Market
Nigeria Turns to Crypto to Combat Inflation and Naira Devaluation

Nigeria recently faced one of the most severe economic crises. Inflation surged to record highs towards the end of 2024. Despite some level of easing, citizens still endure inflationary pressures.
Meanwhile, the Nigerian government is accelerating efforts to regulate cryptocurrency transactions. Prospects are that interventions could boost revenue for the country.
Nigeria Faces Inflationary Pressures
Nigeria, Africa’s most populous nation and largest economy, has long struggled with economic instability. Sources indicate its annual inflation rate soared to 24.48% in January 2025 before dropping to 23.18% in February.
The 1.3% decline suggests the government’s monetary tightening measures may be starting to take effect. However, the country’s naira currency has devalued significantly. It lost 230% of its value against the US dollar over the past year.
“The drop in the inflation rate is mainly due to the rebase of the Consumer Price Index (CPI), not an actual reduction in price levels or inflationary pressure,” highlighted one citizen.
It comes as the country’s import-dependent economy is highly vulnerable to external shocks. Against this backdrop, President Bola Tinubu’s administration implemented bold economic reforms to stabilize the economy.
Among them are the removal of decade-long fuel subsidies and the unification of the country’s multiple exchange rates. However, these measures triggered unintended consequences, such as skyrocketing fuel prices and a severe cost-of-living crisis.
The effects of inflation are particularly devastating in conflict-ridden regions where communities rely on subsistence farming for food.
Crypto as a Hedge With New Regulations on the Horizon
Amid the economic uncertainty, many Nigerians have turned to crypto as a hedge against inflation and currency depreciation. Blockchain analytics firm Chainalysis revealed that between July 2023 and June 2024, Nigerians traded approximately $59 billion in crypto assets.

This surge in crypto adoption reflects a growing distrust in the traditional financial system. It also suggests a desire for more stable and accessible financial alternatives.
Nigerian authorities are finalizing new regulations in response to the rise in crypto adoption. They want to integrate digital asset transactions into the formal economy.
The Nigerian SEC (Securities and Exchange Commission) is drafting policies to ensure all eligible transactions on regulated exchanges are incorporated into the country’s tax network.
A proposed bill outlining taxation policies for crypto transactions and other digital assets is under legislative review. The general sentiment is that it will pass within the first quarter (Q1) of 2025.
Meanwhile, the Central Bank of Nigeria (CBN) is stabilizing the currency and restoring investor confidence. Governor Olayemi Cardoso announced that the bank had cleared $2.5 billion of the foreign exchange backlog, with another $2.2 billion expected to be resolved soon.
Nigeria’s President Tinubu has also ordered the release of food reserves and establishing a commodity board to curb hoarding and stabilize prices.
While Nigeria’s economic crisis leaves millions struggling, the government’s intervention efforts involving crypto taxes and signs of easing inflation suggest a potential turnaround. However, much depends on how effectively authorities implement their policies and whether global economic conditions remain favorable.
At the same time, the country’s cryptocurrency adoption presents both opportunities and challenges. If regulated properly, digital assets could provide Nigerians with financial alternatives that help them navigate economic instability.
Notwithstanding, striking a balance between innovation and regulation will ensure that crypto remains a viable solution rather than a source of new financial risks.
“Currently, Nigeria needs massive investment in both formal and professional education; this is essential to increase our skilled labor force and be competent in today’s global digital economy.Special attention should be paid to areas in Blockchain, Digital Assets, Web3,” one user shared on X.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Ethereum Risks Falling To $1,700 as Number of Whales Decline

Ethereum (ETH) has been struggling, down nearly 30% over the past 30 days as bearish sentiment continues to weigh on the asset. Over the last week, ETH has remained stuck below the $2,000 mark, unable to regain key resistance levels.
While some indicators, like BBTrend, are showing early signs of stabilization, whale activity points to cautious behavior among large investors. As Ethereum trades near critical support zones, the market is watching closely to see if the downtrend will deepen or if bulls can stage a meaningful recovery.
BBTrend Is Now Positive After 6 Days, But Still At Modest Levels
Ethereum’s BBTrend indicator is currently sitting at 0.22, having just turned positive after spending six consecutive days in negative territory.
During that stretch, it reached a negative peak of -17.68 on March 13, reflecting strong bearish momentum.
This shift marks a potential early sign of stabilization for Ethereum. The indicator has crossed back above zero, signaling that sellers may be losing control in the short term, as Ethereum network activity recently hit yearly lows.

