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This Week in Crypto: Argentina Explores Bitcoin, Shiba Inu Update, Meme Coin Scams, and Solana ETF

4 mins
Updated by Harsh Notariya
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In Brief

  • Argentina explores Bitcoin adoption, seeks to collaborate with El Salvador on regulatory strategies.
  • Shiba Inu’s Shibarium update reduces bridge time, boosting user experience and market position.
  • Normie meme coin suffers 99% crash due to exploit; recovery efforts underway after partial asset return.
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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 a 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

Argentina Crypto Users
Argentina Crypto Users. Source: Statista

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 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. They are now focusing on recovery and token relaunch efforts.

Read more: Crypto Project Security: A Guide to Early Threat Detection

Normie Price Performance
Normie Price Performance. Source: BeInCrypto

Shiba Inu Enhances its Network

On Thursday, Shibarium, the network behind Shiba Inu (SHIB), announced a major update to reduce the bridge time between Shibarium and Ethereum (ETH) 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 improved 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.

However, in the past 24 hours, Shiba Inu has declined by around 1%, currently trading at $0.00002597.

Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030

Shiba Inu Price Performance
Shiba Inu Price Performance. Source: BeInCrypto

Caitlyn Jenner’s Crypto Controversy

In celebrity crypto 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 highlighted concerns over influencer-driven crypto ventures and the potential for scams. Despite these challenges, Jenner affirmed her continued commitment to the JENNER token, hoping for better governance and transparency in the future.

Mt. Gox’s Historic Bitcoin Movement

The crypto community was abuzz with news of Mt. Gox, the defunct crypto 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.

Read more: Top Crypto Bankruptcies: What You Need To Know

Mt. Gox Bitcoin Exchange Reserve
Mt. Gox Bitcoin Exchange Reserve. Source: CryptoQuant

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 crypto 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 crypto assets. Toncoin (TON) recorded the highest gains among the top crypto assets, with a 4% increase, while Bitcoin and Ethereum showed modest gains.

Meanwhile, Shiba Inu briefly flipped the market capitalization of Cardano (ADA) on Wednesday. However, Cardano quickly reclaimed its position, currently ranking 9th.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Top 10 Crypto Assets by Market Capitalization
Top 10 Crypto Assets by Market Capitalization. Source: CoinMarketCap

This week’s developments illustrate the vibrant and volatile nature of the crypto market, encompassing regulatory advancements, technical updates, and the ever-present risks of meme coin investments.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...