Cryptocurrency "Mining Boom" Is Over?

Recently, the price of graphics cards on the market has plunged in a large area, ending the more than two-year price hike mode. What is the reason for the sharp drop in the price of graphics cards, and how big is the drop? The reporter recently visited the Huaqiangbei market in Shenzhen (Huaqiangbei Electronics Market).

Cryptocurrency "Mining" tide ebbs, graphics card prices plummet across the board

In Huaqiangbei, Shenzhen, known as the "First Street of China's Electronics", many stalls are equipped with boxes of popular models of graphics cards. The merchants told reporters that the prices of graphics cards of various brands have dropped sharply, and the current prices are close to two-year low.

A merchant in Huaqiangbei, Shenzhen: Now the price has dropped, and some have dropped by about 1,000 yuan in the past month.

Lines from Spring Festival Gala Caused A virtual currency to Rise by 1000%

The wind of the Metaverse also blew into the Spring Festival Gala of the Year of the Tiger.

On the evening of January 31, in the Chinese CCTV Spring Festival Gala sketch comedy "Repay the Money", Shen Teng's lines "I'm dealing 'dogs' in the Metaverse" instantly ignited the audience's enthusiasm for investment of cryptos. According to the trading platform CoinMarketCap, a virtual currency of the same name, Doge king, once rose more than 1000%.

Doge Kings Rose Sharply on Lines from Spring Festival Gala

In the comedy, Shen Teng, a popular Chinese actor self-proclaimed to be a "Dog King" in the Metaverse.

The 2022 Spring Festival Gala's Happy Twisted Piece "Repay The Money" is the sixth time that Shen Teng and Ma Li have collaborated on the stage of the Spring Festival Gala.

Shen Teng, who played a deadbeat, hid at home in order to default on his debts and refused to pay the property fee. When two of his close classmates came to ask for money, he began to pretend to be sick again, among other tricks.

When his classmates were determined to demand for repaying, Shen Teng simply threw out the concept of "metaverse", saying that he was "playing a dog" in the metaverse, and this investment field is still blank and promising.

Shen Teng said that, he is the "dog king" in the metaverse, and his wife is the "dog queen".

The two old classmates are kind and easy to deceive. As soon as they heard that this is a new field of investment, they could not wait to take out all their money immediately, wanting to be the major shareholders in this investment industry.

Dogeking, the virtual currency of the same name, is instantly popular!

And the key point is coming. This may be the funniest and most absurd thing about the Spring Festival Gala. After the program, the namesake virtual currency Doge King, once rose by more than 1000%.

According to the China Securities Journal, on the evening of January 31, Doge King had seen an intra-day increase of 1009.83%, ranking among the top ten gainers of major exchanges, with a 24-hour trading volume of 2.45 million US dollars.

According to public information, the coin is a token on the Binance Smart Chain, a derivative of Dogecoin, and was launched in November 2021. The liquidity of the coin is locked for one year, and the project is completely decentralized and community-driven. The official website does not give the name and information of the team behind the project, nor does it provide a white paper.

The virtual currency Dogeking has risen sharply in this round. Industry insiders remind investors: "The surge of virtual currency Doge King can be regarded as a kind of fan economic effect. However, the actual application value of this currency is small, and the chips are too concentrated, and prone to the risk of market manipulation. The current price surge is more due to marketing hype, and the possibility of large currency holders selling and leaving the market cannot be ruled out in the later stage, so the risk is high.”