGE) developers even joined forces with Blue Pepper for a year-end release.

Meanwhile, Dogechain, an unofficial Layer-2 solution for the DOGE Army, has gained in popularity, with over $300M in Dogecoin (DOGE) being bridged through the solution, even despite DOGE Founder Billy Markus, a.k.a Shibetoshi Nakamoto, turning down a luscious $13 million advertising offer from Dogechain.

At press time, Elon Musk’s beloved Dogecoin (DOGE) trades at $0.056380, putting it firmly in the red at an 8.4% deficit for the past 24 hours. Moreover, the remorseless bears have left the popular canine coin staring down losses of 11.2% loss over the last 7 days.

Dogecoin (DOGE) Regains 10th Position Amid Brutal Bear Market
Despite falling below its favorable support line of $0.06, the dog-themed cryptocurrency won back 10th place in the crypto rankings by total market capitalization. Polkadot (DOT), one of the OG cryptos established in 2016 by former Ethereum (ETH) Co-Founder Gawin Wood, had previously overtaken Dogecoin (DOGE) on August 8th, 2022.

The news comes just days after Dogecoin (DOGE) became one of the largest Proof of Work (PoW) cryptocurrencies, second only to market leader Bitcoin (BTC). At press time, Dogecoin’s (DOGE) total market cap stands at $7,497,499,427, according to CoinGecko.

Nevertheless, Polkadot (DOT) is still on DOGE’s heels with a market cap of $7,133,416,278, and climbing higher up in the crypto rankings will be no easy task for Dogecoin (DOGE), as both Cardano (ADA) & Solana (SOL), holding the 8th and 9th positions respectively, lead the popular meme coin by more than $3 million.

Market Cap:
Bitcoin: $354.13 Bn
Ethereum: $159.54 Bn
Tether: $67.93 Bn
USD Coin: $50.17 Bn
BNB: $41.916 Bn
Binance USD: $20.528 Bn
XRP: $17.321 Bn
Cardano: $14.916 Bn
Solana: $10.982 Bn
Dogecoin: $7.4984 Bn

— Hourly Crypto Prices September 19, 2022

Why You Should Care
DOGE Army is one of the largest communities in the crypto world, boasting support from various celebrities including Mark Cuban, Snoop Dogg, Lil Yachty, Ice Cube, Mia Khalifa and more.

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KuCoin Labs, the investment and incubation arm of the KuCoin ecosystem, has officially announced its co-incubation with Republic Capital in BidShop.io, a startup that creates additional liquidity streams for NFT holders.
BidShop.io introduces game theory factors into the traditional NFT auction process, which has the effect of creating additional liquidity streams above floor price for holders of non-fungible tokens. On the buyer side of the equation, the solution also allows bidders to acquire rare NFTs at a fraction of the price.

In the future, KuCoin Labs will further explore potential and diversified collaborations with BidShop.io to vastly improve the NFT ecosystem.

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👨‍🎨 A famous Italian artist created his own Telegram channel!

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There, he also shared a collection that he plans to make over $1,000,000,000 on.

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OpenSea launches a new initiative to make it easier for creators to create and distribute NFTs on its marketplace.

As part of this new immersive initiative, creators will be able to launch their NFT collections on their own customizable and dedicated drop pages, which the company hopes will allow for greater visibility and discoverability on the marketplace’s new homepage.

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​What are the Risks of Metaverse?

The outline of Metaverse advantages and disadvantages may remain incomplete without reflecting on the cons. The metaverse seems to have no disadvantages, with a broad range of benefits. However, the proposition of a persistent, shared virtual world also raises some unavoidable concerns. Here are some of the notable risks and problems of the upcoming metaverse reality:

▪️Requires advanced hardware technology
▪️Privacy and security concerns
▪️Reduce the difference between the virtual and 'real' worlds
▪️New opportunities for cybercrime and cyber predators
▪️Fusing the different cultures of the world into one
▪️Addictions and mental health issues similar to traditional gaming
▪️Losing connection with the physical world
▪️Virtual bullying and harassment
▪️Lack of moderation or overmoderation by a single corporate monopoly
▪️Lack of regulation or any laws
▪️Forces people to overestimate their 'real' abilities
▪️Worsening inequality due to different access to technology
▪️Identity hacking with deepfakes

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Basic terms and terminologies in NFT|Metaverse

Rugpull

A ‘Rugpull' is essentially a scam where the people behind a seemingly legit project disappear with all the money immediately after launch.

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The Senses collection has so far proven to be the most lucrative among Reddit’s Collectible Avatar NFTs, according to the recent sale of a pair of them. Avatars NFTs The Hands #16 and The Hands #46 each sold for 4 ETH, or roughly $5,000.

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The European Union’s landmark and now-finalized Markets in Crypto Assets (MiCA) draft legislation asserts that NFTs sold as components of large collections possess little to no distinctively unique qualities or utility, and, therefore, would be subject to the same regulatory scrutiny as cryptocurrencies, according to a leaked draft of the legislation obtained by Decrypt.

