NFT conquers the world, Shiba is looking for the bottom, and fees fall on the Bitcoin network

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The incorporation of NFT into Collins’ British Dictionary of English is truly revolutionary. It indicates that non-fungible tokens are becoming a part of our life.

Today, not only show business stars are engaged in digitization, but also athletes. For example, the Russian football Premier League has partnered with the Sorare platform to issue digital team cards.

Meanwhile, the Shiba Inu (SHIBA) meme token is rapidly falling in price. The coin lost 60% in value in four weeks. Most likely, the bottom has not yet been reached, and a big sale awaits us in the coming days.

A curious situation is developing in the bitcoin network – against the background of a weakening of transactional activity, fees are decreasing here.

New Universe?

The Collins Dictionary announced the NFT as the word of 2021, recognizing the revolutionary nature of change in contemporary culture. British philologists define NFT as a unique digital code that secures the ownership of any digitized instrument.

Stars of show business and sports are entering the non-fungible token market. Initially, this industry was mastered by the West. Now the previously missed catch-up in the Russian Federation. The first batch of digital cards of football clubs was issued by the Russian Premier League. The project is being implemented in partnership with the fantasy sports platform Sorare, founded in 2018.

The RPL press center reported that digital versions of Zenit, CSKA, Spartak, Krasnodar, Dynamo and Lokomotiv cards are available to users. NFT presentations of other Russian football clubs will appear in the near future.

According to Sorare founder Nicholas Julia, the platform acts as a bridge between fans and their favorite teams. RPL President Ashot Khachaturyants stressed that the Russian league was among the national championships that were the first to enter the NFT market.

SHIBA will drop to zero?

In early September, Tesla CEO Elon Musk launched the famous Shiba Inu (SHIBA) cryptocurrency race with comic tweets. This coin has shown stunning performance, breaking record after record, and on October 28 soared to $ 0.00008845.

HYIP was raging on social networks, Internet users were not only interested in the token, but also aggressively invested in it. The surge in trader activity and high demand literally forced many trading platforms to list SHIBA.

But the October pumping peaked at the beginning of November. Then the whales that accumulated the largest volume of cryptocurrency began to predictably sell it at the top. And over the past 4 weeks, the popular coin has fallen in value by 60%. On Thursday, November 25, the SHIBA rate fell to $ 0.00003612.

During the day, the token bounced back a little, added about 8% and by the evening was trading at $ 0.00004058. Altcoin capitalization in seven days decreased by 9% – to $ 22.19 billion. SHIBA flew out of the TOP-10, dropping to the 12th line of the CoinMarketCap rating.

Traders believe that SHIBA has not yet bottomed out and the pullback will continue in the coming days. The buy zone is expected to be around $ 0.00002394. It is from this level that the coin should bounce. In order to prevent a protracted correction, investors who bought at such values ​​will start buying.

Nevertheless, SHIBA is still popular on the Binance exchange. This token is among the top five altcoins that traders are interested in. On this platform, Binance Coin (BNB) holds the first place, while BTC has slipped to ninth position.

Why are Bitcoin fees going down?

On Ethereum, transaction fees are rising, while on the Bitcoin network, they are falling. Researchers at Arcane Research say that over the past week, operating fees fell by about 26% to $ 2.44. Average daily commissions decreased from $ 996,000 to $ 700,000.

Analysts attribute this trend not only to a weakening of user activity and a drop in demand for sending funds, but also to a more extensive use of the capacities of the second-tier blockchain, known as the Lightning Network. Recall that this network was created as an auxiliary one – for processing bitcoin payments.

Since the beginning of 2021, it has grown significantly. The average number of transactions on the blockchain has dropped from 350,000 to 270,000 per day.

Analysts also drew attention to the more frequent use of SegWit transactions. Such operations are cheaper, since there is no need to sign the deal. Judging by the graph from Arcane Research, the share of SegWit transactions has increased since May – from 50% to 80%. Moreover, researchers have been recording a phased reduction in commissions since spring.

Bitcoin is gaining in value on Thursday. Now the BTC rate is holding at $ 58,608 (+ 4.35%). The market is gradually recovering after last week’s losses.

Sources: Arcane Research, CryptoDiffer, CoinMarcetCap, Bitcoinidt, Twitter, NewsBTC, RPL, CoinTelegraph

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