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Shiba Inu and Cardano: see the rise and fall of cryptocurrencies in October

A survey by QR Asset Management found that crypto-meme Shiba Inu and crypto-game Decentraland (MANA) were the best performing cryptocurrencies in October.

The Shiba Inu is another crypto that emerged from a dog meme, like dogecoin. However, although the project is the result of a joke, altcoin starred in Asset Management’s ranking of criteria with the best performance in October. Last month, the change was 892.97%.

Theodoro Fleury, manager of QR Asset Management, says that the Shiba Inu’s appreciation was driven by mass movements coordinated by social networks and by the rumor that the token would be listed on the American brokerage Robinhood.

Below is the crypto Decentraland (MANA), altcoin used in the operation of the game Decentraland, which runs on the ethereum blockchain. For users to be able to play, they need to use MANA to interact with other players, creating, selling and buying objects. The game works as a representation of real life, similar to the famous The Sims.

“The announcement of the new Facebook brand, Meta, stirred a lot with the crypto market because the Decentraland token was created with the proposal to work as a solution in the metaverse“, believes Fleury. Facebook CEO Mark Zuckerberg announced the name change of the holding on Oct. 28 to show that the company is aligned with the universe that seeks to combine technology with virtual and augmented reality.

The other side of crypto-currencies

The survey that analyzes the main digital currencies by market capitalization pointed out that Cardano, the sixth cryptocurrency with the highest market value (US$ 65.5 billion), according to CoinMarketCap, took the position of ‘worst appreciation in the last month’, with a drop of 3.57%.

“Cardano’s fall was a natural correction in the market. An expectation was raised for the launch of the smart contracts functionality of the network in mid-September, but the lack of major news after the launch made the market adjust the price of tokens”, says the manager of QR Asset Management.

Just below was PancakeSwap dropping 3%.

Reference: CNN Brasil

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