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In a post on X, one analyst has picked out a key on-chain metric that could signal the beginning of a strong leg up, similar to the explosive gains 2017. Currently, Bitcoin prices remain steady and edging higher. However, the coin failed to register sharp upswings, as most traders had predicted before the Halving event on April 20. Flow Indicator Dips: A Bull Run In The Making? Taking to X, the analyst said there has been a sharp drop in the 7-day average Flow indicator at leading crypto exchanges like Coinbase and Binance. When this was highlighted, the Flow indicator pointed to a decline from 161,000 to 76,000 BTC, a nearly 50% drop. Interestingly, a similar pattern emerged in 2017 before Bitcoin embarked on a historic bull run. The analyst said the Flow indicator dropped to 64,500 BTC across exchanges days and weeks later before prices exploded to around $20,000 in December 2017. For now, only time will tell if Bitcoin is preparing for a strong leg up. The coin remains within a bear formation, looking at the candlestick arrangement in the daily chart. Even though prices rose after Halving Day on April 20, sellers are in charge. As it is, the April 13 bearish engulfing pattern continues to define price action. Technically, a close above $68,000 might be the foundation for a rally towards $74,000 in the days ahead. Bitcoin Supply Rapidly Shrinking While the Flow indicator points to declining BTC across exchanges, another analyst has discovered an interesting development. Taking to X, another analyst noted that the available Bitcoin supply dipped below 4.6 million for the first time before April 20, when the network halved miner rewards. Since Halving reduces daily emissions by half, even if the current demand is sustained, the analyst says a supply squeeze will drive prices higher. Even so, as mentioned earlier, whether BTC will rally depends on the pace at which immediate resistance levels are cleared. Historically, prices tend to rally a few months after Halving Day. However, in the past few months, there have been notable deviations. For instance, prices soared to all-time highs before Halving Day. This is the first time this has happened. Beyond technical formations, the United States Securities and Exchange Commission (SEC) approved the first spot Bitcoin ETFs in January 2024. Through this product, institutions are free to gain exposure through shares. These shifting dynamics will shape price action in the current epoch, possibly leading to new deviations from historical performances.
A historical pattern currently forming in a Bitcoin on-chain indicator could suggest that a top may be near for the asset, if not already in. Bitcoin SOPR Ratio Is Forming A Historical Top Pattern Right Now In a CryptoQuant Quicktake post, an analyst has discussed about a pattern regarding the SOPR Ratio. The “Spent Output Profit Ratio” (SOPR) is an indicator that tells us whether the Bitcoin investors are selling their coins at a profit or loss right now. When the value of this metric is greater than 1, it means that profit-selling is dominant in the market currently. On the other hand, the metric being under the threshold suggests the average holder is moving coins at some net loss. In the context of the current topic, the SOPR itself isn’t of interest; rather, it is a different version called the SOPR Ratio. The name may be a bit confusing as SOPR already contains a “ratio,” but the latter ratio here corresponds to the fact that this indicator compares the SOPR of two Bitcoin cohorts: the long-term holders (LTHs) and short-term holders (STHs). These investor groups make up for the two main divisions of the BTC market done based on holding time, with 155 days being the cutoff between the two. The STHs are those who bought within the past 155 days, while the LTHs include the HODLers carrying coins for longer than this timespan. Now, here is a chart that shows the trend in the 7-day moving average (MA) of the Bitcoin SOPR Ratio over the history of the cryptocurrency: As displayed in the above graph, the 7-day MA Bitcoin SOPR Ratio had been heading up throughout 2023 and early parts of 2024, but recently, the metric has hit a top and reversed its direction. Whenever the SOPR Ratio is higher than 1, it means the LTHs, who are generally known to be resolute hands, are participating in a higher degree of profit-taking than the STHs. It would appear that as BTC had observed its rally and approached a new all-time high (ATH), these diamond hands had started harvesting some of the gains they had earned over their long holding time. And once the price set a new ATH, these investors participated in peak profit-taking. Since then, their profit-selling has been dropping off, although they are still harvesting notably higher gains than the STHs. In the chart, the analyst highlights how this pattern has been repeated at different points in the asset’s history. While the scale of the peak LTH profit-taking has been heading down over the cycles, it’s still true that the metric’s top has coincided with tops in the price during each of them. As the line drawn by the quant suggests, it’s possible that the latest peak in the metric may have in fact been the top for this cycle. This is only, however, assuming that the pattern of diminishing returns in the indicator holds to the exact degree judged by the line. It’s possible that the peak will still be higher than the current levels, while at the same time being lower than the previous cycle’s peak, thus still being in-line with the historical Bitcoin pattern. Whatever the case be, though, the fact that the SOPR ratio has apparently hit a top could still be a bearish signal, if only in the short term. BTC Price Bitcoin has been making some steady recovery over the last few days as its price has now surged back above $66,100.
With the crypto market on the rise once again, XRP has seen positive headwinds and this has triggered an improvement in sentiment among investors. This positive recovery has seen more crypto investors move to acquire the altcoin, pushing a very important holder cohort toward new all-time high levels. Wallets Holding More Than 1 Million XRP Nears ATH Over the last year, there has been a lot of selling among XRP investors as the price continued to struggle. This poor performance continued despite Ripple securing multiple partial victories against the United States Securities and Exchange Commission (SEC), prompting investors to jump ship. One XRP holder cohort that witnessed a lot of selling is the addresses holding at least 1 million XRP tokens. At current prices, it would mean that these wallets are holding at least $500,000 on the lower end of the cohort, making this the cohort that includes the dolphins and whales. The number of addresses holding at least 1 million tokens had hit its all-time high back in June 2023. But with the price falling, these large holders began to sell, and at one point, the number of wallets sat around 50 wallets below its all-time high of 2,014. However, with the crypto market moving toward another bull market, expectations are that the price of XRP will follow the rest of the market, prompting large investors to return. Data from Santiment, an on-chain data aggregation platform, shows that over the course of 2024, the number of wallets holding 1 million tokens or more rose steadily and by April, this figure is now sitting at 2,013, one wallet away from reaching its previous all-time high, and two wallets away from setting a new record. Why Are Large Investors Returning? One reason why large investors are returning to XRP could be that the indicators are finally turning bullish for the altcoin. There was also an opportunity for these investors to buy the tokens for cheap when the market crashed and altcoins like XRP suffered almost 40% losses. Related Reading: 3 Major Metrics To Watch Out For That Can Impact Ethereum Prices Popular crypto analyst TonyTheBull took to X (formerly Twitter) to reveal the significance of this price crash. According to the analyst, it was the final capitulation shakeout for the altcoin. Comparing it to a similar shakeout in 2017 shows that after this, XRP could go on a massive rally. The large investors could be expecting this rally as well, hence, why they have been buying up large amounts of coins. If the 2017 rally is anything to go by, then the XRP price could quickly barrel through $1, printing significant returns for investors.
