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XRP To Nearly $600? Analyst Makes Bold Claim, But Can It Overcome Legal Hurdles?

A fresh prediction has ignited discussion in the XRP community. Analyst Cryptobilbuwoo is charting an ambitious course for the cryptocurrency, with a potential price target that has some investors excited and others skeptical.

Echoes Of 2017: Fibonacci Paints A Bullish Picture

Cryptobilbuwoo’s forecast draws inspiration from historical patterns, particularly the XRP rally of 2017. By leveraging Fibonacci retracement levels, a common technical analysis tool, they see a potentially similar scenario unfolding for the altcoin.

Imagine a roadmap to the summit. Fibonacci levels act as checkpoints, highlighting potential resistance or support zones during a price rise. Cryptobilbuwoo suggests XRP could break through the $33 mark, aligning with the key Fib. 1.618 level.

This would be a significant step forward, but the real climb comes next – a projected ascent to $589, based on the Fib. 2.382 level.

A Lofty Target: Can XRP Reach The Top?

However, there’s a significant hurdle to overcome. To reach $589, the coin would require a staggering price increase of over 100,000%. This ambitious target has many market analysts raising eyebrows. It’s a leap that some consider more akin to wishful thinking than a realistic market prediction.

Other crypto market analysts present a contrasting view, suggesting XRP could even fall to zero. While this scenario seems extreme, it underscores the inherent volatility of the cryptocurrency market.

At the time of writing, XRP was trading at $0.5004, down 1.4% and 4.2% in the daily and weekly timeframes, data from Coingecko shows.

Meanwhile, in the XRP community, the $589 narrative used to be the main focus. The community’s excitement to see XRP at $589 is evident in the tweet below:

Signs Of Optimism: Fueling The Ascent?

Despite the skepticism surrounding the $589 target, there are positive signs for XRP. The coin has displayed resilience, consistently hovering above the psychologically important $0.50 level.

Additionally, a trend of investors moving XRP off exchanges has emerged. This could indicate a more long-term bullish outlook and potentially reduce selling pressure.

Technically, Cryptobilbuwoo finds support for their prediction in XRP’s historical price charts. They point to a descending triangle pattern on the XRP/BTC chart, a formation that preceded XRP’s breakout in 2017. Could this be a sign of history repeating itself?

The Verdict: A Measured Climb Or A Fall From Grace?

The future for XRP likely lies somewhere between the extremes. The $589 target might be overly optimistic, but a measured upswing based on technical indicators and reduced selling pressure remains a possibility.

Featured image from Reddit, chart from TradingView

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Notcoin: Stake BNB and FDUSD to Farm $NOT Tokens

Notcoin, a viral Telegram-based game, has successfully onboarded millions of users into the world of Web3.

This straightforward gameplay resonated with users, leading to a peak of six million daily active users and a total player base of 35 million.

This article delves into what Notcoin is, how it works, and the exciting opportunities it offers, including staking BNB and FDUSD to farm Notcoin tokens ($NOT).

In Notcoin, players earn in-game currency by tapping on a gold coin within the Telegram app. The energy required to tap the coin depletes and refills over time, preventing continuous gameplay without breaks. Players can invite friends to join the game, enhancing their experience and potentially increasing their earnings. The game features a global leaderboard, divided into tiers from Silver to Diamond, where players can see how they rank against others worldwide.

Boosts and Power-ups

To increase their earning potential, players can use various boosts or power-ups. These include daily refreshable boosts like “Full Energy” and “Turbo” boosts, as well as permanent boosts purchasable with Notcoin. These power-ups allow players to earn more coins per tap and extend their energy capacity. An Auto-Tap bot is also available, collecting coins on behalf of the player even when they are not actively playing.

Cosmetic Upgrades

Players can spend their earned Notcoin on cosmetic upgrades, changing the appearance of the game’s background or the coin they are tapping. These customizations add a fun and personalized element to the game.

The NOT Token

The excitement around Notcoin isn’t just about the game itself but also the upcoming launch of the $NOT token. The NOT token will be listed on The Open Network (TON), which was originally founded by Telegram. The total supply of $NOT is 102,719,221,714, with the entire supply expected to be in circulation upon listing.

