Coinnerd Weekly Wrap: November 02, 2021

Squid Game Crypto Turned To Be a Scam

The facts

• The infamous SQUID coin based on the popular Netflix series Squid Game suddenly went down in value on November 1, 2021. It lost over 99% of its value rendering the cryptocurrency barely usable.
• SQUID reached an all-time high of $2,861.80 on November 1, 2021. On the same day, it reached its all-time low value of $0.0007926 which is a dramatic decrease.
• A lot of crypto experts were assuming that this crypto coin was a scam and it looks like their speculation was on point. 

Why it’s relevant

• The hype for cryptocurrency has been growing for the past couple of years thanks to its large potential. Sadly it’s this hype that scammers can use to trick us into giving away our hard-earned money into a Pump-and-dump scheme. I guess it’s a cautionary tale to be wary of crypto scammers especially if the coin is too good to be true.
• Ironically the SQUID crypto lived up to its inspiration as it happened to trick tons of people with something too good to be true, take what’s important from them, and get away with it just like in the show Squid Game. 

McDonald Features its very own NFT

The facts

• On November 1, 2021, Mcdonalds brought back its delicious McRib but with a twist… the McRib is also a new NFT by Mcdonalds as stated by a tweet from Mcdonald’s official Twitter account. 
• The McRib NFT is limited in number and it’s a good way to show that the company is keeping up with the times and appreciating its customers since this is also a giveaway for the 40th anniversary of the McRib.
• Only 10 NFTs are available, truly making it a limited edition collectible. 
• Despite its rarity, the McRib NFT is only valued at $20 as a digital asset but its value might rise up over time thanks to its rarity. 

Why it’s relevant

• Mcdonalds is one of the most popular fast-food chains in the world and it’s quite rare for someone to be unaware of the brand. One of their most famous limited-edition sandwiches, the McRib is being featured as an NFT which helps normalize crypto in the eyes of the general public.
• It’s very relevant because the brand helps give cryptos and NFT free publicity which further hypes up the current trend and value that these digital assets can offer. 

3. One of Australia’s Biggest Banks offers Crypto Services

The facts

• The Commonwealth Bank of Australia (CBA), one of Australia’s most prominent banks, declared on November 3, 2021, that it will offer cryptocurrency services to its customers as stated on the bank’s official website.
• The CBA has announced that it has partnered with both Chainalysis and Gemini. Both are leading global platforms involved with cryptocurrency.
• To quote the CBA CEO Matt Comyn:

“The emergence and growing demand for digital currencies from customers creates both challenges and opportunities for the financial services sector, which has seen a significant number of new players and business models innovating in this area. We believe we can play an important role in crypto to address what’s clearly a growing customer need and provide the capability, security, and confidence in a crypto trading platform.”

Why it’s relevant

• Australia is one of the leading countries when it comes to owning cryptocurrency.  It’s impressive that instead of prohibiting the use of crypto, major Banks and corporations are now seeing and using it as an opportunity to grow their business as well. 
• In the case of CBA, a major bank providing crypto services will help address a lot of problems that crypto investors have which is the inconvenience of using cryptocurrency. 
• A mainstream bank that directly offers crypto services will also help boost the security of crypto trading platforms as well.

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.