BBTrend, or Bollinger Band Trend, is a momentum-based indicator that measures the strength and direction of a price trend relative to its Bollinger Bands. Readings below 0 typically suggest bearish conditions, while readings above 0 indicate bullish momentum.
Thresholds around -10 or +10 often highlight periods of stronger trend conviction. Ethereum’s BBTrend is now back in positive territory after a prolonged bearish phase, suggesting that downward pressure is easing.
However, at just 0.22, the indicator is still at low levels, signaling that while the sell-off might be cooling, the market has yet to transition into a strong bullish trend fully.
Whales Are Not Accumulating Ethereum
The number of Ethereum whales—wallets holding at least 1,000 ETH—has been steadily declining since February 22, after peaking at 5,828 addresses.
The current number of Ethereum whales stands at 5,752, despite a modest attempt at a rebound in recent days, with Ethereum market dominance hitting its lowest levels since 2020.
This gradual reduction in large holders points to a cautious approach among key players. Some whales are reducing their exposure or taking profits as Ethereum’s price action remains mixed.

Tracking whale behavior is crucial because these large addresses often act as market movers, capable of influencing price trends through their buying or selling activity.
A steady decline in Ethereum whale numbers may suggest waning confidence or a shift toward risk-off sentiment among institutional or high-net-worth investors.
This downward trend in whale accumulation could limit the strength of any potential rallies, as fewer large players are positioned to provide strong buying support in the short term.
Will Ethereum Fall Below $1,700 In March?
Ethereum has been under pressure, trading below the $2,000 mark for the past seven days. Sellers have kept the asset pinned beneath key resistance levels.
The current support stands at $1,823, and if this level is tested and broken, Ethereum could decline further toward $1,759 and potentially fall below $1,700 for the first time since October 2023, despite some experts defending its future echoes early Amazon and Microsoft.

However, if Ethereum’s price manages to stabilize and build an uptrend, it could challenge the immediate resistance at $1,956.
A breakout above this level may open the path for a rally toward $2,106, with further bullish momentum potentially pushing ETH to retest $2,320 and even $2,546.
A break above $2,500 would mark the first time Ethereum reclaims that level since March 2, signaling a notable shift in market confidence and buyer strength.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Can OM Reach an All-Time High?

Mantra (OM) is up more than 10% in the past seven days, taking place as the second-largest Real World Asset (RWA) token by market cap. With a market cap of around $6.8 billion, OM is gaining momentum and attracting attention in the RWA space.
Technical indicators are flashing mixed signals, with OM’s RSI cooling off from overbought levels and Ichimoku Cloud structures remaining bullish. As OM trades near key resistance and support zones, traders are watching closely to see if it can extend its rally and set new all-time highs.
Mantra RSI Is Back To Neutral After Reaching Overbought Levels
Mantra’s Relative Strength Index (RSI) reading is 57.89, maintaining levels above the 50 threshold since March 15.
The RSI briefly reached 72.51 yesterday, signaling that OM approached overbought territory before pulling back slightly.
This sustained move above 50 suggests that OM has been in a bullish phase, with momentum favoring buyers over the past several days.

The RSI is a momentum oscillator that measures the speed and magnitude of recent price movements to evaluate whether an asset is overbought or oversold.
Readings above 70 generally indicate overbought conditions, signaling that an asset could be due for a pullback, while readings below 30 suggest oversold conditions, potentially signaling a buying opportunity.
OM’s RSI at 57.89 suggests that while bullish momentum is still present, it is currently at moderate levels.
OM Ichimoku Cloud Shows a Bullish Setup
Mantra is currently showing a bullish structure on the Ichimoku Cloud chart.
The price is trading above the cloud, which indicates that the overall trend is still bullish. This solidifies Mantra as one of the biggest RWA coins in the market.
Additionally, the cloud ahead has flipped green, suggesting that if the structure holds, future momentum could continue to favor buyers.

The Tenkan-sen is positioned above the Kijun-sen, reinforcing short-term bullish momentum, although the price recently pulled back after some upward movement.
The Chikou Span is also above the price action and the cloud, supporting the bullish outlook.
However, if the price starts to consolidate or dip toward the Tenkan-sen and Kijun-sen, it could signal a potential pause in momentum or a shift toward a more neutral trend if those levels fail to provide support.
Will Mantra Make New All-Time Highs In March?
OM’s EMA lines are signaling that a golden cross could soon form, which would strengthen the bullish outlook.
If this pattern is confirmed and Mantra can regain the strong uptrend seen in past months, it could break through the resistance levels at $7.39 and $8.16.

