Welcome to your bi-weekly crypto-verse update with Breach.

In this edition:

  • Crypto Market Bullish: Solana hits all-time high
  • Shiba Inu briefly overtakes rival Dogecoin on Coin rankings
  • Nigeria launches digital currency
Green Lights Everywhere as Solana hits all-time High

It has been another awesome week in the crypto market! Most coins are green. This bullish trend began when Bitcoin started to ascend into uncharted territories. Bitcoin hit an all-time high of $66,930 on October 20, prompting analysts to predict a massive bull market.


The price movement of the leading cryptocurrency usually controls the crypto market due to its market dominance. Solana (SOL) is one of the 'altcoins' that has benefited from this favourable market conditions. The price of the SOL token reached a new all-time high of $219 on October 25, 2021.


What's Solana?

Solana is a blockchain platform founded in 2017 by Anatoly Yakovenko. It is regarded as one of the fastest blockchain platforms and has become popular among developers. Compared to Ethereum transactions made on Solana are faster and cheaper.

Solana’s SOL token has been on fire lately and has recorded a price increase of 12,274%. This means that if you bought $100 worth of SOL in January, it would currently be worth $12,274.


Reasons for the pump in price: According to experts, this latest rise in the price of SOL could be attributed to several reasons.


A Fast-growing DeFi ecosystem: Solana has become a major player in the DeFi sector, with the total value locked into DeFi projects built on Solana hitting $13 billion.


Legitimate rival to Ethereum: Solana is seen by many as an alternative to Ethereum. Developers have trooped to the blockchain since it provides most of the features that Ethereum has been promising for years, including low transaction costs, proof-of-stake, and faster transaction times.


Bottom Line:  Solana is firmly placed within the crypto market and is currently ranked 6th on the coin rankings based on market capitalization. The rapid rise of the SOL token is another example of the highly volatile nature of the crypto market.

Meme token war heats up as Shiba Inu briefly overtakes Dogecoin

Bitcoin vs Ethereum is the most popular crypto battle but another one seems to be picking up steam in recent months. Shiba Inu experienced a massive spike in price and briefly overtook Dogecoin on the coin rankings earlier in the week.


Shiba Inu price rose by more than 45% on  October 27, 2021 taking its market cap to $42 billion making it the 8th largest cryptocurrency. However this event did not last long and Dogecoin has recovered its position as at the time of writing.


This development had been highly anticipated in the crypto space due to the similarities between Shiba Inu and Dogecoin.


Shiba Inu vs Dogecoin

Dogecoin is a cryptocurrency born out of a popular Japanese dog meme during the cryptocurrency frenzy in 2013. It barely has any practical use but has emerged as one of the most popular cryptocurrencies due to the hype of key personalities like Elon Musk.

Musk is the richest man in the world and regularly tweets about Dogecoin which has earned him the nickname ‘’Dogefather’’.


Shiba Inu is a spinoff of dogecoin and was launched in August 2021. Known as ‘’shib’’ to a growing community of investors, Shiba Inu coins are worth a fraction of a cent. However, this has not stopped the rapid growth of Shiba Inu placing it in a position to overtake its older rival on the coin rankings.


What the experts are saying: Mati Greenspan, founder of cryptoanalysis and advisory firm Quantum Economy noted ‘’Get rich quick is a very powerful motivator’’ behind Shiba Inu rise. Chris Kline co-founder at Bitcoin IRA also added ‘’Shiba has posted incredible gains on speculation that will rival or replace the concept of Dogecoin and its utility’’


Bottom line: The Meme token war is far from over and the coming weeks could see Shiba Inu and Dogecoin swap places several times.

Nigeria joins the CBDC Club

Nigeria has become the first African nation to launch its central bank digital currency (CBDC) called the eNaira. Nigeria joined other countries like Bahamas (Sand Dollar) and Venezuela (Petro) as one of the few nations with digital currencies.

The eNaira was unveiled in a ceremony by President Muhammadu Buhari alongside the Central Bank of Nigeria Governor, Godwin Emefiele. The Nigerian government noted that the eNaira would facilitate faster payments and contribute to its economy.


How does the eNaira work?

  • The eNaira is a digital version of the national currency ''Naira'' issued by the Central Bank of Nigeria (CBN) and is designed to facilitate digital transactions.
  • It differs from other cryptocurrencies like Bitcoin since it is built on a permissioned blockchain. This means it can only be generated by the CBN and not by other actions like mining or staking.
  • It works like a stablecoin and is pegged to the Naira; meaning that it maintains the value of the Naira.

eNaira launch poses more questions than answers


Despite the enthusiasm shown by the Nigerian President and Central Bank governor, the e-Naira launch has not been without its controversies.

Many stakeholders in the financial sector have questioned the motivation behind the eNaira. According to critics, the eNaira is just a digital version of the Naira and poses no benefits to the Nigerian economy.


The eNaira's 'Speed Wallet' application has launched with a few hitches - it's been widely criticized by users for performance issues, and was also pulled off Google's Play Store just days after launch


Looking ahead: Earlier in February, the Nigerian Central Bank placed crypto restrictions on banks and payment services providers. Crypto enthusiasts in Nigeria are hopeful that the eNaira launch could lead to a clear regulatory framework for digital assets.

Breach reads

A few other articles we think you’ll enjoy

  • NFL star Tom Brady has revealed that he will be giving a fan one Bitcoin. Brady made this known after the fan returned a milestone ball that is reportedly worth over $500,000. (Bloomberg)
  • Nischal Shetty, the founder of India’s largest crypto exchange WazirX, warned investors against inaccurate estimates on India’s crypto industry. Shetty noted that India does not have up to 100 million crypto holders, as stated by some news publications. (Economic Times)
  • European Central Bank appoints a 30-man committee to research the likelihood of launching a digital Euro. The committee will explore different aspects of the digital currency, including legal, fiscal, economic and implementation (The Block)
  • Blockchain web services company Alchemy raises $250 million in its latest funding round. This brings its current valuation to $3.5 billion making it one of the most valued crypto companies in the world. (Cointelegraph)
  • El Salvador, the first country to legalize Bitcoin as a national currency, has added 420 BTC ($25 million) to its treasury. This takes the total number of Bitcoin in its portfolio to 1,120 BTC. (Reuters)

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