META Faces $2.9 Billion Loss + APE Coin Swings To Record Highs

ApeCoin exceeds all expectations, Meta takes a dent, and Edward Snowden reveals that he was one of the six original Zcash creators. My name is Deezy. This is your crypto nightly news wrap-up. Let’s get it! You know a project turns heads when it pumps parabolically despite Bitcoin and the rest of the alts fighting to hold support levels. Attention goes where the money flows. And that has without a doubt been the case for ApeCoin this year. It didn’t always look this promising for the APEs, and they did spend plenty of time swinging around the charts. No pun intended. In March alone, the coin suffered through two heavy corrections, and some of their user base banana split. Be happy if you stayed because once certain news stories broke, the crypto world learned that APEs ain’t monkeying around.

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From its $11 April 17 dip to now, ApeCoin has climbed almost 100% and is currently fighting to break that $23 level. Now, everyone’s eyes are set on the jungle. And just because those apes are bored doesn’t mean that they’re not busy. The most recent pump can be attributed to the anticipation for Yuga Labs’ metaverse project known as the Otherside. Their first NFT sale is scheduled for this Saturday. And reports, “While unconfirmed, the NFTs are suspected to be land parcels for the Otherside metaverse.” You’re able to get in on this Otherside mint first if you pre-registered on before April 1. And those participating will  have to pay with ApeCoin. Although the other metaverse coins like SAND and MANA got a major head start, APE has now passed them all. They recently crossed the $6 billion mark, and APE is now the 25th largest crypto coin by market cap. In this world, the lions are lazy, and that makes the ape the king of the jungle.

We’re here on CoinMarketCap. On the day, Bitcoin is up 1.6% Sitting at $39,805 Trying to break back over $40K And we got Ethereum up 1.82% Sitting at $2,934 Tether still sitting at $1 BNB up 4% on the day Sitting above $400 at a cool $406 Alright. For the biggest gainers of the day, we got ApeCoin up 25% just today Almost 70% over the last seven days Sitting at $24.36 Be sure to check out on Saturday what this coin does. Alright. Next, we got SKALE Network: 19¢ Up 22% on the day Almost 23% PancakeSwap almost up 10% Sitting at $8.29 Alright. For the biggest losers of the day, I know we don’t like losers, but– ZRX down almost 8% Sitting at 81¢ Secret did had a big day yesterday, but it has retraced since. Down 5.5% Sitting at $4.42 Amp down 4% at 2¢.

For a quick USD/Bitcoin chart, it looks like we got a nice bounce right here. We got a strong DBSI number of a 13 bull versus a -3 bear. And we got the money flow and a green dot on the daily. Looks like the VWAP also wants to cross to the upside. That could be pretty good coming into the weekend. Alright. Now, we’re on ETH. We got a green dot on the daily. We got the VWAP coming up into the positive here. And then we got a 9 bull versus a 1 bear. So that’s something to look out for. I’m looking to see if we can get back up here and test the $3,700 mark. Well, that is all I got for market watch.

 Mark Zuckerberg’s Meta

Mark Zuckerberg’s Meta has taken a mega hit. Reality Labs, formerly known as Facebook Oculus, has been dumping big money into their VR metaverse endeavor, and their Q1 earnings were posted on Wednesday. And it turns out they didn’t earn anything at all. In fact, Reality Labs posted a $2.9 billion loss for Q1 this year. In response to this, Zuckerberg remains optimistic. He stated, “I recognize it’s expensive to build this. It’s something that’s never been built before. And it’s a new paradigm for computing and social connection. We expect to be meaningfully better at monetization than others in the space, and we expect that should become a sustainable advantage for our platforms as they develop.” Reality Labs did pocket just shy of $700 million selling things like VR headsets, but that’s a drop in the bucket compared to $2.9 billion. 

Reality Labs is the sector that took the dent, but Meta itself still had a fair Q1. Despite the nasty February crash where they lost a million users and a $251 billion, Meta’s Q1 total revenue was still $28 billion in the green. I expect Zuck and the team to kick it into overdrive for the rest of the year, considering they’re in the small font at the bottom of the page while Elon controls the headlines. I’m not the biggest Zuckerberg fan, but I do respect his willingness to continue to invest in the space after taking a big hit. I don’t respect that they  plan to take 50% of the cut  on their virtual asset sales  in the metaverse though. 50%!? How do you spell greed? META? I’d rather play in The Sandbox. 

Zcash & Edward Snowden 

Edward Snowden blew the whistle on government surveillance in 2013 and is still to this day living under the radar, but somehow, some way, he still makes headlines. It turns out privacy coin Zcash was initially launched in 2016 through a multi-party computation known as “The Ceremony”. Long story short, to maintain security, each of the six creators got a piece of the multi-signature private key, which is a very, very long number. Since they split it up, no single person could infiltrate the integrity of Zcash, which is one of the many reasons that it’s still a trusted privacy coin today.

One of the creators was believed to be known as a man named John Dobbertin. All these years later, we find out it is in fact Edward Snowden. reports, “In a recent message to Zcash co-creator Zooko Wilcox, Snowden agreed to make his participation public knowledge.” Snowden stated, “As long as it’s clear I was never paid and had no stake, it was just a public interest thing,

 I think you can tell people.” If ever Snowden has taught us anything, it’s that privacy should be priority. Before he blew the whistle, he could have kept it zipped up and went on with his life, but he couldn’t live with himself knowing that the government was spying on everyone “for our own good”. To see the sacrifices he has made in the name of privacy should really make people think about why privacy forever should be viewed as an inalienable right. When you really think about it, it’s not much of a surprise to me that he was behind Zcash after all. 

This article is a transcription of a video made by BitBoy Crypto 

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