Shiba Inu has become a popular cryptocurrency among social media users
What is the influence of social media over cryptocurrencies? Well, the answer lies in the recent Shiba Inu price rally. Recent reports reveal that social media buzz around Shiba Inu is hyping up the value of the token. Accompanied by the amplified whale interest, and the developers’ newfound interest to extend SHIB facilities over to the metaverse, the memecoin has successfully become one of the most-talked cryptocurrencies in the economic markets. Analysts also predict that the increased hype around SHIB will help the crypto outperform all other meme coins and is now the top-ranking token in terms of the cryptocurrencies that are held by the top 500 ETH whales in the world.
Due to its growing social media chatter, SHIB has reported a surge of 8% in terms of social mentions and a 10% surge in social engagements. In a nutshell, social media sentiments around SHIB are extremely positive, despite the market’s present volatility. But now the real question that arises is, what happens to Shiba Inu if the social media buzz ends? The crypto has failed to perform and entice investors for quite a long time, which is why the developers have been trying really hard to help grow the token into becoming equal with its competitors. Now, the challenge is that Shiba Inu is a popular cryptocurrency, but it does not yield valuable or competitive real-world use cases. It is only a matter of time before SHIB’s competitors will start yielding more plausible real-world uses, and the social media chatter around the self-proclaimed ‘Dogecoin-killer’ will cease to exist.
The Shiba Inu ecosystem is focusing on burning tokens in order to increase its market value in the future. But the increase in burnt tokens, with the boost in social media attention has not affected the volume of SHIB tokens, since the memecoin’s volume is currently quite stable. Quite recently, crypto whales have been loading up their wallets with SHIB tokens, hence, investors must prepare for a bullish price rally in the coming months.
The post Shiba Inu’s Recent Short Price Rallies are Triggered by Social Media Influence appeared first on Analytics Insight.
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.
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 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.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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.”
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
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.
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.
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).
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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