A breakout above these areas could allow OM to test price levels above $9 for the first time ever, potentially setting new all-time highs and possibly making OM surpass Chainlink as the biggest RWA coin in market cap.
On the other hand, if the current bullish momentum fades, OM could decline toward support at $6.57.
A loss of this level could trigger further downside toward $6.15, and if bearish pressure persists, the price could fall as low as $5.85.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Burwick Files Lawsuit Against Meteora and Other LIBRA Backers

New York-based legal firm Burwick Law filed a class action lawsuit against the main parties involved in LIBRA, the Argentinian meme coin scandal. The lawsuit specifically targets KIP, Meteora, and Kelsier, but not President Javier Milei.
Over the past few months, the firm has filed several lawsuits against meme coin projects. It alleges serious financial misconduct from all these parties.
A LIBRA Lawsuit in New York
Given the firm’s recent actions, Burwick Law seems to be in a legal war against meme coin scammers. In December, it filed a suit against Hawk Tuah’s promoters. A month later, it sued Pump.fun, accusing the platform of IP violations.
Yesterday, Burwick filed another class-action lawsuit, this time centered around the LIBRA meme coin.
“Tonight, our firm filed a class action complaint in the Supreme Court of New York on behalf of our client. We allege that Kelsier, KIP, Meteora, and related parties orchestrated an unfair token launch (LIBRA), allegedly misleading purchasers and harming retail investors,” the firm claimed via social media.
The LIBRA launch in February turned into a massive fiasco, and this lawsuit joins active investigations and arrest warrants levied upon the principal actors.
Essentially, Burwick accuses several parties involved with LIBRA of “deceptive, manipulative, and fundamentally unfair” conduct. These people artificially inflated the token’s price and then caused a collapse—otherwise known as pump-and-dump.
Surprisingly, the suit does not name Argentine President Javier Milei as a defendant. In addition to being a significant political figure, Milei also downplayed his direct connections to the debacle.
Instead of targeting him, Burwick’s lawsuit is going after the private companies that directly facilitated the LIBRA launch: KIT, Meteora, and Kelsier.
“The complaint details how, according to our allegations, one-sided liquidity pools were used to artificially inflate LIBRA’s price. We further allege that approximately 85% of supply was withheld at launch, enabling insiders to profit while everyday buyers bore the losses,” Burwick Law stated.
Who Were the Culprits Behind the LIBRA Scandal?
The initial name behind the LIBRA meme coin launch was KIP Protocol, a Web3 AI base layer. However, the firm completely distanced itself from any rug pull allegations.
KIP claimed that it did not launch or profit from LIBRA and that it was only asked “to assist in managing the project’s financing initiative.” The other firms, however, have much clearer connections.
Meteora, a decentralized crypto exchange, was thoroughly involved in LIBRA. The company’s co-founder resigned in the immediate aftermath but maintained his innocence.
Notably, Meteora’s reputation was already damaged by the TRUMP meme coin. This small exchange was the first platform to host the token, which increased its TVL by over 300% in days to over $1.9 billion.
Kelsier Ventures, LIBRA’s market maker, seems especially vulnerable to lawsuits. In a shocking interview, CEO Hayden Davis defended his actions, admitting to past scams and claiming he did nothing out of the ordinary.
Davis was in talks to launch a similar meme coin with the Nigerian government and was recently tied to a Wolf of Wall Street-themed meme coin. It’s no wonder that Davis, of all the names involved with the whole scandal, is the only person with an active arrest warrant against him.
Additionally, data engineer Fernando Molina alleged that these parties tried to launch two other Argentina-centric tokens before LIBRA. A few telltale fingerprints connect it with ARG and MILEI, such as shared wallets, liquidity pools, and timing. Molina suggested that LIBRA’s creators could’ve created these assets as test coins, but isn’t certain.

There are quite a few unanswered questions about the whole LIBRA scandal, and it’s unclear how they’ll play into the lawsuit. Hopefully, investigations can help clear up some of the biggest mysteries.
After all, political meme coin schemes like this can damage the reputation of the whole industry. So, the current lawsuit from Burwick might be in everyone’s best interest.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
-
Market24 hours ago
Cardano (ADA) Bulls Advance as Sellers Lose Grip
-
Altcoin21 hours ago
Dogecoin Price Eyes Rally to $1 As One Million DOGE Wallets Rising
-
Market21 hours ago
Pi Network (PI) Risks Falling Below $1 As Bears Take Control
-
Altcoin20 hours ago
Mubarak Meme Coin Trader Turns $232 Into $1.1 Million, Here’s How
-
Market20 hours ago
Critical Exploit Hits BNB Chain’s four.meme: SlowMist Raises Alarm
-
Market23 hours ago
Onyxcoin (XCN) Price Signals a Potential Rebound After 45% Drop
-
Market22 hours ago
How Will the Fed’s Interest Rate Affect the Crypto Market?
-
Market16 hours ago
Crypto.com Reverses 2021 Token Burn, Re-Mints 70B CRO