Bitcoin Rises To $42k, Shiba Soars 22%, Axie Changes ‘Play-to-Earn’ NFT Economy

---

Bitcoin rises to $42k overnight and has risen some 15% in the past week. More and more Bitcoin maxis are calling for $50k next already but a lot will depend on whether or not tech stocks and markets rebound as well.

In the broader altcoin market we notice mostly the steep rise of memecoin Shiba Inu again which apparently is being snapped up by whales.

Shiba Inu being snapped up

With many already convinced that memecoin Shiba Inu was on it’s way down, the surprise was even bigger when we noticed this weekend that Shiba added 35% in the past week, of which 22% came in the past 24 hours.

$SHIB whales are getting even more control over the token as 26% of the supply is already in their hands https://t.co/65mfpYN9Uk

— U.Today (@Utoday_en) February 6, 2022

It comes as four crypto addresses held by whales could be seen stacking up several billion coins and a Valentine’s day event by Bigger Entertainment was announced.

Alright #shibarmy. If we sell 1,200 more tickets this becomes the largest burn party we’ve had yet. If you haven’t pitched in yet, get your tickets today. All #shib will be burned live on YouTube Feb. 14th at 2pm CST.

We can do this 🙂

Tickets: https://t.co/Z2NxM5DfmF

— Steven Cooper (@iamstevencooper) February 6, 2022

CEO Steven Cooper said Sunday that the company is organizing what could become its “largest burn party” yet next Monday, aka Valentine’s Day.

NFT economy

Axie Infinity is the most successful NFT project of all time because of the way the game has structured its play-to-earn economy. With some $4 billion generated by players, it is understandable why the Axie token rose to an all-time-high of $165 back in November 2021. Now, as Metaverse interest is peaking and more competitors are lurking around the corner, the Axie developers thought it a good moment to restructure their NFT economy model.

Intern notes from @axieinfinity recent article on Upcoming Season 20 & Economic Balancing Adjustments

• Adventure and daily quest rewards eliminated 🚫
• Arena reward structure changed 🏆
• Future Origin burn mechanics leek 🔥
• Energy system is considering a rework ⚡️ pic.twitter.com/Yfkt65EUwk

— The Axie Intern ✏️📋 (@jihoz_intern) February 4, 2022

As such, Axie Infinity will cash out far less of its reward token SLP and aims to cut out rewards for daily quests.

Developer Sky Mavis explained last week:

We believe that these economic changes will allow us to start righting the ship and getting the economy moving in the right direction.

Cubodeluz / Depositphotos.com