This week, the largest cryptocurrencies experienced relatively low volatility. However, the meme coin sector was buzzing with activity due to a recent Shibarium update and several controversial celebrity token launches.
Meanwhile, Bitcoin adoption is gaining momentum. El Salvador’s successful BTC strategy has attracted the attention of several other countries.
Argentina’s Bitcoin Ambitions with El Salvador
In its pursuit of crypto adoption, Argentina wants to collaborate with El Salvador, the first nation to adopt Bitcoin as legal tender. Following a high-profile meeting last week, Argentina’s National Securities Commission (CNV) officials engaged with El Salvador’s Bitcoin experts to discuss regulatory strategies.
CNV President Roberto Silva emphasized Argentina’s intent to sign cooperation agreements to enhance their use of Bitcoin.
“El Salvador has emerged as a leading country in the use of Bitcoin and the broader world of crypto assets. We want to strengthen ties with El Salvador. We will explore signing collaboration agreements with their government,” Silva stated.
Despite facing economic challenges and external pressures to regulate crypto, Argentina’s move could significantly boost the Bitcoin community. This reflects an increasing reliance on crypto amidst rampant inflation and economic instability.
Read more: How to Protect Yourself From Inflation Using Cryptocurrency
Normie Meme Coin Faces Severe Market Crash
Last weekend, the Normie meme coin encountered a devastating setback due to an exploit in its contract tax mechanism, leading to a dramatic 99% drop in its value. The breach, facilitated by a flash loan attack, escalated the token supply and reduced its market cap from $41 million to merely $744,300.
Despite this turmoil, the attacker proposed returning 90% of the stolen assets, a gesture accepted by Normie’s developers now focusing on recovery and token relaunch efforts.
Shiba Inu Enhances its Network
On Thursday, Shibarium, the network behind Shiba Inu, announced a major update that drastically reduces the bridge time between Shibarium and Ethereum from seven days to approximately 45 minutes. This enhancement is expected to bolster user experience by allowing faster, more efficient token transfers.
This update signifies a significant improvement in network efficiency and could play a pivotal role in enhancing the cryptocurrency’s market position. Amidst the update, the price of Shiba Inu has seen an 8% surge this week, reflecting positive market reception.
Caitlyn Jenner’s Crypto Controversy
In celebrity cryptocurrency news, Caitlyn Jenner’s entry into the meme coin market stirred controversy after an associate reportedly dumped all tokens following Jenner’s promotion of her coin, JENNER.
The backlash has brought to light concerns over influencer-driven cryptocurrency ventures and the potential for scams. Despite these challenges, Jenner affirmed her continued commitment to the JENNER token, hoping for better governance and transparency moving forward.
Mt. Gox’s Historic Bitcoin Movement
The crypto community was abuzz with news of Mt. Gox, the defunct cryptocurrency exchange, transferring approximately 138,000 Bitcoin, worth around $9.4 billion. This movement, part of a rehabilitation plan approved by the Tokyo District Court, marks a significant step in settling the long-standing creditor issues.
Although there is speculation about potential market impacts, CryptoQuant analysts suggest that immediate selling pressure is unlikely as the transfers occurred within controlled addresses.
“We conclude that there is no immediate selling pressure for Bitcoin from these transactions as the transfers have occurred within the addresses of the same entity (Mt. Gox Rehabilitation Trustee) and are still not available to the open market,” CryptoQuant said in a research report shared with BeInCrypto.
Rumored Delays in Solana ETF Amidst Regulatory Uncertainty
The crypto community is rife with speculation regarding the Chicago Mercantile Exchange’s (CME) plans for a Solana (SOL) futures product. Amidst expectations of an ETF for Solana following the SEC’s approval of Ethereum spot ETFs, the uncertainty about SOL futures contributes to market speculation. This situation highlights the complexities of regulatory classifications, which significantly impact the progress of cryptocurrency ETFs. Experts suggest that Solana’s path to an ETF might face challenges unless it achieves a more decentralized status akin to Ethereum.
This Week’s Crypto Top 10
Concluding this week’s crypto roundup, the market saw varying performances among top cryptocurrencies. Toncoin topped the list with a 4% increase, while Bitcoin and Ethereum showed modest gains. Meanwhile, Shiba Inu’s update briefly pushed it into the top 10 by market capitalization, showcasing the dynamic nature of cryptocurrency rankings.
This week’s developments illustrate the vibrant and volatile nature of the cryptocurrency market, encompassing regulatory advancements, technical updates, and the ever-present risks of digital currency investments. As the landscape evolves, these stories not only reflect the current state of crypto but also hint at its direction in the coming days.
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