Token Distribution and Fairness

One of the unique aspects of Notcoin is its approach to token distribution. All $NOT tokens will be awarded to players who earned Notcoin through the tap-to-earn game.

This method ensures a fair distribution, avoiding the creation of early whales typically seen in other cryptocurrency projects. While 100% circulation upon listing is planned, not all tokens will immediately enter trading, as some may remain unclaimed or locked in allocations.

Ecosystem Contributions

Notcoin encourages community participation and contribution. Players can earn $NOT by exploring Web3 products, playing new games, and adding value to the ecosystem. Additionally, Web3 builders can offer their products to the community through Notcoin campaigns, fostering a collaborative and growth-oriented environment.

Staking BNB and FDUSD to Farm $NOT

Binance has announced the listing of $NOT on its platform, providing users with the opportunity to stake BNB and FDUSD to farm Notcoin tokens. This initiative is part of Binance’s 54th Launchpool project, allowing users to earn rewards by participating in the staking pools.

Staking Details

  • Farming Period: 2024-05-13 00:00 (UTC) to 2024-05-15 23:59 (UTC)
  • Listing Date: 2024-05-16 12:00 (UTC)
  • Trading Pairs: NOT/BTC, NOT/USDT, NOT/BNB, NOT/FDUSD, and NOT/TRY

Staking Pools and Rewards

  • Stake BNB: 2,619,340,153 NOT in rewards (85%)
  • Stake FDUSD: 462,236,497 NOT in rewards (15%)

Users can stake their BNB and FDUSD into separate pools to farm NOT tokens over three days. The webpage for staking will be available 24 hours before the Launchpool starts.

To participate in the Notcoin airdrop and staking, visit Binance and stake your BNB or FDUSD. Remember to do your research and ensure the safety of your funds.

Binance Megadrop

In addition to staking BNB and FDUSD to earn $NOT tokens, users can also participate in Binance’s new Megadrop concept. The Binance Megadrop is designed to reward loyal BNB stakers with tokens from future projects listed on Binance Launchpool.

By staking BNB for extended periods, preferably 120+ days, users enhance their eligibility for these airdrops, gaining early access to promising new tokens and maximizing their potential rewards.

Lockup Duration (Days) BNB Staked Score
30 1 BNB 100
60 1 BNB 110
90 1 BNB 120
120 1 BNB 130

What is Binance Megadrop?

The Binance Megadrop allows users to stake BNB for extended periods to increase their chances of receiving airdrops from future projects. This innovative concept is aimed at rewarding loyal Binance users and providing them with early access to new tokens.

Increasing Your Chances with Binance Megadrop

By staking BNB, users not only earn $NOT tokens but also increase their chances in the Binance Megadrop. This approach allows users to benefit from both immediate rewards and long-term potential through future airdrops.

Personal Opinions and Predictions

Given the innovative nature of Notcoin and its fair distribution model, the $NOT token has significant potential. The project’s engagement strategy and large user base provide a solid foundation for future growth.

Binance will be the first platform to list the $NOT token, with trading starting on May 16, 2024. Players who earned Notcoin in the game will receive an airdrop of the real $NOT token, creating an exciting bridge between the virtual and real-world value.

Pre-market Vouchers

Before the airdrop, Notcoin introduced an NFT voucher program, allowing players with over 10 million Notcoin to convert their earnings into NFT vouchers. These vouchers can be bought, sold, or traded before the $NOT token launch, providing a speculative market for early adopters.

The Future of Notcoin

With the mining phase of the game ending on April 1, Notcoin is poised for a significant evolution. The game will return after the token launch with new gameplay mechanics and reduced rewards. Companies looking to gain exposure to Notcoin’s large audience will need to buy $NOT on the open market and use it to activate features within the game.

Potential Additions and Changes

Open Builders, the creators of Notcoin, plan to enhance the game with additional features, such as a trading bot for buying and selling crypto tokens via Telegram. The goal is to create a more visual and user-friendly interface compared to existing text-based trading bots.

Community and Ecosystem Growth

Notcoin’s model emphasizes community involvement and ecosystem growth. By allowing users to earn $NOT through various activities and encouraging Web3 builders to engage with the community, Notcoin aims to create a vibrant and sustainable ecosystem.

