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As The Crypto Collapse Eases Out, Big Eyes Launches To Rival Dogecoin And Floku Inu As King Of Memecoins

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As The Crypto Collapse Eases Out, Big Eyes Launches To Rival Dogecoin And Floku Inu As King Of Memecoins

The crypto collapse affected all market tokens, and as it eases out, newly listed Big Eyes (BIG) looks set to outpace the existing King memecoin, Dogecoin (DOGE), and Floku Inu (FLOKI) with its new launch. The memecoins were designed to give a lighter perspective to the cryptocurrency market and have been quite successful in recent years. Hang on while we review Big Eyes (BIG) and how it compares to the rest of the memecoins.

Dogecoin (DOGE)

Dogecoin was the first memecoin released into the cryptocurrency market. Billy Markus and Jackson Palmer developed it in 2013 to create poke fun at the rising crypto trends. Forbes Advisor says the misspelling of ‘dog’ to ‘doge’ was intended to make the coin as ridiculous as possible.

Because memecoins in themselves are created for entertainment, they rarely make hallmark performances. Dogecoin (DOGE) was an exception, though, as it gained much popularity among cryptocurrency faithfuls worldwide.

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The prices of such tokens also experience frequent inconsistencies, as celebrity and social media trends affect the following and cryptocurrency prices. This was evident when billionaire CEO, Elon Musk, endorsed the project in 2021. Dogecoin (DOGE) attained an all-time high market cap of about $88 billion in May 2021, which has been dipping ever since.

Dogecoin (DOGE) exists on an individual blockchain, complete with a mining process of its own, which has been instrumental to its sustenance as a token in the cryptocurrency market. According to CoinMarketCap, a DOGE token currently sells for $0.06 as it continues its steady recovery from the bearish market.

Consistent with its memecoin status, Dogecoin (DOGE) has no known developers. The platform is maintained by anonymous developers from within the Dogecoin Foundation. The lack of a developer team is in a bid to place much of the decision-making in the community’s hands.

Floki Inu (FLOKI)

Floki Inu(FLOKI) is a relatively new cryptocurrency token launched in November 2021. One of its main objectives is to support charity movements globally, especially in the education sector. The developers believe DeFi should make lives easier, not just for the rich.

Floki Inu’s (FLOKI) smart contract has been audited by Solidity, and recently, they got Chainlink to secure their smart contract transactions globally. The token was built on the Ethereum blockchain, although it complies with the Binance Smart Chain. This allows users to easily transfer their assets from one blockchain to the other across all wallet platforms.

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Floki Inu (FLOKI) is the token used in Valhalla, Floki’s Metaverse A-level gaming platform. It is useful for player-to-player exchanges as well as coin swaps. Valhalla’s play-to-earn feature further increases the demand for Floki Inu, which improves the token’s market price.

The token is currently priced at $0.00001 per FLOKI in the cryptocurrency market.

Big Eyes (BIG)

Big Eyes is a newly developed cryptocurrency token looking to set the stage in the memecoin sector. The coin features a number of startup protocols that will interest prospective presale buyers.

The token’s smart contract had been audited by Solidity, thus ensuring that crypto assets are kept safe from third-party theft. The development team is also CoinSniper-verified to ensure the total security of the platform. To start, the developers promise to supply 80% of the existing 200,000,000,000 tokens for the presale event, with some 5% going to charities. This way, they are placing their community ahead of the platform’s decisions.

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Another feature in the Big Eyes (BIG) roadmap is that the coin will sponsor charities dedicated to saving ocean life. There will be huge donations towards those charity movements at various points from the presale.

With time, Big Eyes (BIG) developers will introduce NFTs to the platform and maintain an attractive presence on social media and cryptocurrency markets. The developers are also looking to introduce a swapping platform, like UNISWAP, where users can swap tokens for Big Eyes.

The presale event is ongoing, and the launch is incoming. Click here to read more about the project and participate in the presale.

Big Eyes Coin (BIG)

Presale: https://buy.bigeyes.space/

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Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

The post As the Crypto Collapse Eases Out, Big Eyes Launches to Rival Dogecoin and Floku Inu as King of Memecoins appeared first on Analytics Insight.