Cardano (ADA), the tenth largest cryptocurrency by market capitalization, has been a rollercoaster ride for investors in recent months. After a steep price decline in March, ADA has seen a minor uptick, leaving analysts divided on its future trajectory. Could a repeat of a historical price pattern propel ADA to new heights in 2024, or are there warning signs lurking beneath the surface? Cardano Mimics 2020: Bullish Echo Or False Hope? Hopeful investors are clinging to a familiar chart pattern. According to popular crypto analyst Milkybull, ADA’s price movement appears to be mirroring its action in 2020. Back then, an “Adam and Eve” double bottom pattern preceded a significant price surge. If history rhymes, a breakout from this pattern could see ADA revisit its all-time high this year. However, historical comparisons are a double-edged sword. While past trends can offer some insight, blindly relying on them can be misleading, especially in the ever-evolving cryptocurrency market. Technical Indicators Flash Green, But Network Activity Sputters Technical indicators often used to gauge market sentiment seem to be painting a bullish picture for Cardano. The Relative Strength Index (RSI) and Chaikin Money Flow (CMF) are both trending upwards, suggesting a potential price increase. Meanwhile, a crucial metric paints a contrasting picture. Cardano’s daily active addresses, which reflect the number of unique users interacting with the network, have dipped slightly in the past few days. This decline in network activity could be a cause for concern, as it might indicate dwindling user interest in the Cardano ecosystem. Cardano’s Future: A Balancing Act The outlook for Cardano remains uncertain. While the potential for a bull run based on historical patterns and bullish technical indicators exists, the decline in network activity raises questions about its long-term sustainability. Investors should carefully consider these conflicting signals before making any investment decisions. Further developments within the Cardano ecosystem, such as the successful rollout of smart contracts or increased adoption of decentralized applications (dApps) built on the Cardano blockchain, could significantly impact its price. Additionally, the overall performance of the broader cryptocurrency market will also play a role in determining ADA’s future trajectory. Featured image from Pexels, chart from TradingView
In the midst of the dramatic changes that have occurred in the cryptocurrency space after the Bitcoin halving event, Bitfinex provides a perceptive analysis that reassures investors that the market dynamics of BTC have remained positive in the post-halving period. Bitfinex examines the on-chain data and finds encouraging signs for Bitcoin in spite of the United States economy’s current state of uncertainty in its most recent Alpha report, which was released on April 22. Bitcoin Market Dynamics Remains Bullish According to the Hong Kong-based crypto platform, exchange withdrawals of Bitcoin are currently at levels not seen since January 2023. This simply indicates that a lot of investors are putting their assets in cold storage in expectation of price rises. Also, the exchange noted that long-term investors’ aggressive selling has not yet caused the usual pre-halving price decline, which suggests that new market participants are absorbing the selling pressure quite well, highlighting the tenacity of the present market structure of Bitcoin. The Bitfinex Alpha report revealed that the average daily net inflow from spot Bitcoin Exchange-Traded Funds (ETFs) is $150 million. Given the ETFs’ inflows far exceeding the $30 and $40 million daily issuance rate of BTC following the halving, this significant supply and demand imbalance could encourage further price appreciation. Bitfinex further claims the massive purchases of spot Bitcoin ETFs, which have dominated the entire year’s market narrative, may decline. However, recent ETF outflows have shown that ETF demand may be starting to stabilize. It is important to note that the recently concluded Halving cut down miners’ reward from 6.25 BTC to 3.125 BTC. As a result, miners are now modifying their operating tactics in order to sustain their activities against the decline in reward following the Halving. Thus, the amount of Bitcoin that miners are sending to exchanges has significantly decreased, which may indicate that they are selling ahead of time or collateralizing their holdings to upgrade infrastructure. Consequently, this could possibly lead to a gradual increase in selling pressure rather than a sudden drop in value at the Halving. New BTC Whales Surpassed Old Whales Since the conclusion of the fourth Halving, on-chain data shows a significant rise in new Bitcoin whales. CryptoQuant Chief Executive Officer (CEO) Ki Young Ju, reported the development, noting that the initial investment made by the new whales in Bitcoin is nearly twice that of the old whales combined. According to the data, the total holding by these new whales, which are short-term holders, is valued at $110.6 billion. Meanwhile, the old whales, which are long-term holders, own a whopping $67 billion worth of BTC. This change in whale demographics may impact Bitcoin’s future course and the dynamics of the cryptocurrency landscape as a whole.
The SEC is requesting the return of about $4.7B, along with $520 million in civil penalties. The regulatory agency is considering imposing a “conduct-based injunction” on the company. In light of a recent civil case ruling, Terraform Labs and its co-founder, Do Kwon, are facing the prospect of heavy financial penalties from the U.S SEC. A filing made on April 19 in the U.S. District Court of New York in the Southern District of New York states that the SEC is requesting the return of about $4.7 billion in the form of disgorgement and prejudgment interest, along with $520 million in civil penalties. On the other hand, Terraform and Kwon disagreed on the best way to implement the fines. Kwon vehemently disagreed with the crypto firm’s proposed $3.5 million maximum civil penalty and pushed for a far lesser sum of $800,000. Additional Restrictions In addition to the pecuniary judgment, the SEC also suggested that Kwon be removed from his position as a director or officer of a securities issuer and that all assets and bank accounts be made public. In order to prevent Terraform from engaging in similar wrongdoing in the future, the SEC is considering imposing a “conduct-based injunction” on the company. According to the SEC’s statement, the defendants showed no regret for their conduct and may commit similar crimes in the future. A court must first approve the civil judgment and specified remedies. In a recent development, a jury convicted Terraform and Kwon guilty of investment fraud in relation to representations made about the offer and sale of TerraUSD (UST), Luna, and wLUNA on April 5. Terraform was “carefully weighing [its] options and next steps,” according to a prior statement from a company representative. Highlighted Crypto News Today: Bitgert Coin Price Set for Upward Trajectory as Exchange Growth Surges
The second-largest crypto token by market cap, Ethereum (ETH), looks set to make a massive market recovery following recent buys suspected to be made by Tron’s founder, Justin Sun. Sun’s accumulation spree again highlights crypto whales’ recent bullishness on Ethereum despite fluctuating prices. Sun Allegedly Buys $405 Million Worth Of ETH In an X (formerly Twitter) post, the on-chain analytics platform Lookonchain drew the crypto community’s attention to a mysterious wallet suspected to belong to Justin Sun. This wallet is said to have bought 127,388 ETH ($405.19 million) from Binance and decentralized exchanges (DEXs) since April 8 at an average price of $3,127. Meanwhile, Lookonchain tried to prove further its theory that this wallet likely belonged to Justin Sun. The platform alluded to a previous tweet mentioning that a suspected Justin Sun wallet bought 168,369 ETH at $2,894 from Binance and a DEX between February 12 and 24. It noted that the “transaction behavior” of both wallets was similar, which suggests that they are both likely owned by Justin Sun. If indeed both wallets are owned by Justin Sun, that means the Tron founder has accumulated 295,757 ETH ($891 million) at an average price of $3,014 since February 12. Like every whale activity, Sun’s alleged transactions have caught the crypto community’s attention, with many wondering why he is gaining so much exposure to the second-largest crypto token. Ethereum Whales Are Bullish Sun’s actions highlighted the bullish sentiment that Ethereum whales have towards the crypto token despite its recent unimpressive price action. Bitcoinist recently reported about an Ethereum whale who, despite already losing $4.5 million, opened another long position on the second-largest crypto token. This whale also borrowed 17.3 million USDT just to increase their exposure to the crypto token. In a recent X post, Lookonchain again highlighted how Ethereum whales are still making bullish moves in the market. On-chain data shows a fresh wallet (0x9EB0) that withdrew 7,182 ETH ($23.06 million) from Binance, which suggests long-term holding by this whale. Another wallet (0x1958) withdrew 5,181 ETH ($16.28 million) from Binance and put their ETH holdings to work by staking it into Bedrock and Pendle while anticipating further price gains in the crypto token. Such bullish sentiment towards Ethereum could be good for ETH’s price as whales are known to have a significant impact on a token’s price discovery. It could also prove crucial during this period when Ethereum is experiencing declining network growth, which means that the rate at which new users come into the ecosystem has slowed. At the time of writing, Ethereum is trading at around $3,170, down over 1% in the last 24 hours, according to data from CoinMarketCap.