Opinions and Predictions

Given the innovative nature of Notcoin and its fair distribution model, the $NOT token has significant potential. The project’s engagement strategy and large user base provide a solid foundation for future growth.

Price Predictions:

  • Listing ATH Price: $0.002 – $0.003
  • Market Cap: $400M – $500M

As the ecosystem develops and more use cases for $NOT emerge, the token could see substantial appreciation in value.

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Pepe Power! Meme Coin Surges On Back Of GameStop Nostalgia

The internet’s resident amphibian is back in the spotlight, but this time Pepe the Frog isn’t gracing troll forums – he’s maneuvering his way to the top of the cryptocurrency charts. PEPE, the meme coin named after the internet legend, is experiencing a historic surge, fueled by a potent mix of nostalgia and retail investor fervor.

From Backwater To Bullfrog: PEPE’s Rise

PEPE’s recent ascent is nothing short of meteoric. Trading volume has skyrocketed by an impressive 300% in the past 24 hours, with the price reaching an all-time high. This dramatic rise coincides with a resurgence in Gamestop (GME) stock, leading many to believe that the retail investor army of 2021 is back for round two, armed with meme coins as their weapon of choice.

The return of Keith Gill, better known online as “Roaring Kitty,” has acted as a rallying cry for these digital warriors. Gill’s surprise post on his dormant Reddit account sent shockwaves through the market, reigniting the nostalgic flames of the original Gamestop saga. Analysts suggest this nostalgia has spilled over into the crypto market, sparking a full-blown meme coin craze.

PEPE, already experiencing a steady climb since mid-April, has emerged as the unlikely champion of this digital meme menagerie.

Whales Take A Dip In The Pepe Pond

It’s not just the small-time investors driving the PEPE surge. Big money, or “whales” in crypto speak, are also diving headfirst into the frenzy. On-chain data reveals a whale recently splashing out a cool 1.86 million USDC for a whopping 195 billion PEPE tokens. Another whale scooped up a hefty 406 million PEPE, further propelling the price upwards.

But Is It All Golden Memes And Rainbows?

While PEPE’s current trajectory is a dream come true for early adopters, a cautionary tale lurks beneath the frothy surface. Meme coins are notorious for their wild volatility. Their value is often built on hype and fleeting internet trends, not robust financial fundamentals. This means a sudden shift in sentiment could trigger a dramatic price crash, leaving investors holding the Pepe bag.

Related Reading: Bullish On Ethereum: Analyst Predicts Crypto’s Imminent Takeoff

Furthermore, PEPE is a relatively new player in the crypto game, with an uncertain future. Unlike established cryptocurrencies, PEPE lacks a proven track record. Its long-term viability remains a question mark.

Featured image from @GameStopPepe/X, chart from TradingView

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Bullish On Ethereum: Analyst Predicts Crypto’s Imminent Takeoff

Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has been a rollercoaster ride for investors lately. After dipping below $2,820, it surged to over $3,200, only to retrace some of those gains. However, analysts remain optimistic, citing technical indicators and a key regulatory decision on the horizon as potential catalysts for a near-term price increase.

Ethereum Price Poised For A Breakout?

Technical analysts are pointing to bullish signals suggesting a potential bounce back for Ethereum. Analyst Titan Of Crypto believes a successful “Bullish Cypher Pattern” has played out, with all projected targets met. Currently, Ethereum sits at a pivotal support level, the 38.2% Fibonacci retracement, often seen as a springboard for upward momentum in bull markets.

This level has historically acted as a crucial support zone, says Titan. An optimistic outlook anticipates a price rebound from here.

Adding to the bullish sentiment, analyst JACKIS emphasizes the significance of Ethereum’s recent surge above $4,000 in March. This, according to JACKIS, represents a significant shift in the market structure towards a long-term uptrend.

The SEC Decision: A Potential Game Changer

The price of Ethereum could receive a significant boost from an upcoming decision by the U.S. Securities and Exchange Commission (SEC). By May 25th, the SEC is expected to rule on three applications for Ethereum-based Exchange-Traded Funds (ETFs).

