The post Brazil’s $90B Crypto Inflows to Create Meme Coin Hype for Altcoin like Best Wallet Token appeared on BitcoinEthereumNews.com.

Gabriel Galipolo, Brazil’s Central Bank chief, said in a recent event that the use of crypto has surged in the country during the last two or three years. Interestingly, 90% of the country’s crypto volume is linked to stablecoins. Galipolo also expressed concerns regarding taxation and money laundering that come with the excessive use of crypto. Stablecoins are tied to real-world assets such as fiat currencies or commodities and hence are less volatile than altcoins. They act as a like-to-like alternative to paper currencies and have allowed businesses to make easy cross-border payments. As per Chainalysis, Brazilians deposited around $90B in digital assets between July 2023 and June 2024 (12 months). This was only behind Argentina in Latin America, which deposited $91B during the same time. The global volume of stablecoin transfers also reached $27.6 trillion in 2024, which surpassed the volumes of Visa and Mastercard combined. Stablecoin Market Cap Surpasses $200 Billion The global stablecoin market capitalization crossed $200B – an increase of $37B since the appointment of the pro-crypto Trump as the new President of the US. USDT deposits have surged to $43B – up 41% in the last 3 months. A rise in stablecoin volume indicates increasing liquidity in the crypto markets, which is always a positive sign for an upcoming crypto (and Bitcoin) rally. Experts believe the upcoming bull run may be led by stablecoins. The meme coin market saw the most growth throughout 2024, surging by a massive 500% – from $20B to $120B, outperforming any other crypto class. Today, successful meme coins like Dogecoin have a market cap of over $36B. It’s also worth noting that ever since Trump became the president, there has been a massive surge in meme coin activity. He launched his own token called $TRUMP, which quickly rose to $75,…

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Filed under: News - @ February 8, 2025 12:19 pm