Ethereum (ETH) stands as a bellwether for the industry’s ebbs and flows. As of press time, Ethereum was trading at $3,174, its price trying to reach the crucial $3,000 mark. However, beneath the surface of these seemingly stable waters lies a complex interplay of market forces and investor sentiment. Ether’s Challenging Trajectory Since last week, the lower timeframes have seen repeated breaches of the $3,000 psychological threshold, and the enthusiasm surrounding the altcoin king has significantly waned. This downward pressure is further underscored by the notable drop in Open Interest (OI) behind ETH futures contracts, which plummeted from $10 billion to $7 billion in April alone. Such a decline suggests a recalibration in the futures market, potentially signaling a cooling-off period for speculative trading activity. Navigating Choppy Waters However, amidst the uncertainty, there exists a glimmer of hope for ETH bulls. Historical precedents, such as the mid-February 2021 correction, offer insight into the resilience of Ethereum’s price. Following a similar dip from an all-time high of $1,900 to $1,400, Ethereum experienced a V-shaped reversal, demonstrating the market’s propensity for swift recoveries. This historical context serves as a guiding light for investors navigating the choppy waters of cryptocurrency volatility. On the social sentiment front, Ethereum’s trajectory has been a tale of two halves. While sentiment was strongly positive in February and briefly in mid-March, a negative sentiment has dominated as prices entered a correction phase. Factors such as high gas fees on the Ethereum network have likely contributed to this shift, highlighting the impact of practical considerations on market sentiment. Ethereum: Fundamental Metrics Examining Ethereum’s fundamental metrics provides further insights into its current state. Network growth has slowed in recent months, signaling a potential decline in demand. However, a closer look reveals a silver lining: the 90-day mean coin age has trended steadily higher since late March, indicating a network-wide accumulation of ETH. As Ethereum continues to navigate these turbulent waters, all eyes are on key resistance levels. Breaking above the $3,300 barrier could instill confidence among traders and investors, potentially heralding a new wave of bullish momentum. However, uncertainties loom large, particularly in light of the broader market dynamics and the selling pressure on Bitcoin, Ethereum’s perennial counterpart. While challenges abound and uncertainties persist, Ethereum’s historical performance and fundamental strengths offer hope for a brighter future. As investors brace for potential headwinds and opportunities alike, Ethereum stands poised to weather the storm and emerge stronger on the other side. Featured image from Pexels, chart from TradingView
Victoria, Seychelles, April 23rd, 2024, Chainwire At this month’s Blockchain Life Dubai conference, Bitget Wallet‘s Chief Operating Officer Alvin Kan joined industry experts from SafePal, Ledger, Trust Wallet, Telegram Wallet, and CoinTelegraph journalists to discuss strategies for building more secure and user-friendly decentralized wallets. The discussion revolved around the comprehensive application of various wallet technologies, including hot wallets, cold wallets, MPC wallets, AA wallets, and multi-signature wallets. Kan emphasized the widespread security vulnerabilities in the Web3 environment, pointing out that every operation carries the risk of privacy leakage. “In order to build a secure wallet platform, a comprehensive and systematic security solution has to be implemented,” he said on the panel at the conference. “This means ensuring that security measures are introduced at every stage of the user’s journey, and at every phase on the back-end as well, to ensure thorough construction, expansion, and re-evaluation of the wallet’s security parameters.” Bitget Wallet COO, Alvin Kan, speaking on the panel Kan provided a detailed analysis of Bitget Wallet’s security array, and outlined some of the common causes of asset loss, which often stem from incidents such as losing one’s private key, unknowingly signing malicious contracts, and interacting with fraudulent DApps or tokens. To address these issues, Bitget Wallet has implemented a suite of security measures, including the introduction of “keyless” MPC Wallets, as well as hardware wallet connectivity and strong partnerships with renowned security partners in the industry to conduct rigorous audits for the core codes of the wallet’s Swap and NFT Marketplace. Additionally, the wallet also shares in a $300 million user protection fund with Bitget, further enhancing its risk resistance capability. Explaining that these features are not simply an add-on but a mandatory requirement in today’s Web3 climate, Alvin stressed that it is imperative for builders and developers to pay close attention to the growing risks in Web3. As threats become more complex and covert, it is important for projects to introduce not just reactionary, but also pro-active measures to ward against these threats. Examples cited included Bitget Wallet’s use of in-built risk alerts for potentially dangerous tokens and DApps, and even Flashbots to combat potential Maximum Extractable Value (MEV) attacks on the Ethereum blockchain. For popular Bitcoin on-chain assets over the past six months, asset isolation and DApp interaction isolation measures have also been implemented by the wallet to prevent users’ assets from being mistakenly transferred or burned, according to Kan. The war against malicious activity does not stop there, however. On the panel, Kan also emphasized the significance of providing adequate educational material for users, so that users themselves may keep themselves updated on the latest threats on Web3. This also forms part of the overall user experience, which should be kept smooth and uninterrupted, even against the backdrop of a robust security array. “When designing a wallet, it is crucial to find the optimal balance between convenience and security,” Alvin said as he closed off the panel discussion. “We need to constantly keep ourselves updated on the latest technologies and methodologies employed by malicious actors, and implement proactive prevention measures under the hood that can be kept both seamless and targeted to still maintain a smooth user experience.” About Bitget Wallet Bitget Wallet is Asia’s largest and a leading global Web3 wallet with over 20 million users worldwide. It offers a comprehensive range of features, including asset management, intelligent market data, swap trading, launchpad, inscribing, and DApp browsing. Currently, it supports more than 100 major blockchains, hundreds of EVM-compatible chains, and over 250,000 cryptocurrencies. Bitget Wallet enhances liquidity by aggregating it across hundreds of top DEXs and cross-chain bridges, facilitating seamless trading on nearly 50 blockchains. For more information, visit: Website | Twitter | Telegram | Discord Contact PR team [email protected]
For the last year, PDVSA has been progressively shifting its oil sales to USDT. This shift is being expedited by the return of oil sanctions. In response to the harsh U.S. sanctions, Venezuela’s state-run oil firm PDVSA has reportedly taken further steps to diversify its revenue streams away from traditional fiat currency and toward digital assets such as Tether (USDT). The United States Department of the Treasury requested last week that all PDVSA users and service providers cease all transactions until May 31. Companies will have to wait for specific U.S. authorizations to conduct business with Venezuela, which will make it more difficult for Venezuela to increase its oil production and exports. By Passing Sanctions For the last year, PDVSA has been progressively shifting its oil sales to USDT, Tether’s stablecoin linked to the US dollar. According to people acquainted with the situation, this shift is being expedited by the return of oil sanctions, which are meant to reduce the likelihood that sale revenues would be frozen in foreign bank accounts as a result of these penalties. Pedro Tellechea, Venezuela’s minister of oil, told Reuters last week that digital currencies are being considered as a possible preferred payment option for some oil contracts. Although cryptocurrency payments are starting to gain traction in certain nations, the US dollar is still the de facto standard for international oil trade. At the conclusion of the first quarter of 2024, PDVSA instituted a contractual framework that required 50% of the value of each shipment to be paid in USDT upfront for a large number of spot oil contracts (excluding swaps). Cryptocurrency stored in a digital wallet is also required of all new clients by PDVSA in order to conduct oil transactions. Highlighted Crypto News Today: BEFE Coin Buzz: Riding the Wave of MEME Coin Trending Phenomenon
BEFE Coin surged into the crypto market as a new meme coin, innovating its place differently cause of its rhetorical meme content. At the crossroads of meme culture and investment opportunity, BEFE Coin provides a unique gateway for a wider audience to discover what is standing behind this meme coin. It guarantees to be in the top trend. Let’s learn how. Meme Coins: Historical Purview Meme coins derive their cult status from internet memes, having carved out their own unique territory in the crypto space. It all began in 2013 with Dogecoin. Initially, it was created as a joke by Billy Markus and Jackson Palmer. With a Shiba Inu dog from a viral internet meme as its mascot, Dogecoin exemplified such a playful take on the vision for a cryptocurrency that it brought a wide audience of users and turned into a serious investment. After the success of Dogecoin, an explosion in meme coins followed, all either copy-pasting the former or trying to innovate above its viral formula. Coins like the Shiba Inu, SafeMoon, and many others took center stage as the power of community, coupled with potential quick gains, attracted eyeballs. Such currencies are often used to fuel trends on social media and the support of celebrities by going hand-in-hand in their popularity and market capitalization. Meme coins, of course, have added to the speculative discussion of the democratization of finance and whether cryptocurrencies can engage a much wider, more diverse audience. BEFE’s Performance Consistency BEFE Coin has shown an amazing performance over the last month, which, in general, can be described as very dynamic and promising for further activity on the market. BEFE registered high trading activity at 1.7 million USD volume from an opening price peak of 0.00065322 on March 24th. This illustrates BEFE’s peak of strong interest in setting a strong stride for the month. After the peak, the price had adjusted towards lower levels inside a declining channel, but the volume had remained stable, indicating steady trader involvement. Most importantly, on April 23rd, BEFE’s lowest price point was recorded at $0.00016553, indicative of good correction and price stabilization from the initial high. Price movements of BEFE during the past month have been characterized by all sorts of fluctuations, which gave room for traders to find a number of entry and exit points and, therefore, trigger an active trading environment. More often than not, its closing prices for different days were higher than opening, thus resilient demand and optimism investor sentiment. Can BEFE Keep Up to its Name? BEFE has cumulatively been losing price but holding impressive trading volume, pointing towards a strong market liquidity trend. Since BEFE has cumulatively dipped from its highs, it reflects a market correction rather than a lack of interest. It further signals that BEFE is getting its balance right in the market. Investors seeking aggravated BEFE buy-ins are recommended to conduct continuous market research, track BEFE’s performance over the week, and call right puts wherever possible.
