Crypto news: We bring you a roundup of what’s been happening in crypto this week. Elon Musk’s Doge drama was the talk of the town this week, along with the arrest of former President Donald Trump.
Doge ON and OFF From Twitter
The week has been a wild ride for holders of Dogecoin (DOGE). The saga started when Twitter replaced its bird logo with the DOGE logo on Monday. It immediately resulted in a 34% price increase, but the price has declined since then.
By the end of Thursday, Twitter reverted back its logo, removing the DOGE. This led to a more than 10% fall in the price of DOGE. Eventually, the price almost returned back to its pre-rally levels.
Crypto News- Socially Speaking
The excitement fueled by the Doge saga spread in the entire crypto ecosystem, as the total social mentions increased by over 15%. According to LunarCrush, the total social mentions were 3.18 million.
Out of these, Bitcoin ranks the highest, with 544,152 mentions. Whereas Ethereum and Dogecoin were mentioned 270,764 and 254,334 times, respectively.
Paxful Bids Adieu
The regulatory challenges in the US are driving away the crypto businesses from the country. And the peer-to-peer Bitcoin trading platform – Paxful became the victim of the rising regulatory uncertainty in the country.
It catered to more than 11 million users. The Chief Executive Officer (CEO), Ray Youssef, wrote, “While I cannot share the full story now, I can say that we, unfortunately, have had some key staff departures. Also, regulatory challenges for the industry continue to grow, especially in the peer-to-peer market and most heavily in the U.S. While we work through these issues, we have taken the most secure option and ask you to explore self-custody and trade elsewhere.”
This Week in NFT Sales
Amongst the top five Non Fungible-Tokens (NFTs) with the highest volume, the Otherside NFT collection witnessed the highest sales, 3405. Whereas Bored Ape Yacht Club saw the highest volume, over $24.4 million.
Donald Trump Arrested, Predicts Demise of USD
As the countries ditch the US Dollars, the sentiment has been turning negative towards its dominance as a global currency. After being arrested this week, Donald Trump attacked the diminishing value of the USD.
The former president says, “Our currency is crashing and will soon no longer be the world standard, which will be our greatest defeat frankly, in 200 years.”
He also pleaded not guilty to 34 felony counts.
Crypto Coin News
This week, while Bitcoin traded in a tight range, Solar’s (SXP) price increased by 46.46% and stole the market spotlight. Whereas the Injective’s (INJ) price rallied 21.24%.
In contrast, Mask Network’s (MASK) price plummeted by 13.57%. And, Arbitrum (ARB) price decreased by 13.22%.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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