Monero (XMR), which could see a huge price rise next week, could be due to a community-run bank. Some XMR holders have planned to withdraw large amounts of tokens from centralized exchanges, triggering the rally.
Monero (XMR), which has a market capitalization of $4.26 billion, is the largest privacy cryptocurrency. The token is somewhat controversial in crypto because it offers anonymity and transacts anonymously.
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However, some holders attempt to test this anonymity by creating a supply crunch on centralized exchanges for the token. Monero (XMR) will see its price rise as more Monero moves off exchanges in the upcoming supply deficit.
Friday’s trading price of XMR was $234. The stock has gained 4% in the past week.
Some Monero (XMR-) holders plan to run a bank:
According to a report, a post on the popular crypto subreddit r/Cryptocurrency states that some XMR owners plan to withdraw large amounts of their funds from centralized cryptocurrency exchanges on April 18.
The event is called “The Monerun” and aims to determine if centralized exchanges misrepresent their XMR reserve. Community members believe there is no way to test the token without initiating a liquidity crunch due to its anonymity.
Some community members claimed that exchanges sold Monero (XMR), which they didn’t own. Others claimed that some exchanges already froze withdrawals.
Reddit post had almost 2000 upvotes and 500 comments. Monero Observer reports that the movement is also associated with a telegram group of over 800 members.
Privacy coins are a controversial topic:
Monero (XMR), which uses decoy addresses to hide transaction values, maintains anonymity for users. Privacy coins are a controversial topic because they facilitate anonymous transactions.
They are legal in the United States. However, tokens have been banned in Japan and South Korea due to their potential use for money laundering. Due to possible regulation of the space, some exchanges have stopped accepting tokens.
Source: Google News Trend