The DODO team is excited to announce the launch of DODOchain, an Omni-Trading Layer 3 that is powered by EigenLayer, AltLayer, and Arbitrum Orbit. As the first Layer3 solution, DODOchain bridges Bitcoin and Ethereum’s Layer2 effortlessly and focuses on bringing liquidity from several chains together in one place. Trade tokens on the DODOchain, the rollup-level liquidity layer, to boost profits via restaking. The Reason Behind DODOchain’s Creation With its innovative Proactive Market Maker (PMM) algorithm, which brought a focused liquidity solution around the oracle price, DODO was launched in August 2020. As a result, customers were given better exchange rates and mainstream assets’ capital efficiency was greatly increased. With three distinct liquidity pools to accommodate mainstream assets, stablecoins, and altcoins as well as various user groups including traders and professional market makers, DODO V2 was introduced in February 2021. Later on, DODO developed further features as Launchpad, Token Creator, Trading Widgets, Crosschain Swap Aggregator, Limit Orders, and Swap Aggregator DODOX. At the moment, DODO is deployed on 14 blockchains’ mainnet. With over 24 million transactions, over 3.31 million users overall, and a total trading volume over $141 billion, the exchange has achieved remarkable success. Our team has spent the last three years working hard to create products that will provide our consumers the greatest trading pricing and the finest liquidity solutions. We think that blockchain technology will develop into an integrated ecosystem of several chains, with hundreds of Layer 2 solutions meeting different market demands and uses, rather than being limited to a single chain in the future. However, there are still a number of obstacles that Layer2 solutions must overcome at this point, such as fragmented liquidity, high multichain operating costs, security issues connected with cross-chain bridges, and the difficulty of communicating with various blockchains. In addition, there is a greater need for cross-chain transactions as a result of the rising quantity of non-EVM assets. The team at DODO contends that a major overhaul is necessary for the multi-chain DApp ecosystem that exists today. In order to facilitate the free flow of assets, it is imperative to remove the obstacles between EVM and non-EVM ecosystems, given that different assets are issued on hundreds of chains. To accomplish interconnection across all chains, our team suggests an inventive technique called DODOchain. It is possible to achieve seamless asset exchange, much increased asset issuance efficiency, and trading convenience across several chains by integrating and maximizing liquidity on the DODOchain. DODOchain as the Remedy At the core of the idea behind hosting a third layer on-chain is the need for blockchain to handle highly customized use cases in the future. With an emphasis on delivering customized capabilities, Layer 3 seeks to address Layer 2’s shortcomings with regard to cross-chain compatibility. Layer 3 acts as a link across several blockchain ecosystems, allowing data to move freely and transactions to occur between chains like as Ethereum, Bitcoin, and Solana. Layer 3 may improve transaction efficiency and produce real cost savings for establishing an omni-liquidity layer that needs higher transaction throughput and considerable network charge reductions. Any developer may quickly and anonymously start their own L2 or L3 Orbit chain on Arbitrum thanks to a variety of technological options, including Arbitrum Orbit, which gives them complete control over gas tokens, privacy, permissions, governance, and more. This is exactly what we need to build our own app-chain and fits in well with our vision. In order to improve the trading experience for customers, the DODO team will employ Arbitrum Orbit to build a thorough Layer 3 chain for cross-chain transactions. This chain will provide reduced gas prices, quicker transaction execution and confirmation, and more consistent returns. Also, DODOchain will provide: Omni-chain liquidity outposts: Omni Trade, Omni Liquidity, and Omni Mining are just a some of the services and products that DODOchain offers its consumers. Connector between BTC L2 and ETH L2: By linking BTC L2 and ETH L2, including Non-EVM Chains, DODOchain may draw in more new users and assets Native restaking yield: DODOchain is expected to provide native staking yields for its assets. DODOchain Modular Partnerships We are delighted to present DODOchain’s important partners: Arbitrum Orbit: Offering a potent new method for creating Layer 2 and Layer 3 chains is Arbitrum Orbit. By adding customizable features to the Arbitrum tech stack, it preserves the security assurances of the Ethereum ecosystem while providing DODOchain with increased scalability, efficiency, and user-friendliness. Eigenlayer: EigenDA is a fundamental part of Eigenlayer that specializes in data availability (DA) throughput. DODOchain will use EigenDA to take use of Ethereum’s security and consensus capabilities, thanks to its easy connection with other EigenLayer modules. As one of the first Actively Validated Services (AVSs) in the Eigenlayer ecosystem, DODOchain will also function as a restaked rollup. AltLayer Based on EigenLayer’s potent restaking mechanism, DODOchain has embraced AltLayer’s innovative restaked rollups architecture. This improves decentralization and network security while enabling quick deployment and cross-chain interoperability, giving consumers a more seamless and integrated blockchain experience Our goal with DODOchain is to provide a smooth, effective, and safe ecosystem for liquidity sharing and cross-chain trading that will allow users to freely issue, trade, and manage their assets across various blockchain networks without limitations or permissions. The DODOchain Testnet is Live This is your opportunity to test, develop, and innovate a next-generation omni-trading experience firsthand. Explore our Testnet:
