Latest Crypto News: Crypto Traders Say Shiba Inu Breed-Themed Tokens Unsustainable, Coinbase Backs Fresh Action To Lift Tornado Cash Ban 

Here are some of the major developments from the world of crypto over the past few days.
Latest Crypto News: Crypto Traders Say Shiba Inu Breed-Themed Tokens Unsustainable, Coinbase Backs Fresh Action To Lift Tornado Cash Ban 

Meme coins outperformed the broader crypto markets in recent days, but there may be a cause for caution ahead as some crypto traders warn of imminent profit-taking. 

Shiba Inu-themed tokens may soon be sold off after beating the larger crypto market for several days, they say. 

Shiba Inu, the mascot of Dogecoin, replaced the social media app, Twitter’s, well-known blue bird logo on Monday. As a result of speculation that Dogecoin (DOGE) would be used more frequently on the Twitter platform now, the price of the cryptocurrency skyrocketed almost instantly, setting a record on its futures markets. 

Other Shiba Inu-themed meme coins increased significantly because of that rise, with the industry as a whole increasing by an average of 14 per cent. Shiba Inu (SHIB), a large-cap token, increased up to 10 per cent, while floki (FLOKI), Kishu Inu (KISHU), and Baby Dogecoin (BABYDOGE), a small-cap token, increased up to 25 per cent. 

Coinbase Supporting Fresh Legal Action to Lift Ban On Tornado Cash 

Coinbase-backed plaintiffs have requested that the US Office of Foreign Asset Control (OFAC) settle for the first two counts from its initial complaint in an Internet privacy related lawsuit submitted in September 2022. 

The motion for a partial summary judgement was filed on April 5, 2023 in a Texas District Court. If approved, the court would make decisions on some factual matters while reserving others for the trial. 

The motion is part of a broader effort to restore Internet privacy rights for United States citizens.

Six people who are supported by the cryptocurrency exchange Coinbase have launched a new lawsuit against the United States Treasury to have the decision to sanction the cryptocurrency mixer Tornado Cash overturned. 

The counts alleged that OFAC had violated the First Amendment’s free expression guarantee and exceeded its legal authority under the International Emergency Economic Powers Act (IEEPA). 

After Public Uproar, Arbitrum Offers Fresh Proposals For Governance. 

The Arbitrum Foundation has published fresh Arbitrum Improvement Proposals (AIPs) for network administration on April 5. The new governance proposals follow the squabble that followed after its initial unsuccessful attempt at governance. 

Arbitrum, also the provider of layer-2 Ethereum solutions, has now published several fresh improvement suggestions. 

AIP-1.1, which addresses a smart contract lockup schedule, spending, budget, and transparency, is one of the new ideas.  

In order to “make governance more accessible,” AIP-1.2 lowers the proposal threshold from five million Arbitrum (ARB) tokens to one million ARB. It deals with amendments to the existing founding papers. 

In a Tweet on April 5, 2023, it confirmed the Arbitrum DAO came to a consensus against its first proposal, AIP-1.  

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