A green light from the SEC for these ETFs would open the door for institutional investment into Ethereum, potentially leading to a surge in demand and price. Conversely, a rejection could dampen investor sentiment and trigger a pullback.

Related Reading: On A Tear: Toncoin Outshines Bitcoin With Price Surge And Social Buzz

Local Market Structure Hints At Underlying Bullishness

A closer look at Ethereum’s weekly chart reveals a bullish undercurrent despite the recent price dip. The presence of higher lows and higher Highs throughout the past few weeks indicates a healthy uptrend, with the current pullback seen as a natural consolidation phase.

Featured image from defense.gov, chart from TradingView

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On A Tear: Toncoin Outshines Bitcoin With Price Surge And Social Buzz

The native token of the Telegram-connected Open Network, Toncoin (TON), has outperformed Bitcoin (BTC) despite the recent market turbulence. Bitcoin fell by 3% over the last week, while TON increased by nearly 20%. Within the cryptocurrency world, this unexpected outperformance has set off a wild speculating frenzy. Will TON’s rapid ascent continue, or is this merely a passing blip?

Social Buzz Fuels The Toncoin Engine

One key factor behind TON’s recent success appears to be a surge in social media activity. Social volume, a metric that tracks discussions and mentions on platforms like Twitter and Telegram, has skyrocketed by over 20% compared to the previous week. This suggests a growing interest in TON, potentially attracting new investors and driving up the price.

Investor Sentiment: A Mixed Bag For TON

However, a closer look reveals a potential wrinkle in this optimistic outlook. While the overall sentiment surrounding TON has been positive, it has recently dipped into negative territory. This could be a sign of growing investor apprehension, as some may be worried about the sustainability of the current price rally.


Accumulation Signals: Are Investors Betting Big On Toncoin?

On the other hand, some metrics point towards potential long-term bullishness. The mean dollar invested age, an indicator of how long tokens have been held, has been gradually increasing. This suggests that investors are holding onto their TON, potentially with an eye on future gains.

Additionally, the dormant circulation, representing tokens that haven’t been moved in a while, has remained low. While a previous spike coincided with a price peak, the current stability could indicate a more strategic accumulation by investors.


Technical Analysis: Eyes On The Prize For Toncoin

Technical analysts, who study price charts and historical data to predict future movements, are also cautiously optimistic about TON. Fibonacci retracement levels, a popular technical tool, suggest the recent downtrend may be nearing its end. This could pave the way for TON to climb towards targets near $10, with potential profit-taking opportunities for investors.

A Marathon, Not A Sprint

While the recent surge in price and social media buzz paints a promising picture for TON, it’s crucial to remember that the cryptocurrency market remains highly volatile.

The current uptrend for TON could be the beginning of a long-term ascent, fueled by growing adoption and a thriving ecosystem within the Telegram network. However, it’s also possible that this is just a short-lived rally, followed by a correction.

Featured image from Medjan, chart from TradingView

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No Ties To OpenAI: Worldcoin Drops 9% As Top Trader Issues Warning

Worldcoin (WLD) has seen its value plummet by nearly 9% in just 24 hours, with the price settling at around $5.20. This decline aligns with a critical analysis issued by DeFi^2 (@DefiSquared), the current top trader on the crypt exchange Bybit, who has raised concerns about the potential for substantial inflationary pressures and misleading marketing associated with Worldcoin.

Notably, the WLD plunge comes just after OpenAI, the creator of ChatGPT, announced on Monday its plans to unveil a cutting-edge AI model named GPT-4o. This advanced model boasts the ability to engage in lifelike voice conversations and seamlessly interact across text and images. Worldcoin is usually a beneficiary of OpenAI announcements, but this time WLD price plunged.

Why Worldcoin Is Plummeting

In his analysis shared on X, DeFi^2 expounded on the mechanics behind the rapid devaluation of Worldcoin, emphasizing that the token is suffering from significant daily depreciation due to both emissions and strategic sales maneuvers by the Worldcoin Foundation.

Specifically, the token’s value is deteriorating at a rate of 0.6% each day, driven by the emissions related to grant and operator claims. These tokens, as per DeFi^2’s observation of on-chain analytics, are predominantly sold off almost immediately upon issuance, adding to the downward pressure on Worldcoin’s price.

