The crypto community’s attention shifts to the ongoing Russia-Ukraine conflict as it enters its second week.
Data from Santiment suggests that the escalating Russia- Ukraine conflict has taken centre stage in the minds of the trading community. As the invasion enters its second week, there have massive spikes in war and crypto-related topics across social media. However, issues relating to the Feds and its planned interest rates, which have dominated since February last year, has become dormant.
Source: Santiment
Crypto Shines Through The War
Cryptocurrencies continue to take centre stage in the ongoing crisis offering refuge to Ukrainians and Russian in the face of economic uncertainties. Data shows that Ukraine’s government has received over $50 million in crypto donations to fund its defence efforts. On the other hand, Russian citizens have turned to digital assets to protect themselves from imposed sanctions.
The growing support saw Ukraine’s government announce a now-cancelled airdrop to reward those who made donations to them. Shortly after the initial airdrop announcement, over $7 million worth of contributions were made. This made the government reconsider the initiative and proposed an NFT collection in support of the army.
Consequently, it is easy to see why social media sentiment has turned towards the war and crypto. As crypto continues to hug the limelight, social media has provided a quick avenue to disseminate information. This has caused every other topic to take a back seat and public interest in the conflict to increase.
More Digital Assets Now Accepted By Ukraine
Meanwhile, Polkadot, Solana, and Dogecoin have already been added to the Ukrainian government’s list of assets currently accepted. Mykhailo Fedorov, Ukraine’s vice prime minister, revealed that his country now accepts Dogecoin donations. He went further to include the country’s official DOGE wallet address. He further took a jab at the Russian Ruble, whose value has fallen since the crisis began.
So far, the official DOGE wallet in Ukraine has received over 1,607 donations totalling roughly 669,493 DOGE, more than $85,000 at the time of publication.
Alongside the meme coin, Ukraine’s government also released a Polakadot address for receiving donations and partnered with Solana. Earlier in the week. Fedorov mentioned the Aid For Ukraine’s initiative. A partnership between the Ukraine, Everstake, and Solana to raise funds for war efforts.Furthermore, data reveals that the Ethereum chain accounts for the bulk of the crypto transactions made to Ukraine. The reason for this may be the new interface built by UniSwap. The new platform allows the swap of any token for ETH and then sends it directly to the Ukrainian government in a single transaction. This has simplified the process for willing donors who can conviniently contribute money conveniently.
The ongoing conflict has definitely caused the general awareness about cryptocurrencies to permeate public discourse. The growing awareness has allowed people not conversant with the tech to interact with it. the y either use the medium to help Ukraine or transfer their wealth into crypto so as to preserve it.
Do you think the increase social media attention is bullish for cryptocurrencies? Do let us know your thoughts in the comments below.
Chris is a crypto enthusiast and a firm believer in the blockchain’s ability to create a new financial paradigm. Through writing, Chris hopes to expose the intricacies of this disruptive technology and how it is beneficial to Africans and developing countries. He aims to give readers a rational and unbiased outlook of the industry by equipping them with the necessary information to make enlightened investment decisions.
