The push to advance the digital currency ecosystem has taken a new twist. Reps. Tom Emmer and Ritchie Torres have introduced a new blockchain and crypto regulation bill directed at developers. Dubbed the Blockchain Regulatory Certainty Act (BRCA), this bill is the second time it will be introduced in Congress and clarifies the definition of money transmitters, which concerns developers. The BRCA Blockchain Bill: Key Highlight This bill aims to establish that developers who do not custody user funds are not money transmitters. Notably, it provides the necessary legal clarity to position the United States as the top hub for developers. “If you don’t custody consumer funds, you aren’t a money transmitter. Plain and simple,” Congressman Emmer said in an official statement. “The longer we delay this commonsense clarification, the greater the risk that this transformative technology is pushed overseas, harming American investors and innovators.” Providing more context, the lawmaker… Read More at Coingape.com
Shiba Inu (SHIB) has seen a massive spike in daily volume, reaching a total of 224 billion SHIB within 24 hours. This surge has attracted attention due to its connection with a significant rise in whale activity. The increase in large holder inflows and the overall transaction volume suggests a potential shift in market sentiment.
Surge in Shiba Inu Whale Activity
Data from IntoTheBlock shows a notable increase in large-holder inflows, which jumped from 96 billion SHIB on April 13 to 224.34 billion SHIB on April 14. Large holder inflows generally refer to transfers of tokens into wallets that belong to entities holding significant portions of the token’s total supply. A rise in these transactions often indicates accumulation, suggesting that whales may be preparing for a price movement.
This influx of SHIB tokens into large wallets coincided with a 173% surge in large transaction volume. According to the same data, SHIB saw approximately 1.31 trillion SHIB being transacted in large volumes, worth around $15.66 million.
This type of activity is often considered a signal of renewed interest from large investors or whales, who may be positioning themselves ahead of potential price changes. However, the overall trend in SHIB’s price remains uncertain, with the coin experiencing a slight decline in recent hours.
Large Transactions and Market Sentiment
The 173% increase in large transactions indicates that whale traders are actively moving SHIB, which could indicate a shift in market sentiment. These large transactions typically involve trades of $100,000 or more. When such trades increase, it often suggests that investors are rearranging their portfolios, possibly in anticipation of a future rally.
Despite the surge in large transactions, Shiba Inu’s price has not shown consistent growth. As of the latest data, SHIB’s price was down 2.75% in the last 24 hours, trading at approximately $0.00001192.
The fluctuation in SHIB’s price has led to some concern among investors, with many uncertain about the next market direction. The total trading volume has also dropped by 17.73% in the past 24 hours, indicating decreased investor interest following the recent volatility.
Shiba Inu’s Ecosystem and Recent Developments
One factor contributing to SHIB’s price movement is the ongoing developments within its ecosystem. Shiba Inu recently revealed details about its Karma system, which is designed to track user engagement across its network.
The Karma system operates similarly to an experience point (XP) system found in gaming. It allows users to earn Karma points based on their activity within the Shiba Inu ecosystem, contributing to their reputation.
According to Shiba Inu developer Kaal Dhairya, the Karma system is still in its beta phase and will continue to evolve. The introduction of features like this could help increase user interaction within the ecosystem, potentially influencing the demand for SHIB tokens in the long run.
Shiba Inu Price Analysis: Is a Bull Rally Looming?
Despite significant whale activity and ecosystem developments, SHIB’s price has been in a downtrend. It struggled to maintain momentum after rejecting resistance at $0.00001200 and remains under a descending trendline.
The current support level is around $0.00001160, and if SHIB holds at this level, a potential bullish reversal backed by the rising SHIB burn rate could occur.
SHIBUSD price chart (source: TradingView)
However, further downside risk remains possible if the price fails to maintain this support zone. According to the trading view, the next major resistance level for SHIB is $0.00001200, with a potential target of $0.00004 if the price breaks above this resistance.
Sonic publicly revealed that it ended its five-year partnership with Wintermute. A few hours prior, the market maker dumped over $850,000 in S tokens, causing a 6% price drop.
Wintermute was involved in a controversial token dump last month, but today’s events may be part of a normal business interaction. Sonic claimed no foul play, stating that the market maker sold token holdings to return loaned money.
Intel Scout, a Sonic ecosystem decoder, was the first to connect S’s price action with Wintermute’s token dumping. He claimed that the market maker sold around 3 million S tokens in 24 hours, and several other whales disposed of even more.
Sonic’s anonymous Head of Strategy responded to these claims, revealing that the companies had split ways:
24 hours ago, we informed @wintermute_t that we will not be renewing our MM contract. We have been using WM exclusively for 5 years of service.
We have engaged with other MM firms who are willing to provide MM++, they get involved in our DeFi ecosystem, engage with applications…
Sonic’s Head of Strategy went on to state that the company was in talks with several market makers to replace Wintermute.
Specifically, they claimed that CEX only support is “simply no longer enough,” and that this successor needs to proactively engage with Sonic’s DeFi ecosystem, community, apps, and developer team.
Even if Sonic and Wintermute had an amicable breakup, this is not the market maker’s first controversy. In January, the firm faced accusations of market manipulation after $20 million in transactions with Binance.
Nonetheless, today’s actions have not caused a similar scandal yet. If Sonic was dissatisfied with Wintermute’s actions, the company could’ve addressed this, but it didn’t.
It even gave a sympathetic reason for the token sales, explaining that Wintermute needed to return loaned funds. Wintermute, for its part, hasn’t said anything about the episode.
LIBRA is up over 80% after Argentine President Javier Milei disbanded a task force dedicated to investigating the token. The Investigative Task Unit (UTI) forwarded all its information to the national prosecutor’s office.
This may or may not hamper some of the investigations, but there is strong pressure to investigate Milei’s financial ties. This act does nothing to change the criminal charges currently filed against Argentina’s head of state.
“The Government believes that the information collected [by UTI] was forwarded to the Public Prosecutor’s Office, and that the [UTI] has fulfilled its assigned task,” read a decision officially dissolving the UTI. It was signed by President Milei and Minister of Justice Mariano Cúneo Libarona.
Since its launch and collapse in February, LIBRA has never reclaimed anything like its former success, but it’s rallying today. The asset climbed over 80% before dropping slightly.
This isn’t the first time that LIBRA has spiked in accordance with President Milei’s statements and actions. For example, it briefly recovered 60% after Milei reposted a purchasing guide, but a disastrous TV interview sent it crashing again the same day.
Currently, LIBRA is an orphaned meme coin, which does not generally suggest long-term stability.
However, one aspect of the incident does seem easier to predict. Even if the LIBRA-specific task force has been disbanded, several investigations are targeting President Milei’s exact involvement in the project.
Last week, a federal judge ordered the release of financial records from Milei, his sister, and three other associates. These figures also had their assets frozen.
Additionally, domestic LIBRA scrutiny isn’t the only thing that Milei has to worry about. Many LIBRA investors were US citizens, sparking the possibility that American enforcement agencies could prosecute him.
This has not happened, but local media claimed that some of these investors are filing a class-action suit. So much scrutiny will not simply vanish overnight.