Adding to the supply concerns, the Worldcoin Foundation recently declared its intention to offload $200 million worth of Worldcoin to trading firms. This move will effectively increase the circulating supply by an additional 18%. DeFi^2 criticized this decision, pointing out that the tokens, misleadingly attributed to a “Community” allocation, are being sold at a discount to entities that may not prioritize the broader community’s interests, potentially diluting the value for existing holders.

The most critical issue highlighted by DeFi^2, however, pertains to the near future, when unlocks for venture capital and team-related tokens are set to begin. He forecasts that in just 70 days, the supply of Worldcoin will start to inflate at an alarming rate of 4% per day due to these unlocks combined with ongoing emissions. This scenario could unleash nearly $50 million worth of sell pressure daily, profoundly impacting the token’s market price and stability.

DeFi^2’s analysis did not shy away from addressing the perceived misconceptions surrounding Worldcoin’s affiliation with notable tech personalities and organizations. He clarified that Sam Altman, known for his role with OpenAI, has no active involvement with Worldcoin, which operates as a completely separate entity. This point addresses a common misconception that potentially misled investors about the nature and backing of the token.

Moreover, DeFi^2 drew parallels between Worldcoin’s tokenomics and what he describes as “predatory” economic models that are engineered to disproportionately benefit early investors and insiders at the expense of general retail investors. He noted that similar strategies had been used in the past in the crypto industry, where the manipulation of token supply and market conditions facilitated significant gains for insiders while leaving regular investors exposed to heightened risks and losses.

“Worldcoin realistically might become the greatest transfer of wealth of this entire cycle. Unfortunately, this wealth transfer isn’t in the form of universal basic income as their mission suggests, but instead to the pockets of the team and insiders,” DeFi^2 stated. He added that “the manipulative low float / high FDV design is straight out of the SBF playbook, and directly enriches insiders as they hedge their locked allocations at high valuations pre-unlock via perps / OTC; yet retail somehow sadly still think they’re beating the system trying to push the price up.”

As the crypto community digests DeFi^2’s stark warnings, the immediate reaction has been a surge in trading activity to $666 million (up 104% in the last 24 hours), with investors and speculators likely reassessing their positions in Worldcoin in light of these revelations. At press time, WLD traded at $5.24.

Worldcoin price

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Is The Crypto Winter Thawing? US Bitcoin ETFs Record First Inflows In Weeks – Coinshares

After experiencing outflows for four consecutive weeks, US spot Bitcoin exchange-traded funds (ETFs) have marked a notable shift in momentum, witnessing net inflows once again.

According to recent data from CoinShares, digital asset investment products have seen inflows totaling $130 million for the first time in five weeks.

This change suggests renewed investor interest in crypto-focused investment products, particularly in the United States, where most of these inflows, totaling over $130 million, occurred.

A Mixed Bag Of Global Investment Flows

Grayscale, a major player in the digital asset space, reported a significant decrease in weekly outflows, recording its lowest since January at $171 million. This trend indicates a potential stabilization in the market after a period of volatility and declining interest.

Meanwhile, interaction between US regulators and spot ETF issuers has remained minimal, particularly for spot Ethereum ETF applications.

This lack of engagement has fuelled speculation that approval for these ETFs might not be approaching, as reflected by the amount of outflows from Ethereum-based products. James Butterfill, Head of Research at Coinshares, particularly noted:

Low interaction by the US regulators with ETF issuer applications for a spot Ethereum ETF have increased speculation that the ETF approval is not imminent, this has been reflected in outflows which totalled US$14m last week.

On a global scale, the investment landscape showed mixed signals. After a week of record inflows likely driven by “seed capital” post-Bitcoin ETF launches, as highlighted by Butterfill, Hong Kong saw a significant drop to $19 million in inflows.

Conversely, Switzerland experienced inflows amounting to $14 million. Canada and Germany continued to see outflows, with their year-to-date figures reaching a combined $660 million, indicating sustained bearish sentiment in these markets.

Bitcoin has rebounded with $144 million in inflows, counteracting a generally “weak month.” In contrast, short-Bitcoin exchange-traded products (ETPs) recorded outflows totaling $5.1 million, up to $18 million over the last eight weeks.

