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Shiba Inu Becomes Most Talked About Crypto Asset On Social Media, Eclipsing Bitcoin, Ethereum, And Dogecoin

Shiba Inu Becomes Most Talked About Crypto Asset On Social Media, Surpassing Bitcoin, Ethereum, And Dogecoin

Shiba Inu appears to be gaining more prevalence on social media than top coins, including Bitcoin, Ethereum, and counterpart meme coins that have been around for long, like Dogecoin.

On Monday, Shiba Inu was mentioned 419 times in an hour compared to Bitcoin’s 301 mentions in the same time frame according to data shared by CoinTrendz data firm. On Tuesday, the token had 220 mentions per hour more than Ethereum’s 175 and Dogecoin’s 59 mentions in an hour.

A lot of those mentions may be shills or perhaps calls for Robinhood’s listing, but the recent SHIB token price uptick may also be causative. The dog-based coin, which had a market cap of $5 billion in May now has a market cap of $14 billion and is listed in 12th place among top cryptocurrencies on CoinGecko. Two weeks ago, it was 47th on the list.

Shiba Inu is also mentioned regularly by celebrities supporting it, including Floridian NFL star Antonio Brown and Backstreet Boys pop music group member Nick Carter. Plus a lot of volumes also came in after listing on Coinbase.

Shiba Inu also clocked 1 million Twitter followers just last week. The group announced this on Twitter adding that #ShibArmy, a hashtag promoted by a group supporting the cryptocurrency including celebrities, had helped achieve this milestone.

SHIB’s price has been more than impressive this year, gaining by over 237% since April. Last week alone, it was up 392%. In other words, the short and mid-term gains have been impressive. It is up 32% in the last week but 9% down with some traders expecting it to drop 26% in the short term.

Meanwhile, the crypto asset is being used to pay for goods and services online. Many more merchants are expected to add it to the list of tokens they accept for payment, following its recent announcement by NOWPayments, a payment integration service that allows websites and online stores to receive crypto payments from customers. NOWPayments, which was founded by the team behind a popular exchange called ChangeNow, will now include SHIB in the list of cryptocurrencies that merchants can accept from their clients through its technology. This is a huge achievement for the cryptocurrency as it marks a significant utilization in mainstream commerce, just like its relative Dogecoin.

Indonesia’s Central Bank Considers Issuing Digital Currency to ‘Fight’ Crypto

Bank Indonesia, the country’s central bank, is reportedly considering issuing a central bank digital currency (CBDC) to fight the use of cryptocurrency. “A CBDC would be one of the tools to fight crypto. We assume that people would find CBDC more credible than crypto,” said an assistant governor of the central bank. Central Bank Sees::Listen

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Bank Indonesia, the country’s central bank, is reportedly considering issuing a central bank digital currency (CBDC) to fight the use of cryptocurrency. “A CBDC would be one of the tools to fight crypto. We assume that people would find CBDC more credible than crypto,” said an assistant governor of the central bank.

Central Bank Sees CBDC as Tool to ‘Fight Crypto’

Juda Agung, an assistant governor of Bank Indonesia, the country’s central bank, talked about cryptocurrency and central bank digital currency (CBDC) during his parliamentary “fit and proper test” to become the deputy governor of the central bank.

He said that Bank Indonesia wants to issue a digital rupiah to be used as legal tender to fight cryptocurrency, Bloomberg reported, noting that the central bank has been looking into this issue since the beginning of the year.

In Indonesia, crypto assets are traded alongside commodity futures and are regulated by the trade ministry, the assistant governor explained. However, he emphasized that they have a significant impact on the country’s financial system, elaborating:

A CBDC would be one of the tools to fight crypto. We assume that people would find CBDC more credible than crypto. CBDC would be part of an effort to address the use of crypto in financial transactions.

According to the trade ministry, about 7.4 million Indonesians invested in crypto assets as of July, doubling from last year. Their crypto transactions totaled approximately 478.5 trillion rupiahs ($33.3 billion). The Indonesian government is pushing forward with plans to set up a dedicated crypto exchange.

Meanwhile, Indonesia’s Ulema Council (Majelis Ulama Indonesia or MUI), the country’s top Islamic body that holds the authority on Shariah compliance, recently declared the use of cryptocurrency haram, forbidden under Islamic law for Muslims.

What do you think about Indonesia’s central bank wanting to issue a central bank digital currency to fight crypto? Let us know in the comments section below.

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Regulation, Bank Indonesia, CBDC, cbdc vs crypto, cbdc vs cryptocurrency, Central Bank, indianesian central bank, indo, Indonesia, Indonesian, Indonesian central bank, legal tender

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Shiba Inu Becomes Most Talked About Crypto Asset On Social Media, Eclipsing Bitcoin, Ethereum, And Dogecoin

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