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Monero is experiencing a significant uptick in discussions across social media following the announcement of LocalMonero’s closure, according to Santiment data., citing a mix of internal and external factors. After nearly seven years of operation, the platform is winding down its exchange operations, immediately ceasing new sign-ups and ad postings. This triggered an increase in discussions around Monero.
Despite the closure, the LocalMonero team expressed confidence in Monero’s future. They highlighted the ecosystem’s maturation over the years, the coming launch of Monero DEXs like Haveno and Serai, and thePrivacy advocate “Seth For Privacy” lamented the closure in a post on X, describing it as an “incredibly sad day.” He noted LocalMonero’s rise as a no-KYC Monero ecosystem, emphasizing the absence of a direct fiat-to-XMR alternative.
In response to these developments, several crypto privacy projects have either shut down or restricted access to U.S. citizens. On the other hand, other privacy services like Wasabi CoinJoin and Trezor Coinjoin have been shut down by their founders as the regulatory pressure intensifies. Monero exhibited a mixed reaction to the closure of LocalMonero, witnessing both buying and selling activities in the past 48 hours post-announcement. Currentlyat $129.27, it shows a slight decline from today’s peak of $133.70, indicating a 3% decrease for the day as of the time of writing.
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