These figures highlight the volatile dynamics within the crypto market, with Bitcoin currently showing stronger performance than Ethereum.

Bitcoin And Ethereum Market Performance

Over the past 24 hours, Bitcoin surged nearly 3%, while Ethereum increased by only 1.2%. Despite these gains, both assets are down by 2.3% and 6% over the past week.

Bitcoin (BTC) price chart on TradingView

Amidst these market movements, crypto analyst Ali provided insights into Bitcoin’s potential paths. According to Ali, Bitcoin could climb to $76,000 if it reclaims $64,290 as a support level.

Failing to achieve this could see the flagship crypto drop to support at $51,970, based on Market Value To Realized Value (MVRV) extreme deviation pricing bands, identifying this figure as the all-time mean.

Featured image from Unsplash, Chart from TradingView

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GameStop Stock And Wolverine Memecoins Explode As Roaring Kitty Returns To The Spotlight

GameStop, the video game retailer that took Wall Street by storm in 2021, has once again become the talk of the town as its share price surges 100%. 

Fueling this rally is the return of the influential social media figure Keith Gill’s “Roaring Kitty.” After a long hiatus, Roaring Kitty’s recent activity on social platforms, including an image and video, has ignited excitement among investors and triggered a renewed frenzy for GameStop’s meme stock and the emerging world of memecoins. 

GameStop Memestock Frenzy

The meme-stock phenomenon gained widespread attention in 2021 when cash-rich investors pumped up the stock market and bet against short-selling hedge funds. 

Keith Gill’s “TheRoaringKitty” account and the subreddit “WallStreetBets” played a pivotal role in the meme stock frenzy, driving stocks like GameStop and AMC Entertainment to surge over 1,000% by the end of the same year. 

While some early investors reaped rich returns, hedge funds such as Gabe Plotkin’s Melvin Capital Management suffered significant losses, leading to closures.

According to Bloomberg, short sellers betting against GameStop initially enjoyed gains in the year’s first four months. Still, the volatile nature of meme stocks quickly erased those paper gains. Per the report, “skeptics” were up an estimated $400 million from January to April before slipping into the red by Monday morning.

The percentage of GameStop shares sold short relative to those available for trading has remained at approximately 24%, a relatively high level for a typical company but significantly lower than the 140% levels witnessed during the 2021 mania. 

As GameStop’s shares gained momentum, the cost to bet against the company increased. Recent data from S3 indicates borrowing costs exceeding a 10% annual financing fee range.

Roaring Kitty’s Ripple Effect

Roaring Kitty’s influence extended beyond GameStop, as Wolverine-themed memecoins flooded various blockchains. In response to a social media post featuring a video of Marvel superhero Wolverine, more than 30 new tokens were launched on platforms like Ethereum and Solana, as data by Dextools shows. 

Notably, the newly minted “Roaring Wolverine” token on the Ethereum blockchain experienced an astonishing 80% surge within hours of its release.

Furthermore, the memecoin market has witnessed a notable resurgence, with tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and Bonk Inu (BONK) recording significant gains, according to CoinGecko data. 

For instance, PEPE, the market leader, surged by 15% in the past 24 hours, complementing its 20% uptrend over the previous week. It reached a new high of $0.00001077 during early Monday trading.

GameStop

Ultimately, GameStop’s meme stock resurgence, fueled by the return of Roaring Kitty, inflicted substantial losses on short sellers of the meme stock on Monday. 

The impact of Roaring Kitty’s social media presence has extended to the memecoin market, with several Wolverine-themed tokens experiencing significant surges. 

Featured image from Shutterstock, chart from TradingView.com

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Investment Firm Makes Bitcoin Its Strategic Reserve – Impact On Price

Early-stage investment firm Metaplanet announced on Monday that it’s adopting Bitcoin (BTC) as its sole “strategic treasury reserve asset.”

This audacious decision signals a growing confidence in the controversial cryptocurrency as a legitimate store of value and hedge against traditional economic woes.

