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Will Smith Inu coin surges 500%; slap NFTs sell for $47,000

By Daniela Ešnerová


Updated

NFTs of Will Smith attacking Chris Rock hosted on OpenSea.
The collection’s total trading value was 13.7 ETH ($47,079) at the time of writing – Photo: OpenSea

The hottest topic in crypto right now is not bitcoin’s (BTC) resurgence to new highs. It’s a coin inspired by Will Smith slapping Chris Rock at Sunday’s Oscars.

The Will Smith Inu is up 500% in the last 24 hours, according to CoinMarketCap at the time of writing, and had a trading volume of $567m. Meantime, bitcoin is up 2% in the same period as it rebounds from lows touched in late February.

Smith’s act was also turned into a collection of non-fungible tokens (NFTs). OpenSea, the biggest NFT tokens marketplace, currently features more than 2,000 NFTs of the slap moment selling from 0.0019 ETH ($6.50) to 69 ETH ($236,490.60). The collection’s total trading value was 13.7 ETH ($47,079).

Some market watchers interpreted the virality of frivolous coins as a sign of better times in the cryptocurrency market. “The Will Smith slap marked the end of the crypto bear market,” the founder of Bankless, Ryan Sean Adams, noted on Twitter. “Slapped the bears back into hibernation.”

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Chart of the day: Total market cap is up $300bn some week on week

Cryptocurrency market total capitalisation. The total cryptocurrency market capitalisation is now some $300bn up week-on-week. – Photo: TradingView.

Other crypto news:

  • Inflows into digital asset funds hit a four-month high, according to CoinShares’ weekly report. The funds’ assets under management grew some $198m in the week ending 25 March 2022.

Top cryptocurrency coins by market capitalisation

  • Bitcoin (BTC) added 1% to $47,660
  • Ethereum (ETH) grew 2.7% to $3,436
  • Binance Coin (BNB) was trading at  $438 – up from 0.7%.
  • Winners and losers

  • Waves (WAVES) added a staggering 64.3% in a day.
  • ApeCoin (APE) is down 6.8% over the last day of trading.

Markets in this article

BNB/USD
Binance Coin / USD
603.26 USD
-4.63 -0.770%
BNB/USD
Binance Coin / USD
603.26 USD
-4.63 -0.770%
BNB/USD
Binance Coin / USD
603.26 USD
-4.63 -0.770%
BTC/USD
Bitcoin / USD
67773.55 USD
-720.6 -1.060%
ETH/USD
Ethereum / USD
3792.92 USD
-51.45 -1.340%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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