Moo Deng (MOODENG) price witnessed an impressive rally throughout September, becoming a must-watch token in the crypto space. However, towards the end of the month, the altcoin’s fortunes turned, and it began a steep decline. 

As of this week, Moo Deng has become one of the biggest losers, with its price crashing by nearly 60%. Investors are now left wondering what led to this drastic drop.

Moo Deng Investors’ Mood Has Been Ruined

The market sentiment for Moo Deng has shifted sharply. After reaching an all-time high of $0.355, investor optimism quickly faded. The weighted sentiment, which gauges overall investor mood, has turned negative, signaling reduced confidence in the token’s recovery.

As sentiment declines, so does the chance of a swift rebound. The decreasing enthusiasm has led to lower trading volumes, worsening the price drop. Without renewed buyer interest, the coin’s recovery appears uncertain, raising further concerns among its backers.

Read more: What Are Meme Coins?

On the technical front, Moo Deng’s momentum has also turned decisively to the bearish side. The Relative Strength Index (RSI) has fallen below the critical neutral line of 50.0, a sign that the buying pressure is weak and that bearish momentum has taken over.

The drop in RSI from bullish to bearish reflects the broader market trend for Moo Deng. With the momentum favoring sellers, the coin is likely to experience more downward pressure in the near term. This could potentially drive the price even lower if the bearish conditions persist.

MOODENG Price Prediction: The Hippo Is in Danger

Moo Deng’s price has plummeted by nearly 60% over the last seven days, currently trading at $0.132. For now, the meme coin is managing to hold above the crucial support level of $0.124, but this stability may not last long.

Given the negative market sentiment and bearish technical indicators, Moo Deng’s price could potentially drop below $0.124. If this support fails to hold, the meme coin will slide further, testing the next critical support at $0.099.

Read more: 11 Top Solana Meme Coins to Watch in October 2024

However, there is still a possibility of recovery. If Moo Deng price manages to bounce off the $0.124 support, it could initiate a rise towards $0.180. Breaching this level would invalidate the bearish outlook and push the coin closer to $0.200, recovering some of its recent losses.

Stablecoin issuer Tether is celebrating its 10th anniversary along with the success of its flagship product, USDT.

As part of the anniversary celebration, Tether released a documentary highlighting how USDT has helped users in countries like Argentina and Brazil navigate currency inflation.

Tether Celebrates 10 Years of Bringing ‘Financial Inclusion’ to Billions

In an October 6 statement, Tether CEO Paolo Ardoino reflected on the company’s progress since its inception. He highlighted Tether’s mission to provide financial access to millions, especially in regions lacking traditional banking services.

Tether’s primary product, USDT, a stablecoin pegged to the US dollar, has grown indispensable to global users. Ardoino revealed that Tether has added “tens of millions” of new wallets each quarter, with a user base now reaching hundreds of millions.

“Our focus has always been (and will always be) the last mile. Rich people have already tens of ways to transact and store wealth. We build financial tech for the people left behind,” Ardoino stated.

Read more: A Guide to the Best Stablecoins in 2024

Over the past decade, USDT has grown to become the third-largest cryptocurrency by market cap, trailing only Bitcoin and Ethereum. DeFillama data shows that the asset has a market capitalization of nearly $120 million, controlling around 69% of the stablecoin market.

Despite its achievements, USDT has encountered regulatory hurdles and concerns over its reserves. Over the past months, several European exchanges have hinted at delisting the stablecoin, citing non-compliance with the region’s Markets in Crypto-Assets (MiCA) regulation.

However, Tether is reportedly working on a new technological solution tailored for the European market. This signals its efforts to adjust to evolving regulatory demands around the globe.

Read more: 9 Best Crypto Wallets to Store Tether (USDT)

Meanwhile, Tether is also diversifying beyond its stablecoin operations. The company has ventured into sectors such as telecommunications, artificial intelligence, education, and energy.

Earlier this year, it launched four new divisions — Data, Finance, Power, and Education — to drive its vision of future-ready financial systems. These moves have been accompanied by significant investments in these industries.

“Tether has become a symbol of disintermediation, resilience and stability. From Financial tools (stablecoins) to tele-communications (keet), from Artificial Intelligence to unstoppable education and energy, we believe in the importance of empowering people, communities, cities and entire countries,” Ardoino stated.

BeInCrypto comprehensive Latam Crypto Roundup brings Latin America’s most important news and trends. With reporters in Brazil, Mexico, Argentina, and more, we cover the latest updates and insights from the region’s crypto scene.

This week’s roundup features Binance’s VASP registration in Argentina, Ripple’s expansion into Brazil, and other major developments.

Binance Secures VASP Registration in Argentina

Binance, one of the largest cryptocurrency platforms globally, has reached a major milestone in Argentina by registering as a Virtual Asset Service Provider (VASP) with the country’s National Securities Commission (CNV). This registration strengthens Binance’s commitment to adhering to regulatory frameworks, not only in Argentina but around the world. 

Argentina becomes the 20th country where Binance has secured a license or regulatory registration, following the company’s recent progress in key jurisdictions like India, Kazakhstan, and Indonesia. Binance has already established a presence in other major markets, having secured licenses in Dubai, France, Japan, and El Salvador, which continues to solidify its global footprint.

