The crypto market is always abuzz with activity. So, it becomes difficult to filter out the most significant pieces of news in the chaos. So, if you are a crypto investor worth your salt, here are the three recent developments you cannot afford to miss.
Shiba Inu Developer Reveals True Identity
2022 has not been a great year for the crypto market as a whole. Shiba Inu has not been an exception to this trend. The coin has dropped in value and has struggled to maintain its relevance. However, while its value is plummeting, there have been a few developments in the meme coin’s world.
One of the most well-known developers of Shiba Inu is Shytoshi Kusuma. Shytoshi Kusuma is an alias of the developer, who has nearly 900k people following him on Twitter. Following in the footsteps of Shiba Inu’s founder, Ryoshi, Shytoshi Kusuma announced that he too would reveal his true identity to the Shiba Inu investors. Kusuma posted a similar message on a discord at the beginning of 2022, but he has not done so. With his new tweet, it is expected that he will come true on this announcement soon.
With the announcement, the prices of Shiba Inu moved slightly upward, but it is not a sustainable trend. Knowing Shytoshi Kusuma’s identity will not materially affect Shiba Inu’s value or utility to users. So, no big price movements are expected from Shiba Inu even if Kusuma’s identity is revealed.
BUSD Faces Accusations
BUSD is a leading stablecoin in the crypto market. It is backed by one of the biggest crypto exchanges, Binance. However, BUSD is suffering from the allegations that Binance is involved in money laundering. The allegations had such a damaging effect on BUSD that the token’s peg to the USD was temporarily disrupted on multiple occasions.
It is also worth noting that most of Binance’s holdings are in BUSD. The crypto exchange holds as much as $21.7 billion BUSD. The only saving grace for Binance right now is that BUSD is issued by Paxos. Paxos is regulated by the New York Department of Financial Services or NYDFS.
However, these credentials don’t seem to be enough for crypto investors. Binance has not been the most transparent crypto exchange out there. It formed a separate legal business in the United States to dodge federal regulations. So, it does not come as a surprise that the Department of Justice has an ongoing investigation against Binance.
All these factors do not inspire confidence in the investors, which has led to higher bearish pressure on BUSD.
Snowfall Protocol (SNW) Holders Rejoice
Snowfall Protocol (SNW) has been conceptualized with a use case of interoperability. It intends to make it easier for crypto users to hold and transfer their crypto assets. Snowfall Protocol’s (SNW) multi-chain bridge connects different blockchains while also offering staking and yielding opportunities.
The best part is that Snowfall Protocol (SNW) has successfully won investor interest. It had one of the most successful crypto presales in 2022, moved to a stage 2 sale that sold out completely, and a stage 3 that opened with a 250% increase in its native token’s price. Even before the Snowfall Protocol (SNW) launch, its developers announced the prototype of its dAPP, which shows how swiftly the crypto is growing. At this pace, experts are already calling it the crypto with the highest growth potential in 2023. Its performance so far justifies the claim.
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