Yen Under Pressure, Bitcoin On The Rise

Metaplanet’s decision comes amidst a backdrop of sustained economic pressures in Japan. A weakening yen, coupled with high government debt levels and persistently low-interest rates, seems to have pushed the firm to seek alternative havens for its reserves.

Bitcoin, with its finite supply and decentralized nature, appears to be their answer.

‘Bitcoin-First, Bitcoin-Only’ Approach

In a clear statement of intent, Metaplanet outlined its new “Bitcoin-first, Bitcoin-only approach” to treasury management. The company plans to strategically convert its existing yen liabilities and future share issuances into BTC, effectively accumulating more of the digital asset over time.

This strategy echoes the recent moves of US-based MicroStrategy, which has become a major institutional holder of Bitcoin.

Believing In The ‘Absolutely Scarce’ Asset

Metaplanet’s press release paints a glowing picture of the top crypto asset’s potential. They view it as “fundamentally superior” to traditional currencies and other investment options, highlighting its scarcity and lack of a central issuer.

They are impressed by Bitcoin’s proof-of-work (PoW) consensus mechanism, emphasizing how it creates a progressively higher cost of production for the remaining coins yet to be mined. This, they argue, stands in stark contrast to traditional commodities whose supply can be readily increased.

Following The Footsteps Of A Corporate Bitcoin Believer

There are clear parallels between Metaplanet’s strategy and that of MicroStrategy. The US firm has aggressively amassed Bitcoin, currently holding over 1% of the entire circulating supply. Metaplanet, though smaller, has reportedly acquired over 117 BTC since April, signaling their commitment to replicating this strategy.

While Metaplanet’s decision reflects a growing institutional interest in Bitcoin, it also carries significant risks. Bitcoin’s price remains highly volatile, with the potential for substantial losses if the market takes a downturn.

Additionally, the regulatory landscape surrounding cryptocurrencies is still evolving, and future regulations could negatively impact Bitcoin’s viability as a reserve asset.

A Digital Canary In The Coal Mine?

Metaplanet’s bold move serves as a fascinating case study. Their all-in bet on Bitcoin raises questions about the future of traditional reserve assets and the potential for wider adoption of cryptocurrencies by institutional investors.

Impact On Bitcoin Price

The company’s investment, while significant for a single firm, represents a relatively small portion of the total Bitcoin market capitalization. However, the news itself could generate positive sentiment and short-term price increases, especially if it entices other institutional investors to follow suit.

Conversely, if Metaplanet’s strategy backfires and they are forced to sell their Bitcoin holdings at a loss, it could trigger a broader sell-off and price decline.

Ultimately, the long-term impact will depend on how this bold move by Metaplanet plays out, alongside broader market forces and evolving regulations.

Featured image from Pexels, chart from TradingView

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CEO Drops Bombshell: Trump Campaign Eyes Crypto-Friendly Policies

The intersection of cryptocurrency and politics has taken center stage as the potential return to power of former President Donald Trump emerges with a crypto-friendly agenda. The revelation comes from none other than David Bailey, CEO of Bitcoin Magazine, who disclosed his involvement in advising Trump’s campaign to adopt policies favorable to the crypto industry.

Bailey’s Bombshell: Advising Trump For A Pro-Crypto Future

Bailey, a prominent figure in the cryptocurrency community, shocked many when he unveiled his team’s role in guiding Trump’s campaign towards embracing Bitcoin and other digital assets. Bailey revealed that they had proposed a crypto-focused executive order to be signed on Trump’s first day back in office, signaling a significant departure from Trump’s previous skepticism towards cryptocurrencies.

Trump’s Crypto Evolution: From Skepticism To Embrace

Trump’s shifting stance on cryptocurrencies has been nothing short of remarkable. Once vocal about his disdain for digital assets, Trump now appears open to embracing them, contrasting sharply with President Biden’s purported lack of understanding of the crypto space. This evolution has ignited discussions about the potential impact of a Trump presidency on the crypto industry.

The Divide: Pro-Bitcoin Or Anti-Biden?

Bailey’s announcement has sparked debates within the crypto community, with some viewing it as a strategic move to ensure a more favorable regulatory environment for Bitcoin and cryptocurrencies.

However, others question the motives behind supporting Trump, citing concerns about his controversial tenure as president. Bailey himself clarified that their actions are aimed at defending Bitcoin rather than endorsing Trump personally.

