RIP Shiba Inu?

Good morning! Welcome to The Daily Moon. ETH is funding Ukraine. Folk band Kalush Orchestra sold their Eurovision trophy at an auction for 500 ETH. The ~$900,000 raised will be donated to the Ukrainian army for fighting Russia.

A Terra-mendous Impact

Thanks to the Terra-Luna crash, the UK government wants to regulate stablecoins. Here, the Bank of England could be allowed to take charge of similar crisis situations.

Tell me moreUnder the new proposal:

• The Bank of England will oversee stablecoins.

• In case a stablecoin crashes, the central bank will step in.

• The Bank of England will appoint administrators to handle insolvencies.

Now, the UK isn’t the only one thinking about this. Singapore’s central bank will work with DBS and JPMorgan to explore digital assets under regulatory watch. South Korea is launching a digital assets watchdog to monitor crypto. Turkey is finalising a crypto bill. And India is discussing it too.

But it’s a hedgeWhile there is some criticism, crypto has also become a lifeline for individuals and governments battling inflation.

1. Kazakhstan earned $1.5 million through crypto mining fees this quarter. And it is planning to earn $1.5 billion in revenue in the next five years from mining. God bless the environment.

2. Argentinians are turning to crypto. Their local currency fell, so Bitcoin is being used to hedge the risks.

3. Nigeria’s Naira is sliding too. But its Bitcoin transactions rose 25% in ~six months.

Taking a detourChina is wading deep into crypto too. But not like other countries. It wants citizens to spend more via crypto but using its digital currency e-Yuan. The communist country even airdropped 30 million digital yuan (e-CNY) to Shenzhen residents. It is in another race to make its digital asset popular.

Crypto=Pension

Who’s thinking about old-school investments? Not even boomers. A new survey says that seniors are interested in crypto.

A coin adventureAmericans want to put money into different instruments. So how can they miss crypto? Nearly 28% of people aged 50 or more are interested in crypto to fund their retirement. Their reason? It is best for asset diversification.

Some buzz is already happening to open crypto to seniors:

• Retirement plan, aka 401(k), providers are taking a keen interest.

• Fidelity Investments, one of the US’ largest 401(k) providers, will allow 20% of the retirement corpus investment in Bitcoin.

We aren’t inThe US labour department isn’t convinced about 401(k) schemes offering crypto yet. It says that retirees won’t be able to bear the market volatility.

Singapore’s deputy prime minister Heng Swee Keat seems to agree as well. He warned investors to stay away from investing in crypto. The Terra-Luna crash has spooked authorities.

Not again, LUNA!

As if a crash and a revival weren’t enough. Terra suddenly has too much to handle. A pricing error for Luna Classic may cause Mirror Protocol to lose its funds. Yes, things are going to get worse. An eight-month-old $90 million loss has been unearthed. Ouch.

Lost outThere was a pricing error for Luna Classic. This is what happened:

• Terra split into two chains. The old token was Luna Classic and the new one was Luna.

• An outdated software was being run for Luna Classic.

• New token Luna’s price was being reported for Luna Classic.

• A user found the loophole and drained funds.

And again…More than $2 million was lost because of this glitch. But not the first time that it has happened. In October 2021, close to $90 million vanished from Mirror Protocol after duplicate accounts were created.

Amidst all this, users are complaining about not getting enough Luna after the fork.

What’s up SHIB?

Something’s brewing. Shiba Inu founder Ryoshi went MIA from the internet suddenly. Ryoshi has deleted all their tweets and blog posts. Whales are on a buy-and-sell spree. And the memecoin is planning a ‘stable’ future.

Vanishing actRyoshi’s web history is wiped clean. Before leaving, they put out a post saying, “I am not important, and one day I will be gone without notice. Take the SHIBA and journey upwards, frens.”

Nobody really knows the reasons behind this exit. But Shiba Inu prices weren’t affected by the move.

Meme to Stable?Shiba Inu wants to be taken seriously. Dropping the memecoin tag, the crypto asset wants to create its own stablecoin. Called SHI, it will be pegged to $0.01. Just for reference, Shiba Inu is trading at $0.00001175 levels.

Now the scary bit is that SHI will be an algorithmic stablecoin. Even as the Terra algo crash isn’t forgotten yet.

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Who are we? There is a lot happening in our world. Everything has layers, and each layer has to be carefully peeled so you, the reader, know how the world of money is changing every day. That’s our promise. Help you unpeel the onions, which are the public markets in the US, India, and crypto, so that you know just a little more.