There has been a lot of volatility in the crypto markets. Specially on Dogecoin since the beginning of January, to say the least.
One of the worst first weeks of 2022 was experienced by many. The results from the second week were encouraging. As recently as this summer, Bitcoin and Ethereum were trading at their lowest levels since the beginning of this year. With crypto, you can never be sure what’s going to happen in the next few days.
Thanks to the wonders of crypto-tweets, we can keep ourselves entertained indefinitely. Elon Musk, CEO of Tesla, and Nayib Bukele, President of El Salvador, returned this week.
OpenSea’s Nightmare Week
Earlier this week, an exploit caused widespread concern among OpenSea users when it was discovered that old inactive listings that users hadn’t cancelled. Either because they didn’t want to pay the cancellation fees or, in more cases, didn’t realize the old listings were still active. It allowed people to buy expensive NFTs like Bored Apes for a significant discount.
“The nature of the blockchain” is not an exploit or a defect, but OpenSea explicitly acknowledged the issue by refunding $1.8 million in Ethereum to affected consumers,” the business said in a statement.
In any case, the exploit received a lot of attention online, especially on Twitter. Everyone head to rarible.com and make sure all of your old listings are cancelled, said NFT creator @0xHustler to the NFT community first. As of right now, a bug on @opensea lets you sell your NFTs at a lower price than they were listed for. As a Matter of fact, this is happening right now.
When OpenSea quickly launched a new listings manager on Tuesday, it allowed users to check both active and inactive listings. Additionally, is to cancel dormant listings with a single-click.
All users with “inactive listings” on their accounts received an email from OpenSea on Thursday. All impacted listings should be removed as soon as possible, the message read. OpenSea’s counsel, according to NFT collector @dingalingts, actually worsened the exploit.
After reading OpenSea’s blog post, NFT artist and collector @swolfchan decided to follow their suggestion. He unintentionally triggered a 6 ETH Mutant Ape Yacht Club listing when he cancelled a 15 ETH Mutant Ape Yacht Club listing, he had already made. At the current price of ETH, a $9000 differential is equivalent to $23.5k.
The sentimental worth of these goods is undeniable in the NFT world. Even though they are intangible. This kind of robbery touches home for reasons more than money, BeetsDAO co-founder Jordan Garbis tweeted. @BoredApeYC was part of my identity, and it was ripped from me on wide sea. The M1 and M2 mutants were in a set that I would never break.
Dogecoin and Grimace
In a matter of hours, a handful of meme coin traders profited 285,000% thanks to Elon Musk, CEO of Tesla and Dogecoin army commander. Innocent-sounding: “I will eat a happy meal on TV, if @McDonalds accepts Dogecoin” sparked the fuse.
It was only a matter of time before McDonald’s came back. “Only if @tesla accepts grimacecoin,” McDonald’s said in response. For those who don’t know, Grimace is the name of McDonald’s mascot purple thing.
Afterward, what happened? Many blockchain-savvy individuals instantly minted cryptocurrency with the name “Grimace”. With approximately 10 of them being on Binance Smart Chain. They then went on to make a tidy profit.
For example, GrimaceCoin (on BSC) gained 190,00%, while the lowercase “grimacecoin” (on Polygon) rallied for 898%, according to Decrypt’s Liam Kelly.
What About El Salvador?
Nayib Bukele, El Salvador’s Bitcoin-pushing president, chuckles as economic groups warn him, he will be a permanent fixture in this roundup. Another major financial institution turned its back on Bukele’s ambitious Bitcoin experiment this week.
The credit rating service Moody’s made headlines just a few weeks ago. Bukele tweeted, “BREAKING: EL SALVADOR DGAF”. After Investing.com reported that Moody’s has cut El Salvador’s rating because of its Bitcoin purchases. Moody’s had not revised its rating on El Salvador.
In contrast, on Tuesday, the International Monetary Fund (IMF) issued a warning to El Salvador to avoid utilizing Bitcoin as legal cash. By utilizing Bitcoin while the country’s economy is contracting and public debt is increasing, the IMF says it could stifle economic recovery.
Bukele laughed it off with a Simpsons meme.
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