Sunday, May 22, 2022

Meta Shelves Plan for Blockchain-Based Stable Coin Diem; Major Cryptos Trading In The Green

Meta’s Diem is selling all its intellectual assets to pay back investors in its project. Meanwhile, Coinmarketcap data showed Bitcoin was up by 3% and DOGE by 9%.

Meta Shelves Plan for Blockchain-Based Stable Coin Diem; Major Cryptos Trading In The Green
Meta Diem

Meta Inc has announced that it will shelve its plan to launch blockchain-based stable coin Diem, while the global crypto market cap rose 3.05 per cent at $1.69 trillion with major cryptocurrencies, barring a few altcoins, trading with gains on Wednesday. The crypto trading volume, however, declined by 31.89 per cent at $86.85 billion as of 4 pm, Coinmarketcap data showed.

The world’s oldest cryptocurrency Bitcoin (BTC) continued in the green zone. As of 4 pm, Coinmarketcap data showed that its price was up by 3.17 per cent at $37,735.64. Ethereum (ETH) was up by 1.75 per cent at $2,485.68. Its volume to market cap ratio now stands at 0.05202.

Among other major coins, Cardano (ADA) was up by 0.44 per cent at $1.05. Algorand (ALGO), which is known as the Ethereum killer, was up by 4.38 per cent at $0.9436; its market cap is now at $6,177,023,137. Binance Coin (BNB) was up by 3.09 per cent at $384.72, while Solana (SOL) was also up by 3.05 per cent at $95.83 and Polkadot (DOT) by 2.81 per cent to $18.76.

Today’s top gainer was Asgardian Aereus (VOLT), which is up by 331.06 per cent at $186.20. The top loser was Cap (CAP), which saw its entire value eroded.

Meme Coins And DeFi

Dogecoin (DOGE) was up by 8.84 per cent at $0.1486, riding on Tesla CEO Elon Musk’s tweet on McDonalds. Its volume to market cap ratio stands at 0.07333. Rival Shiba Inu (SHIB) was also up by 1.6 per cent at $0.00002147.

Dogelon Mars (ELON) was trading with a gain of 3.41 per cent at $0.0000007993. Floki Inu (FLOKI), was also up by 11.39 per cent at $0.00004132, while Samoyed Coin (SAMO) was up by a massive 28.25 per cent at $0.01888.

In the DeFi segment, YFI ( was trading with a gain of 1.53 per cent at $24,469.19. Terra (LUNA) was, however, down by 3.9 per cent at $63.18. Avalanche (AVAX) was up by 6.89 per cent at $68.75, Uniswap (UNI) was up by 1.4 per cent at $10.86, while Aave (AAVE) rose by 1.48 per cent at $154.79.

Latest Updates

Meta (erstwhile Facebook Inc), which announced its plan to launch a blockchain-based crypto stable coin now called ‘Diem’ (previously known as Libra) back in June 2019, has now decided to completely shut down the project and sell off its intellectual assets to return investors’ money. CEO Mark Zuckerberg has tried numerous times to convince the US Congress about the need for such a stable coin if the US wants to stay ahead of China in technological innovation, but the US Congress could not justify such an innovation which could potentially threaten the existence of the US dollar, reported Bloomberg.

In another development in the US, Eric Trump, son of Former US president Donald Trump, has warned users about a fraudulent actor using their name for running a crypto scam. He has clarified via a tweet post that neither he nor anyone in the Trump family has any affiliation with ‘TrumpCoin’ cryptocurrency.