A cryptocurrency project will definitely grow in the crypto market if it offers solutions to the issues that investors face. Investors are enticed to invest in any cryptocurrency project by factors such as transaction ease, efficiency, appropriate structure, security, and efficient marketing. These are the techniques Bitgert employed to ensure it’s exchange growth and price increase. Bitgert Coin is well-known for its skips and expertise in introducing unique payment methods. It provides a blockchain solution for digital transactions that is quick, secure, and efficient, which is why we see it’s exchange growing rapidly on a regular basis. It is also well-known for having low transaction fees, which draws a lot of investors looking for other payment options. It is known for its desire to bring about innovation and change in the cryptocurrency industry, providing investors with useful features and services. BITGERT Coin price Surges High Along With Its Exchange Growth Since its inception, Bitgert Coin has made significant progress in the cryptocurrency industry due to its extensive and efficient blockchain solution. Its recent increase in exchange growth will further enhance the Coin’s utility and features and cause its price to rise as the bull run draws nearer. Bitgert Coin will be listed on major cryptocurrency exchanges as a result of this growth, making it simple for investors to trade and acquire Bitgert Coin. It will make Bitgert more well-known and make it easier to acquire the BRISE token more quickly, attracting potential investors and driving up demand for the coin, which will in turn push up its price. The holders of Bitgert Coins will benefit from the expansion of the exchange because there will be more liquidity and trading volume, and the price is expected to fluctuate less. The demand for BRISE has increased as new trading pairs have been added to the Bitgert exchange. BITGERT: Developing New Ideas in Real Estate, Ensuring Exchange Growth And Price Increase Bitgert project has been a standout project in the real estate blockchain. Its innovative ideas and prospects to change and deal with the many challenges investors face in this area have seen its exchange grow to a level of interest in the crypto space. Bitgert’s zeal to ensure that investors can trade seamlessly in the real estate blockchain says a lot about why it is growing rapidly and it’s Price increasing, amidst all the competition in the crypto world. Bitgert has allowed investors to experience excellent trading in the real estate market like never before. The commitment of Bitgert to bring transparency and a User-Friendly ecosystem is the main factor every investor needs in a project, and this is what a project as well needs to grow. Conclusion Bitgert Coin price is set to spike upwards as the exchange grows rapidly. The right time to buy is now as we will be seeing this upward movement in price soon as we approach the bull run. DYOR by checking out their website
In a strategic move reflecting its evolving identity and commitment to the cryptocurrency community, CZOL, formerly known as CZolana, is excited to announce its official rebranding along with the launch of a significant airdrop campaign. This initiative aims to deepen community engagement and honor the indelible impact of Changpeng Zhao (CZ) on the cryptocurrency landscape. Rebranding for the Future As CZOL transitions from CZolana, this rebranding marks a pivotal shift towards embracing a broader and more inclusive approach to its community and offerings. The new name and logo, featuring a playful cat, symbolize CZOL’s agility and readiness to adapt to the dynamic crypto environment. This change not only reflects the project’s growth but also its long-term commitment to being a staple in both the meme and broader cryptocurrency communities. Honoring Changpeng Zhao with a Community Airdrop Aligned with the trial of Changpeng Zhao on April 30, 2024, CZOL is set to launch its first community airdrop on May 1, 2024. This event not only serves to support CZ during his challenging times but also to celebrate his contributions to the crypto world, which include democratizing finance and fostering a more inclusive financial ecosystem. Airdrop Details CZOL will distribute 2% of its total supply to the community through several engaging mechanisms: Token Holders: Hold a minimum of 1000 $CZOL to receive a guaranteed share of the airdrop, with details to be released on April 29. Social Engagement: Participants can engage with CZOL’s social media platforms by retweeting, liking, tagging a friend, and posting their wallet address in the comments to win a part of the airdrop. Past Contributors: Users who have completed previous tasks set by CZOL on the Galxe platform will also be eligible for the airdrop. Innovations and Developments CZOL continues to push the envelope with new initiatives: Giggle Academy: Amidst preparing for his trial, Changpeng Zhao has initiated the Giggle Academy, an educational app leveraging blockchain technology to make learning accessible and fun for children globally, especially those in underserved areas. CZOL Trending: A newly launched service that helps other tokens increase their visibility. The service generates revenue by charging fees, 70% of which are used to buy back and burn $CZOL, enhancing its value and maintaining its deflationary nature. This rebranding and the upcoming airdrop underscore CZOL’s commitment to fostering a resilient and thriving community, while also adapting to the ever-changing digital landscape. Stay tuned for more updates as CZOL continues to innovate and lead in the crypto community space. About CZOL CZOL is a community-driven meme token built on the robust Solana blockchain, designed to celebrate and continue the legacy of Changpeng Zhao, the founder of Binance. Governed by a decentralized autonomous organization (DAO), CZOL integrates memes, NFTs, and automated bot technology to create a dynamic and engaging crypto environment. The project emphasizes accessibility, innovation, and community participation, reflecting the spirit of democratization that CZ championed. For more information, visit CZOL website, follow CZOL on X at @czol_wtf or join the conversation in their Telegram group. CONTACT: Bryson Miller [email protected] Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.
