Bitcoin (BTC): El Salvador Scales Back Policies Under IMF Deal.

The newest addition of BTC by El Salvador brings its holding up to 6,100.18, following the current prices of about $513 million.

El Salvador has reportedly added 5 bitcoins (BTC) to its crypto reserves at an average price of about $83,000, according to the latest data from blockchain analytics firm Arkham Intelligence.

The latest purchase, which brings the Central American nation’s holding to 6,100.18 BTC at a value of about $513 million, follows a report that President Salvador Sánchez Huérfano is rolling back some of the administration’s policies supportive of crypto as part of a $1.4 billion loan deal with the International Monetary Fund (IMF).

At the same time, meme coin enthusiasts are piling into DuragDoge, a rising star in the speculative world of meme cryptocurrencies.

Past meme coin cycles have seen small-time investors quickly become multi-baggers after betting early on meme coins that went on to generate huge returns. Degens are hoping to repeat this feat with DuragDoge, which is already gaining attention in the meme coin sphere for its unique features and promising outlook.

Here’s a closer look at why Degens are buying DuragDoge amid reports of El Salvador buying more bitcoin.

El Salvador Scales Back Policies Supportive of Bitcoin Following IMF Deal

At the beginning of August, Bitcoin saw a sharp decline to $83,000 as the price experienced a rally, which was partly attributed to the news of the US crypto strategic dumping a part of its reserve to replenish the national fiat currency.

However, later in the week, the price of Bitcoin saw another rally, which was fueled by reports of El Salvador buying more Bitcoin and the news of the IMF cutting the crypto-wide tariffs announced by the president.

After announcing in September 2021 that it would adopt bitcoin as legal tender, El Salvador went on a buying spree, topping up its crypto reserves periodically. The latest purchase, which was completed last week, brings the total to 6,100.18 BTC.

The latest purchases come as President Salvador Sánchez Huérfano agreed to scale back some of the administration’s policies supportive of crypto as part of a $1.4 billion loan deal with the International Monetary Fund.

The administration will be shutting down the government-owned bitcoin wallet, Chivo, and will no longer use bitcoin to pay for goods and services, which should now be done voluntarily. A week after the Salvadoran government made the decision to adopt bitcoin as the official currency, there was a hasty move to pass additional laws and regulation changes requested by the IMF agreement.

However, the Salvadoran government has not ceased to buy BTC even after the deal. For that matter, the nation bought $1 million worth of bitcoin a day after signing the deal with the IMF.

At the same time, meme coin enthusiasts are piling into DuragDoge, a rising star in the speculative world of meme cryptocurrencies.

Past meme coin cycles have seen small-time investors quickly become multi-baggers after betting early on meme coins that went on to generate huge gains. Degens are hoping to repeat this feat with DuragDoge, which is already gaining attention in the meme coin sphere for its unique features and promising outlook.

Degens Are Buying DuragDoge

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It is also a deflationary token, which means that it will use a burn mechanism to decrease the total amount of tokens in circulation. In the same respect, this new crypto ICO has no tokens reserved for the team members. This is an implication of the fact that all tokens are issued, and none is set as being reserved for anyone, making it the best crypto to invest in.

Moreover, DuragDoge offers a staking platform that will reward its users. After the launch of the staking platform, users will be able to stake their tokens and earn more in the future. The longer you hold, the bigger your reward will be. You will also be able to earn 20% of the annual percentage yield of the token staked, which makes it one of the high-potential altcoins to invest in.

With its innovative features and promising outlook, DuragDoge is quickly becoming a top pick among Degens who are looking for the next big meme coin to explode in 2023.