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EU Bans Crypto Services For Russians In New Sanctions Over Ukraine Escalation

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EU Bans Crypto Services For Russians In New Sanctions Over Ukraine Escalation

An array of crypto-related services have been targeted in the latest round of sanctions on Russia approved by the EU. The measures are part of an expected tightening of the economic and financial restrictions in response to Moscow’s decision to annex Ukrainian territories.

EU Council Adopts Full Ban on Crypto Wallet and Custody Services for Russian Persons

The Council of the European Union announced new sanctions against Russia on the backdrop of the deepening military conflict in Ukraine. The penalties, expected to hurt the Russian government and economy, come after Moscow took steps to annex the Ukrainian regions of Donetsk, Luhansk, Zaporizhzhia, and Kherson.

In a statement, the EU’s High Representative for Foreign Affairs and Security Policy Josep Borrell emphasized that the sanctions are a response to the latest escalation with the “fake referenda” in these four oblasts. Russian individuals and entities that have played a role in their organization will be specifically targeted.

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Other Russian citizens and businesses are also going to take a hit, including those that deal with cryptocurrencies. The new measures include a full ban on the provision of wallet, account, or custody services for crypto assets to Russian persons and residents. That’s regardless of the value of these assets, according to the eighth package of sanctions imposed by Brussels.

This spring, when the EU approved its fifth round of such measures, the Council prohibited only the provision of “high-value” crypto-asset services to Russians and organizations registered in their country. The ban applied to digital funds exceeding €10,000 (close to $11,000 at the time).

New European Sanctions to Hit Russian Imports and Exports

While the earlier restrictions were meant to limit the transfer of wealth through digital assets and close other loopholes in the crypto space, a recent report revealed that pro-Russian groups have been actively using cryptocurrency, often in small transactions, to fund paramilitary operations in Ukraine. According to the research, they have raised $400,000 in crypto since the start of the invasion in late February. Russian authorities have also been working to allow businesses to employ crypto payments for international settlements.

With the latest move, the EU also bans the provision of IT consultancy and legal advisory services to Russia as well as architectural and engineering services. Russian imports and exports have been targeted, too, including the maritime transport of crude oil and petroleum products to third countries. The provision of related services will be allowed only if these have been purchased at or below a pre-established price cap, which is yet to be determined.

Among the other measures is a ban on EU nationals to hold any posts on the governing bodies of some Russian state-owned or government-controlled entities. The Council also decided to broaden the criteria under which persons can be designated as facilitating the circumvention of restrictions imposed by the European Union. The European Commission, the executive body in Brussels, welcomed the latest sanctions package.

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annexation, ban, conflict, council, Crypto, crypto services, Cryptocurrencies, Cryptocurrency, custody, escalation, EU, EU Council, european, European Union, Exports, imports, package, prohibition, referenda, referendums, regions, restrictions, round, Russia, russian, Sanctions, Services, Ukraine, Wallets, War

Do you think the new EU sanctions will significantly limit access to cryptocurrencies for Russians? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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South Korea Court Dismiss Arrest Warrant Against Terra General Head of Affairs, Yoo Mo

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South Korea Court Dismiss Arrest Warrant Against Terra General Head of Affairs, Yoo Mo

Yoo Mo, the head of general business operations of Terraform Labs, had an arrest warrant issued for him, but the Seoul Southern District Court judge in South Korea dropped it because it wasn’t necessary to keep him in custody.

Do Kwon the terra co founder who is wanted by the interpol and more than 194 nations for allegedly breaking South Korean capital markets regulations is reported missing.Yoo was a “essential aide” to Terra founder Do Kwon, according to local press reports.Yoo was also accused of breaking the nation’s Capital Markets Act.

The algorithmic stablecoin UST, which lost its peg to the dollar and caused the Terra ecosystem to collapse in May, had its price artificially boosted and deflated by Terra.

Yoo Mo set free

According to  SBS and Yonhap News, Yoo is no longer wanted for arrest despite all his allegation The arrest warrant was notable because it was the first arrest of its kind in the fallout of Terra’s collapse. Do Kwon himself still remains at large, though the infamous founder said last month that he is not “on the run.”

