Instagram cooperation lets Arweave Coin rise 50%

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Meta, the parent company of Instagram and WhatsApp, may be taking hits on the stock market, Instagram itself is still doing very well with the Gen-Z and iG young people who matter. A partnership with the digital currency Arweave caused the value of the latter to rise 50% in one day.

Zuckerberg

Facebook founder Mark Zuckerberg has long dreamed of collaborating with digital currencies. First he tried to set up a digital currency (Libra) himself in order to break the monopoly of the international banking system.

The whole market is asleep on how HUGE this is. #Arweave is the picks and shovels play. Every NFT on Instagram will be stored on #Arweave

To store on #Arweave , $AR gets locked up on the back end.

Truly deflationary tokenomics. https://t.co/wktKHpHcVa

— CryptoScoop (@CryptoScoopOG) November 2, 2022

However, many financial institutions that had pledged to partner with Facebook to support its Libra currency came under pressure from industry peers who realized that a new digital currency with (hypothetically) 2 billion users would compete with both the US dollar and the US dollar. European Euro. Facebook shelved its plans (and also its name change from Libra to Diem) and focused on the transition to Meta.

Also this last name change to Meta and change of focus, from social media to metaverses, has not been a success yet.

LATEST: $AR (@ArweaveTeam) pumps 66.7% in the past 24 hours following news of @Meta integrating #Arweave to store digital collectibles on @Instagram.

📈: https://t.co/A2J6aVJquJ pic.twitter.com/qPWzS44GQN

— CoinGecko (@coingecko) November 3, 2022

However, Instagram is still doing very well, and their influence was once again evident when they announced this week that users would be able to store (and sell) their photos as NFTs via Arweave’s blockchain.

The currency of the Arweave blockchain suddenly went 50% higher. Arweave is available on Binance.