If you’re looking to earn passively within a period, then the crypto market serves as the space to do so. With the rise of the infamous Bitcoin and Ethereum, early investors were able to amass huge profits. However, the crypto market can get into a frenzy with altcoins and meme coins coming in play bringing profits but short-lived due to no real-world utility. There is one coin that could give both options of real blockchain technology and profit in multiple folds in a short period – Bitgert BRISE. With its rapid growth, the coin has gone past just being a popular asset, but rather a mainstream token. Let’s see the innovation and technology around Bitgert BRISE. Bitgert: Building Partnerships Driving Massive Growth Bitgert is a unique early crypto layer 1 blockchain network that is actively developing to improve blockchain technology and solve problems in the crypto market. With its beginner-friendly features, this project is for everyone. Launched in 2021, the Bitgert coin has amassed over 40,000% in returns. Besting its competitors like Solana and Cardano, It has been able to simply use a POS and Proof of Authority model (POS) of 100,000 TPS to solve the problem of high gas fees and slow speed. With a community of over 600k members, Bitgert has been able to cement itself as one of the top leading crypto assets in the market. Bitgert has partnered with top crypto organizations like Coin Telegraph, which has enabled Bitgert to position itself in the crypto market. Coins like BEFE and CENX are hosted on the Bitgert Blockchain. Users can now stake and earn rewards on these coins. Bitgert blockchain also involves the Bitgert Exchange, BRISE swap, and other decentralized exchanges. BRISE Coin: The Decentralized Powerhouse Surpassing Expectations BRISE, Bitgert coin is built on a Decentralized finance protocol. This coin has surpassed expectations since its launch in Jan 2024. It employs a burning model with burns over 12% of its supply in circulation. This reduces supply and increases demand for the price of the BRISE coin. Technical indications like the RSI is over 55 and the moving average convergence (MACD) all point towards a bullish momentum for the Bitgert coin. Analysts and experts have predicted that the coin is going to go higher than it is in a couple of months. If you were second-guessing Bitgert, now is the time to hope on this project early and join the Bitgert bandwagon. As always, before entering any crypto project, do your own research and make smart decisions. To learn more, visit Bitgert. Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.
Amidst a rather quiet altcoin market, Akash Network (AKT) has emerged as today’s standout performer among the top 100 cryptocurrencies by market capitalization, recording a significant 46% increase in price over the past 24 hours. This surge has propelled AKT to the forefront, well ahead of its peers such as Core (CORE) and Arweave (AR), which posted gains of 7% and 6%, respectively. As of this writing, AKT is trading at $6.03. This increase in price has pushed its market cap to approximately $1.4 billion, positioning it as the 68th-largest cryptocurrency. Additionally, Akash Network’s trading volume has seen a dramatic rise of 2,790%, reaching $116 million today. Earlier today, AKT reached a new all-time high of $6.84 on the cryptocurrency exchange Kraken, though it has since adjusted to around $6.03, below its previous peak of $6.49. Catalysts For The Akash Network Surge The primary driver behind today’s price escalation appears to be an announcement from Upbit, a major South Korean cryptocurrency exchange. Upbit has confirmed that it will list AKT, offering trading pairs in South Korean Won (KRW), Bitcoin (BTC), and Tether (USDT) starting at 10:00 UTC today. Further fueling investor interest, data from Santiment, a market intelligence platform, shows that Akash Network’s social media volume has spiked by 200% in the last 24 hours. This surge in social activity, predominantly on platforms like Reddit and Bitcointalk, has played a significant role in AKT’s market performance. Future Price Trajectory Looking ahead, if AKT’s price can record a daily close above the previous all-time high of $6.49 (set on March 11, 2024) today, the next target could be $7.46, corresponding to the 1.272 Fibonacci extension of the overarching price movement. Should the buying pressure continue, a move towards $8.64, marked by the 1.618 Fibonacci extension, might be on the horizon. Here, traders should anticipate potential profit-taking. A breakthrough beyond this level could pave the way to medium-term targets at $10.92 (2.272 Fibonacci extension) and potentially even $12.13 (2.618 Fibonacci projection), contingent on continued bullish sentiment across the broader crypto market. Conversely, if AKT fails to uphold its new highs and closes below $6.48, a downward correction towards the $5.74 zone (0.786 Fibonacci level) could occur, where new buying opportunities might arise. A further dip below this level could see retests of the $5.16 (0.618 Fibonacci level) and $4.75 (0.5 Fibonacci level) support zones. The trajectory of AKT, like that of many cryptocurrencies, could be influenced by broader market conditions, including potential downturns triggered by accelerating US inflation, the US Fed’s favorite inflation gauge, the Personal Consumption Expenditures Price Index (PCE) is set for release on Friday, April 26, or other macroeconomic factors. Nevertheless, the 200-day exponential moving average (EMA), currently at $3.24, remains the most critical long-term support level for AKT.
