Monero’s Buzz Grows Amid LocalMonero Closure
Monero is generating increased chatter on social media following the shutdown of LocalMonero, as per Santiment data. This surge in Monero (XMR) attention coincides with government moves to regulate privacy-centric assets.
The End of LocalMonero
LocalMonero, a peer-to-peer exchange built on Monero (XRP), recently announced its closure through a blog post. Citing a mix of internal and external factors as reasons, the platform will wind down its operations after nearly seven years. Consequently, new sign-ups and ad postings have ceased, sparking more discussions about Monero.
- LocalMonero ceases operations after almost seven years of service.
- No new sign-ups or ad postings allowed, leading to increased Monero discussions.
Tweet about Monero’s High Discussion Rate
A tweet highlighted that Monero is being talked about at a notably high rate due to LocalMonero ending its services. Governments intensifying their crackdown on XMR and other privacy-focused assets are contributing to this spike in discussions.
Trading Halt and Closure
Starting May 14, XMR trading will stop, with the website going offline on November 7, 2024. Users are urged to withdraw funds from their wallets before the closure date to prevent potential asset loss. Support services will be available until the last day.
- XMR trading halts from May 14, with the website shutting down on November 7.
- Users advised to withdraw funds before closure to avoid asset forfeiture.
- Support services will continue until the final day of operation.
LocalMonero’s Positive Outlook for Monero
Despite shutting down, the LocalMonero team is optimistic about Monero’s future. They mentioned the ecosystem’s growth, upcoming Monero DEX launches like Haveno and Serai, and new privacy features like Full-Chain Membership Proofs (FCMP).
- LocalMonero expresses confidence in Monero’s future prospects.
- Highlighting ecosystem maturation, DEX launches, and privacy feature advancements.
Focus on Privacy Coins
The closure of LocalMonero reflects a broader crackdown on crypto privacy projects by law enforcement. This move signifies a challenging environment for privacy coins and protocols, particularly after Kraken’s decision to halt Monero support for customers in certain regions in April.
- Lasting impact on privacy coins and protocols due to law enforcement pressure.
- Concerns rise following arrests of Bitcoin mixer and Tornado Cash developers.
Regulatory Pressure’s Impact on Monero
Increased regulatory scrutiny has led some privacy projects to shut down or limit access for U.S. citizens. The climate has caused closures of privacy services like Wasabi CoinJoin and Trezor Coinjoin, indicating a challenging regulatory landscape.
- Several crypto privacy projects shutting down or restricting U.S. access.
- Closures of key privacy services amid regulatory pressures.
Monero’s Price Reaction
Monero (XMR) has seen varied trading activities since LocalMonero’s closure, with both buying and selling actions noted. Currently valued at $129.27, Monero’s price has slightly dipped from a peak of $133.70, marking a 3% decrease on the day as of the latest update.
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