As the crypto winter descends upon the crypto sphere like a bad dream, Ethereum (ETH) is one of the few remaining cryptos that is just about struggling along.
At one point, ETH had a whopping market capitalisation of nearly $570 billion. Now ETH is worth around $160 billion (a loss of around 72% in total market capitalisation). However, despite the bear market, the demand for the Ethereum blockchain remains strong due to its cost-effective and energy-efficient proof-of-stake consensus mechanism.
As more and more innovative cryptos such as XRP and BIG adopt Ethereum smart contracts, could this ‘blockchain hypeship [be] well worth boarding’ as the Big Eyes whitepaper lays out? And, in turn, could the success of XRP and BIG finally help ETH break above that pesky $1,300 barrier?
Ethereum Price Remains At A Strong $1,300 Mark After Merge
Created in 2015 by programmer Vitalik Buterin, Ethereum is a decentralised blockchain with smart contract functionality. One of the most profitable cryptocurrencies, falling just second after juggernaut Bitcoin (BTC), Ethereum recently transferred its consensus mechanism from proof-of-work to proof-of-stake.
Proof-of-stake speaks volumes for all crypto platforms and assets functioning on Ethereum smart contracts, as it reduces transaction speeds and costs. Effectively lowering energy consumption by an estimated 99%.
Arguably, because of Ethereum’s blockchain technology and its popularity as a blockchain for crypto platforms and assets, the price of Ethereum’s native token, ETH, has remained steady in the last month. A feat that is incredibly challenging for both ETH and many other market-leading cryptos this crypto winter.
Ripple Thriving After Launching Test For Ethereum Based Smart Contracts
From the 17th of September to the 17th of October, XRP jumped by over 25% on CoinMarketCap despite the current callous economic situation. Completely unprecedented for a bear market, Ripple is exciting holders of XRP who, until now, might have given up all hope on the currency ever rising again.
The native currency of Ripple, a currency exchange and money transfer network, is XRP. The token is mainly used for payment settlements, asset exchanges and remittance systems.
On the 17th of October 2022, Ripple announced they would begin testing an XRP ledger sidechain to be compatible with the Ethereum Smart Contract. What this means for both Ripple and Ethereum is that an increased amount of interest and users could be generated for both Ripple and the Ethereum blockchain.
Big Eyes Coin Is Trend Setting After Raising $8,000,000 In Just A Matter of Weeks
One meme currency built on the Ethereum blockchain is the cute cat Big Eyes Coin. Currently smashing through its presale like nothing seen before during this crypto winter, Big Eyes Coin aims to make the Ethereum ‘Blockchain hype well worth boarding’ for crypto newbies and pros.
Having already raised well over $8,000,000 and almost completed its stage 5 of presale, investors are rushing to buy up BIG, the native token of Big Eyes Coin, before the price of the token increases by 25% for stage 6. The demand for BIG is sweeping the internet by storm as the presale of BIG can jump $500,000 in a single day.
Big Eyes Coin is based around its mascot cat needing to save the oceans so that it can continue eating fish. To complete this goal, a dedicated 5% charity wallet will be used to make donations to ocean sanctuaries. This motive has clearly touched some chords with crypto enthusiasts as Big Eyes Coin has amassed over 50 thousand Twitter followers and does not appear to be stopping any time soon.
Could Big Eyes Coin And Ripple Boost Ethereum’s Price?
As Big Eyes Coin’s and Ripple’s success continues, it is possible that the investment into ETH could increase if people see the efficiency and effectiveness of Big Eyes Coin’s and Ripple’s functionality. Particularly if Big Eyes Coin explodes (as the presale is predicting), then a new interest in energy efficiency, saving the environment, and using the Ethereum Blockchain would emerge.
For more information on the Big Eyes Coin project:
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