The much anticipated event in the Crypto world, Bitcoin halving, has now concluded, and investors are looking for new and promising opportunities during this time. Historically, the crypto market has experienced fast paced growth following these events. So, naturally, it is prime time to consider exciting new coins. While many amazing cryptocurrencies exist, BEFE Coin stands out with its interesting blend of features. BEFE coin is a meme coin and plans to be the market leader in the near future. Being a meme coin, the BEFE developers do not want that the investors just see the coin as just a funny hype based Cryptocurrency. The BEFE coin has always worked to develop certain competitive advantages that are based on the coin’s functionality. Why BEFE Coin Offers Value? BEFE Coin very nicely combines the power of decentralized finance, community governance, and a focus on real-world functionality. This makes it a coin that challenges traditional finance while offering compelling value to investors. What Makes BEFE Unique? So, let us check out why the BEFE Coin is doing so well in the Crypto market and why investors are so excited about its future potential and the benefits it provides: Fast and Affordable: BEFE operates on its own blockchain. This has been a game changer for BEFE as it has made the transactions on it super fast. Additionally, the altcoin aims to charge minimal fees to attract more users. Staking Rewards: BEFE’s entry into the Bitgert ecosystem also has a lot to do with its fast growth. Community-Driven: BEFE holders also have a say in the project’s direction. Community engagement has always been BEFE’s advantage. Practical Applications: BEFE is much more than just internet hype and its main aim is to improve real-world financial processes for greater user experience. Is BEFE Coin a Smart Investment? Experts suggest that the post-halving environment creates a great climate for investing in BEFE Coin. Its focus on speed and affordability stands out in the market. Conclusion So, the BEFE Coin is constantly growing as one of the top contenders in the meme coin market currently, and for good reason. It’s price has grown significantly in the recent past and according to the experts’ opinion, it will continue to do so. However, it is important to remember that just like any investment, it is important to conduct your own thorough research to make informed decisions about the same. Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.
singapore, singapore, April 23rd, 2024, Chainwire As a leading force in the cryptocurrency market, WEEX Exchange is poised to significantly elevate its ecosystem with the introduction of its exclusive proprietary token, the WEEX Token (WXT), scheduled for release this upcoming summer. What is WEEX: Introduction Since its establishment in 2018, WEEX has rapidly emerged as a leading force in the cryptocurrency exchange domain, offering robust, intuitive, and comprehensive trading solutions. Boasting over 2 million users worldwide, WEEX provides an extensive array of trading options, including spot and futures trading, along with innovative features such as copy trading. This positions WEEX as an all-in-one platform, enabling seamless transactions across a wide variety of digital assets. Introducing WEEX Token WXT: The Token at the Heart of WEEX In its continuous effort to enhance platform utility and user engagement, WEEX has introduced WXT, the token of the WEEX ecosystem, operating under the ERC-20 standard on the Ethereum blockchain. WEEX Token (WXT) is designed as the cornerstone of the WEEX ecosystem, serving as a dynamic incentive mechanism to reward the partners, contributors, pioneers, and active members of the WEEX exchange community. WXT is not merely a token, but a foundational element designed to enrich the community engagement and reward system within the WEEX exchange. Dynamic Incentive Mechanism WEEX WXT stands as a dynamic incentive, acknowledging and rewarding the contributions and active participation of the WEEX community members. This innovative approach is set to transform interactions within the platform, ensuring that contributions and engagement are duly recognized and rewarded. WXT’s Technological Assurance: Audit and Security The security and integrity of WXT hold paramount importance. A comprehensive audit by BEOSIN, a leading Web3.0 smart contract audit firm, has affirmed the WXT smart contract’s robustness, network security, and risk management protocols, guaranteeing its safety and scalability for broader adoption. Exclusive Benefits for WXT Holders Holding WXT opens the door to a plethora of exclusive benefits designed to enrich the trading experience on WEEX: Futures Fee Discounts: Holders enjoy a 20% discount on trading fees with Futures Pro. Referral Bonuses: An enhanced commission rate for those who bring new traders to the platform. Copy Trader Benefits: Additional profit-sharing for those participating in copy trading. Exclusive Interest Benefits: Opportunities to earn additional interest and rewards. Exclusive Airdrop Rewards: Access to unique airdrops and promotional rewards. WEEX WXT Supply and Distribution WEEX WXT has a total supply of 10 billion, with an initial circulation of 3.9 billion. The distribution and release schedule for WXT are as follows: Investor Protection Fund: 1.5 billion WEEX WXT (15%) are reserved to compensate users for losses not caused by their own fault, ensuring secure and worry-free trading. WXT Ecosystem Fund: 1.5 billion WEEX WXT (15%) dedicated to supporting project incubation, aiding the growth of startups, and promoting Web3 technological innovation. Private Sale: 500 million WEEX WXT (5%), locked for one year with a linear monthly release post-lockup, to reward WEEX exchange partners for their growth and shared success with the platform. Holding Incentives: 1.5 billion WEEX WXT (15%), releasing 3% annually over five years, to reward investors for holding WXT, staking, and mining, recognizing their contributions to the WXT ecosystem and network. The remaining 5 billion WEEX WXT (50%) support the ongoing development of the WEEX exchange ecosystem, including: Team Incentives: 2 billion WEEX WXT (20%), locked for one year, with 2% released every six months over five years, to attract and retain top talent in the Web3 industry and motivate the team to achieve WEEX’s key objectives and long-term strategic goals. User Acquisition and Retention: 1.5 billion WEEX WXT (15%), releasing 3% annually over five years, to ensure user growth and achieve key milestones in market expansion. Brand Building/KOL Partnerships: 1.5 billion WEEX WXT (15%), releasing 3% annually over five years, for brand development alliances and partnerships with top KOLs in the Web3 industry, enhancing the visibility and transparency of WEEX and WXT. Exclusive Holder Benefits To achieve ecosystem incentives and share development benefits with the community, WXT has been crafted as a utility token with a wide range of planned uses and empowerment mechanisms: – Launchpad: Holding WXT grants access to exclusive airdrops from projects considered promising by the WEEX WXT team. – Exclusive Holder Benefits: These include discounts on trading fees on the WEEX platform, higher commission rebates, VIP privileges for holding certain amounts of WXT, greater profit-sharing ratios for lead traders, earning interest on held WEEX WXT, exclusive airdrops from marquee projects, and voting rights in coin listings. – Deflationary Mechanism: WEEX Exchange will opportunistically initiate a WXT buyback and destruction program. How to Get WEEX Token WXT? The WXT presale is available exclusively to affiliates of WEEX, and will include a limited-time discount for participating members. [Users can apply to become a WEEX Affiliate here] Other users can earn WXT through new user registrations, transaction mining, and participation in many of the upcoming WEEX events and activities. Looking Ahead: WEEX and WXT’s Impact on Crypto Trading With the launch of WXT, WEEX is not just releasing a token; it’s enhancing its ecosystem to provide even more value to its loyal users. The WEEX WXT team is optimistic that this initiative will attract a broader audience, fostering greater community engagement and solidifying WEEX’s position as a major