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​What is the Future of Metaverse?

The U.S. Securities and Exchange Commission reports that in the first six months of 2022, the word metaverse appeared more than 1,100 times in regulatory filings. The previous year saw 260 mentions. The preceding two decades? Fewer than a dozen in total.

It increasingly feels that every corporate executive needs to mention the metaverse—and, of course, how it naturally fits their company's capabilities better than their competitors. Few seem to explain what it is or precisely what they'll build. The executive class also appears to disagree over fundamental aspects of this new platform, including the criticality of virtual reality headsets, blockchains, and crypto, as well as whether it's here now, might be soon or is decades in the future.

Even experts are not united in their views. According to Pew Research Center:
▪️54% of experts expect by 2040 that the metaverse WILL be a much-more-refined and truly fully-immersive, well-functioning aspect of daily life for a half billion or more people globally.
▪️46% said that they expect by 2040, the metaverse WILL NOT be a much-more-refined and truly fully-immersive, well-functioning aspect of daily life for a half billion or more people globally.

However, no doubt left that metaverse will keep developing in either or mix of the few directions:
▪️Augmented Reality (AR)
▪️Mixed Reality (MR)
▪️Virtual Reality (VR)

Each of these directions represents a multibillion-dollar worth of opportunity, and only time will show who of the experts was right. But undoubtfully, that will be an entirely new type of world.

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Funko is adding "Game of Thrones" to its Digital Pop! lineup, a digital collection that consists of non-fungible tokens (NFTs) as virtual collectibles that resemble Funko's stylized figures. Available for purchase on Oct. 4, the drop will include fan-favorite characters from the hit HBO series, such as Arya Stark, The Hound, Jon Snow and Jaime Lannister.

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According to the Sept. 23 listing on the Disney careers website, the company is hiring for a “Principal Counsel — Corporate Transactions, Emerging Technologies & NFTs” to work on transactions involving NFTs, the Metaverse, blockchain, and decentralized finance (DeFi).

The new role comes as The Walt Disney Company has been slowly positioning itself around the crypto, blockchain, and Metaverse space.

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When Pixelmon first launched in February 2022 with a 10,005-piece collection of pixellated character NFTs, the NFT community quickly grew excited at the prospect of what seemed like a Web3-focused competitor to Pokémon.

All that excitement swiftly turned into scorn the moment the Pixelmon team revealed what the game they were building would look like.

Due to each NFT’s hefty 3 ETH price tag, the NFT community went on to call Pixelmon a “$70 million rug pull.”

Pixelmon has announced the hiring of a new leadership team to help correct its course, according to an announcement initially reported by Coinbold.

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​What are the Notable Metaverse Projects?

With the growing hype around the metaverse, nearly all major companies announced plans to expand into the metaverse. The obvious headlines are Meta (ex-Facebook), Google, Tencent, Decentraland, Epic, and many other leading tech and gaming giants aiming to expand their current dominance into the new digital universe.

With their growing size and appetite to do everything in every new space possible, the most exciting examples of metaverse projects include:

▪️Barbadian Ministry of Foreign Affairs and Foreign Trade established a digital embassy. The government signed an agreement with Decentraland, and Barbados’ ambassador to the UAE, H.E. Gabriel Abed, said the country intends to expand aggressively beyond this initial effort to build structures and purchase digital land in a variety of virtual worlds.
▪️DBS, Singapore’s largest bank, purchased LAND in the Sandbox Metaverse to promote sustainable living and to explore new ways of interacting with clients.
▪️Dubai announced its metaverse strategy to turn Dubai into one of the world’s top 10 metaverse economies, attract 1,000+ blockchain and metaverse companies, and create 40,000+ virtual jobs by 2030.
▪️Second Life, which created something commonly associated with metaverse, does not belong to meta precisely. It allows users to create avatars and connect, build, buy, and sell in a 3D virtual world that persists online. Effectively many physical activities moved to Second Life, including real jobs, as it was launched in 2003. Organizations such as Harvard University, NASA, the Swedish government, the news agency Reuters, and Burning Man all extended their presence into ‘Second Life,’ which had 50 million users at its peak. However, today it is something of a ghost town, with about 500 thousand active users.

While thousands of other new projects in the metaverse and/or blockchain space, their market fit and trustworthiness are yet to be proven. However, one could be confident in seeing many more companies and notable projects emerging in the coming months.

However, as of now, the metaverse remains an emerging field with many new opportunities and risks.

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Nanjing University Sets Up One of the First Metaverse Majors in China

Nanjing University in China has reportedly launched one of the first majors in the country dedicated to the study of metaverse-related knowledge. The university, located in eastern China, stated that this new push is directed to impart new metaverse-related courses that will help more students to fulfill the needs of metaverse companies.

The Nanjing University of Information Science & Technology is renaming one of its main departments, the Information Engineering Department, to the “Metaverse Engineering Department,” with the objective of integrating more metaverse-related courses into the university. According to sources, this might be the first department that includes the word “metaverse” in China. Pan Zhigeng, dean of the renamed department.

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