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South Korean authorities have kept up their pressure on the founder of Terra and LUNA, declaring on Thursday that Kwon must hand up his passport to the cops. If Kwon declines, his passport will expire in two weeks.

On a tweet,Kwon, who has been largely quiet since Terra’s meltdown, came online to refute rumors that the 3,313 Bitcoin that South Korean prosecutors had frozen belonged to him.

‘I have no idea whose money has been frozen’, but Kwon wished them well and hoped they would put it to good use.

According to the time of writing  Terra is currently trading at $0.0002856. In the last 24 hours it has traded as low as $0.0002837 and as high as $0.0003046. The trading volume is $291,576,585 while the market capitalization is $1,969,113,668. 

Due to this news LUNC is set for higher prices but investors are advised to exercise caution since the  market may be volatile.

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Cardano TVL Plummets To 8 Month Low, No Vasil Hardfork Positive Effect

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Cardano TVL Plummets To 8 Month Low, No Vasil Hardfork Positive Effect

Cardano has suffered a significant drop in its total staked volume since its March 2022 peak. The proof-of-stake blockchain has lost over 76% of its total value locked in the past eight months. The decline is alarming, given the decentralized crypto project’s recent Vasil hardfork. 

The Cardano community welcomed the Vasil upgrade with high expectations. The hardfork was meant to upgrade the blockchain’s performance and place it in a position to contend with other top DeFi projects. However, it seems that the update hasn’t been able to deliver much bullishness for ADA holders.

Related Reading: Why “Rosy” Earnings Estimates Might Hurt Bitcoin As Price Struggles At $20,000

Loss Of Staking Value For Cardano

Based on data obtained from Defi Llama, Cardano’s total value locked (TVL) has continuously decreased since its March height. It has now fallen below $80 million for the first time since January 2022.

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More specifically, Cardano’s TVL was reported to be $76.66 million at the time of this writing. This figure reflects a 76.49% decrease from the all-time high of $326 million that it hit on March 24, 2022. This new figure has pushed the staking value of ADA to the levels it had in January 2022.

Cardano is presently ranked 27th among all blockchains regarding the total value of locked (TVL). It is trailing behind blockchains such as Bitcoin (BTC), Algorand (ALGO), Polygon (MATIC), Avalanche (AVAX), and Tron (TRX). Ethereum (ETH), which now has a market value of 32 billion dollars, has a commanding lead.

ADA’s price is currently trading at $0.4289. | ADAUSD price chart from TradingView.com

Can Cardano Reach $1?

ADA and most other cryptocurrencies suffered through a gloomy month in September. However, crucial updates and strong token fundamentals suggest that ADA might be set for a breakthrough in October. This is generally a bullish month for the cryptocurrency markets.

Nevertheless, it seems unlikely that Cardano will be able to reach $1 in the next four weeks. This is because major technical indicators like the RSI and MACD are below 50, signaling a negative trend.

Cardano Making Waves In Other Areas

Despite the fact that Cardano’s staking value has dropped significantly, there are some positive developments happening within the project’s space. For instance, Cardano is among the ten most popular cryptocurrencies picked by banks that disclosed exposure to the innovative asset class. The findings were reported by the Basel Committee on Banking Supervision (BCBS) of the Bank of International Settlements (BIS).

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Not only that, but Cardano has also been winning in the social media area. The number of daily social mentions of ADA had risen to a 90-day high of 52,470 as of September 23. This brings the total number of mentions to 2.32 million, as per statistics from the social intelligence platform LunarCrush.

Related Reading: Calm Before The Storm? Bitcoin Volatility At Historically Low Levels

Finally, Cardano has the support of several bulls who have expressed their confidence in the project. The cryptocurrency community at CoinMarketCap is positive on the price of Cardano by the end of October. Based on a poll, members have predicted that ADA would trade at $0.5873 at the end of the month. This was 36.77% higher than its $0.4294 price at the time of writing.

Featured image from Pixabay and chart from TradingView.com

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