competitor in the crypto exchange landscape. WEEX is integrating WXT to introduce new features to crypto trading, aiming to provide a token that facilitates trade and rewards participation and loyalty within the platform. For more information and regular updates on WXT and other offerings, traders and crypto enthusiasts are encouraged to visit the official WEEX website. As the launch date approaches, the crypto community anticipates how WXT will shape the future of trading on WEEX. About WEEX WEEX stands out as a trailblazing cryptocurrency exchange, founded in 2018, and is celebrated for its security-focused approach and user-friendly trading platform. Licensed by both the US and Canadian MSBs, WEEX operates within strict regulatory frameworks, presenting traders with an extensive array of coins and trading pairs. This includes Spot 116 and Futures Pro 176, with more than 5 new pairs being listed daily. As a security-focused and user-friendly cryptocurrency futures trading platform, WEEX is devoted to enhancing the trading journey, offering a range of services designed to suit traders at all levels. Among these services are low-fee futures trading, zero-fee spot trading, and the option to use up to 200X leverage on derivatives. The platform’s steadfast commitment to user safety and its position as a versatile choice for traders globally in the ever-evolving cryptocurrency market solidify its reputation as a leading exchange. Users can sign up for a WEEX account here: Users can visit WEEX Official Website: Media Email: [email protected] WEEX Customer Support: [email protected] Trading Quant & MM: [email protected] Contact Felicia WEEX Exchange [email protected]
The legal battle between Ripple and the Securities and Exchange Commission (SEC) is getting heated and, following recent developments, looks far from over. This is due to the disagreement between both parties on the appropriate remedy for Ripple’s violation of securities laws. Ripple Proposes $10 Million Fine Instead In opposition to the SEC’s motion for remedies and entry of final judgment, Ripple has proposed that the court should not impose a civil penalty of not more than $10 million. This figure represents a far cry from the SEC’s proposed judgment. The Commission had earlier asked the court to order Ripple to pay the sum of $1,950,768,364 as a pecuniary fine for violations relating to its institutional XRP sales. Specifically, the SEC proposed that Ripple pay a civil penalty of $876,308,712 alongside a prejudgment interest of $198,150,940 and disgorgement of $876,308,712, which represents the profits from its violation of the Securities Act. However, Ripple asked the court to deny the requests for disgorgement and pre-judgment interest and only focus on the civil penalty, which shouldn’t be more than $10 million. Ripple’s lawyers also laid out arguments as to why the civil penalty should not exceed $10 million. Firstly, they stated that the first tier of the statutory maximum penalties is what applies to this case “because the SEC has never alleged fraud, deceit, or manipulation and has failed in its belated attempt to show that Ripple recklessly disregarded the law.” Therefore, Ripple argued that the Commission’s request for a civil penalty of over $876 million isn’t the appropriate remedy for the first-tier structure. They added that the company’s revenue from pre-complaint institutional sales should be the only earnings considered when deciding on a remedy, which makes a civil penalty of not more than $10 million more appropriate. Accounting Error From The SEC Ripple suggested that the SEC made an error in calculating the company’s earnings while deciding on the right amount for which the crypto firm should be fined. According to the company’s lawyers, the Commission failed to “analyze or even consider any other categories of Ripple’s expenses.” Meanwhile, they allege that the SEC didn’t offer any evidence or explanation “for why cost if revenue is the only category of Ripple’s deductible expenses.” Simply put, Ripple argues that the regulator, while calculating Ripple’s earnings, didn’t consider how much the company expended before deciding that almost $2 billion was an appropriate fine. Ripple’s lawyers made this argument while stating that the SEC also erred in relying on the declaration of Andrea Fox, an accountant at the agency. They claim that the SEC never disclosed Fox as a fact or expert witness and that she wasn’t deposed during the initial discovery or supplemental remedies discovery. Therefore, they moved to strike her declaration as an “untimely disclosed expert report.” Ripple Also Opposes SEC’s Proposed Injunction As part of its entry for final judgment, the SEC had asked the court to “permanently” restrain and enjoin Ripple from “directly or indirectly conducting an unregistered offering of Institutional Sales.” Understanding how this could affect their ODL transactions, Ripple has asked the court to deny the request for an injunction. The crypto firm argues that the Commission has failed to show why an injunction is warranted. Injunctions are usually granted when there is a fear of future violations. Ripple claims that the SEC has failed to show a “reasonable likelihood of future violations.” The crypto firm’s lawyers further revealed that Ripple has “changed the way it sells XRP and changed its contracts to avoid any future violations.” To show good faith, they submitted a declaration by Ripple’s President, Monica Long, which describes the steps the company has taken to avoid future violations.
The Wild West of cryptocurrency just got a little wilder. Solana, the blockchain known for its lightning-fast transactions, recently became a breeding ground for a peculiar phenomenon: the meme coin frenzy. While these dog-themed, cat-inspired, or just plain nonsensical tokens promised moon landings, many investors landed face-first in a crater of lost cash. Solana Stampede: A Frenzy Of Frivolous Finance Fueled by social media hype and the fear of missing out (FOMO), a stampede of investors poured money into meme coin presales. A project with a name like “I Like This Coin” (LIKE) sprouted like weeds, promising outlandish returns. The “I Like This Coin” story, however, turned out to be a classic case of “buyer beware.” Despite an initial market cap of a staggering $577 million, the token’s value plummeted by a disastrous 90% within a mere eight hours of launch. The party didn’t stop there. Blockchain investigator ZachXBT uncovered a particularly galling trend: a dozen meme coin projects vanished into thin air after their presales, taking a combined $26.7 million from investors with them. Solana Slowdown: When Meme Mania Clogs The Network The meme coin craze wasn’t without collateral damage. The massive influx of transactions clogged the Solana network, leading to transaction failures and frustrating delays. This highlighted a fundamental issue with meme coins: they often lack real-world applications and contribute little to the underlying blockchain’s development. Solana’s founder, Anatoly Yakovenko, wasn’t shy about expressing his skepticism. He questioned the very concept of meme coin presales, suggesting they were better suited for projects with strong tech foundations. Yakovenko’s comments resonated with many who saw the meme coin frenzy as a speculative bubble fueled by empty promises and social media hype. Meme Coin Meltdown: A Cautionary Tale For Crypto Curious Investors The rise and fall of Solana’s meme coins serves as a stark reminder of the inherent risks associated with investing in unregulated, highly speculative assets. While the allure of quick riches might be tempting, the potential for scams and rug pulls (where developers abandon a project after raising funds) is significant. The fallout from the meme coin frenzy could have lasting repercussions. Regulatory bodies might take a closer look at this corner of the crypto world, potentially leading to stricter measures to protect investors. For those interested in exploring the exciting world of cryptocurrency, the lesson is clear: conduct thorough research, prioritize projects with real-world use cases, and always remember what the sages mean when they say if it sounds too good to be true… Featured image from Pexels, chart from TradingView