With this VASP registration, Argentine users can now fully access Binance’s suite of services and tools through both its website and mobile app. This move will make it easier for local users to engage in the cryptocurrency ecosystem, offering them the security of a platform that upholds the highest standards of compliance and protection.

“Argentina is a key market for Binance. We will continue to work closely with the local authorities to develop the industry in the safest and most sustainable way possible. This is for the benefit of the crypto community and society in general,” said Guilherme Nazar, Binance’s director for Latin America.

Read more: How To Trade Crypto on Binance Futures: Everything You Need To Know

Nazar also highlighted Binance’s belief in proactive regulation as essential for the orderly and safe evolution of the cryptocurrency industry, a principle that is central to the company’s ongoing global expansion efforts. This regulatory breakthrough further demonstrates Binance’s commitment to creating a secure, compliant environment for its users while advancing the development of the global cryptocurrency market.

Ripple Expands in Brazil Through Partnership with Mercado Bitcoin

Ripple has launched Ripple Payments in Brazil through a partnership with local exchange Mercado Bitcoin. This collaboration will allow businesses to explore cross-border payments using Ripple’s end-to-end blockchain-based payment solution.

Mercado Bitcoin, the first in Latin America to use Ripple’s solution, will enhance its internal treasury between Brazil and Portugal and offer international payments for retail customers. These customers will be able to make payments in reais via a non-resident account, with funds transferred globally 24/7 and settled within minutes.

“Ripple Payments offers capabilities that are important to crypto businesses, enabling them to streamline operations, optimize liquidity, and improve margins through real-time payment settlement. We are delighted to partner with Mercado Bitcoin, a crypto market leader with more than a decade of experience in providing tokenized services to Brazil,” said Silvio Pegado, CEO of Ripple in Latin America.

Read more: XRP ETF Explained: What It Is and How It Works

Ripple Payments will focus on small and medium-sized enterprises, providing optimized onboarding, global access to over 80 payment markets, and 24/7 liquidity. Jordan Abud, Head of Banking at Mercado Bitcoin, added, “The partnership allows Bitcoin Market to take another step towards internationalization…offering lower costs and a more complete platform.”

Ripple Payments currently covers 80 payment markets, with 90% coverage of the FX market and more than $50 billion in processed volume. For now, the service is available to Mercado Bitcoin customers in Brazil and Portugal.

IMF Urges El Salvador to Limit Public Sector Exposure to Bitcoin

The International Monetary Fund (IMF) has once again urged El Salvador to limit its public sector exposure to Bitcoin and to strengthen oversight of its regulatory framework. Despite the country’s notable 3% GDP growth in 2024, the IMF continues to express concerns about the risks posed by cryptocurrency volatility.

Since El Salvador made Bitcoin legal tender, the IMF has conducted several assessments, maintaining that the risks associated with Bitcoin’s price swings remain significant. While the IMF has adopted a more moderate stance compared to earlier years, it still insists on stricter regulations to ensure economic stability.

“We have recommended reducing the scope of the Bitcoin law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting public sector exposure to Bitcoin,” said Julie Kozack, IMF communications director, quoted by Reuters.

Read more: Who Owns the Most Bitcoin in 2024?

President Nayib Bukele, currently on an official visit to Argentina, remains a strong advocate for Bitcoin, though he acknowledges that adoption rates in El Salvador have fallen short of his expectations. He expressed a desire for greater acceptance among Salvadorans but emphasized that adopting the cryptocurrency has been a free choice for citizens.

Despite the IMF’s warnings, El Salvador continues to purchase Bitcoin through its Dollar Cost Averaging (DCA) strategy. To date, the government has accumulated 5,892.76 BTC, valued at approximately $360.97 million.

Nubank to Reduce Crypto Transaction Fees

On October 2, Brazil’s Nubank Cripto announced plans to lower the fees for cryptocurrency transactions in its app, with the changes set to roll out gradually through October and November. Under the new system, transaction fees will be based on the volume of customer trades, with potential reductions of up to 60%.

According to Nubank, the fee for buying and selling cryptocurrencies could drop to as low as 0.6% per transaction. Customers will have a 45-day cycle to accumulate transactions, after which the fee will be adjusted according to their trading volume. The new system improves upon the previous average rate of 1.6%, which had already decreased to 0.8% between March and September 2024.

The volume tiers Nubank will use to determine fees are as follows:

• Between 0 and 99 reais
• 100 to 1,999 reais
• 2,000 to 9,999 reais
• More than 10,000 reais

Read more: Crypto vs. Banking: Which Is a Smarter Choice?

This fee structure rewards high-volume traders with lower transaction costs, a common practice in the crypto industry, known as “transaction tiers.” Major platforms like Binance also use a similar model. Nubank Cripto expects all customers to access the new system, though the implementation will be gradual.

Transaction fees, essential for on-chain processes, incentivize miners or nodes to validate transactions. While networks like Ethereum have struggled with high fees for years, Nubank Cripto’s new system aims to offer a more user-friendly experience for its customers.

As the Latam crypto scene grows, these stories highlight the region’s increasing influence in the global market. Stay tuned for more updates and insights in next week’s roundup.