Election Dynamics: Bitcoin As A Deciding Factor?

With the upcoming presidential elections looming, the role of Bitcoin in shaping political landscapes has never been more apparent. Bailey’s call to mobilize and ensure a pro-Bitcoin president raises questions about the growing influence of cryptocurrency in electoral politics.

Will Bitcoin enthusiasts unite to sway the outcome of the elections in favor of a crypto-friendly candidate?

Trump: Second Term And Regulatory Outlook

Geoff Kendrick, head of FX Research and Digital Assets Research at Standard Chartered Bank, weighed in on the potential implications of a Trump second term for the cryptocurrency industry.

Kendrick believes that a Trump presidency would likely result in a more supportive regulatory environment, offering hope to crypto advocates amidst ongoing regulatory uncertainties.

How This Will Impact Crypto Prices

The news of Trump’s potential support for cryptocurrencies has stirred both excitement and caution in the market. While some see it as a promising sign for increased adoption and investment, others remain wary of the potential volatility and uncertainty associated with Trump’s involvement.

The impact on crypto prices will depend on factors like regulatory clarity and broader market sentiment, making it essential for investors to stay informed and adaptable in the face of evolving developments.

Featured image from AP Photo/Jeff Dean, chart from TradingView

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XRP On A Sinking Ship? Why Altcoin’s Price Continues To Plunge

The once-booming cryptocurrency Ripple (XRP) finds itself in a precarious position. The past month has been marked by a significant drop in XRP’s value, leaving investors and analysts in a state of flux.

While some fear a continued decline, others see potential for a comeback, with technical indicators hinting at a possible reversal of fortune. However, the road ahead for XRP remains shrouded in uncertainty, with the ongoing legal battle with the SEC and broader market sentiment playing a crucial role.

A Downturn And Dampened Enthusiasm

The last few weeks have been a rough ride for XRP holders. The cryptocurrency, which once held the distinction of being the only one with apparent regulatory approval in the United States, has shed over 5% in the last week alone.

The price dipped as low as $0.49 before recovering slightly to its current position around $0.50. This downtrend has coincided with a noticeable dampening of enthusiasm within the crypto community. Discussions about XRP have dwindled, and the usual “bullish” fervor seems to have gone quiet.

Technical Signals And Expert Opinions

Despite the gloomy outlook, there are some glimmers of hope for XRP. Analysts point to technical indicators on TradingView that suggest a potential uptrend in the making.

The chart shows a series of “higher lows and higher highs,” a pattern typically associated with bullish momentum. Additionally, the $0.50 mark seems to be acting as a support level. Each time the price dips close to this point, it rebounds slightly, indicating that some investors see it as an attractive entry point.

This bullish sentiment is echoed by some experts. Dark Defender, a prominent crypto analyst, remains optimistic about XRP’s prospects for 2024, predicting a surge to $1.80 before year’s end. A recent poll conducted by Egrag Crypto among nearly 4,000 crypto community members also revealed mixed feelings.

While a significant majority (61%) expressed optimism about XRP’s ability to participate in an upcoming bull run, a sizable minority (40%) remained apprehensive.

Clouds Over XRP: The Looming Legal Battle

XRP’s path forward is far from certain. The ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) continues to cast a long shadow. The lawsuit, which centers around whether XRP is a security, has created uncertainty in the market, hindering investor confidence.

This regulatory ambiguity makes it difficult for institutional investors to enter the XRP market, further dampening its potential for significant growth.

Market Sentiment And Ripple Effect

The broader bearish sentiment currently gripping the crypto market also adds pressure to XRP’s price. Bitcoin, the bellwether of the cryptocurrency market, has seen a significant correction in recent months, dragging many altcoins, including XRP, down with it. This creates a domino effect, where negative sentiment in one cryptocurrency bleeds over to others, further exacerbating the decline.

Featured image from Getty Images, chart from TradingView

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The Akash Network Phenomenon: Breaking Down Its 2400% Uptrend And Market Outperformance

Decentralized and open-source computing platform Akash Network has captured significant attention in the cryptocurrency market as its native token, AKT, has outperformed the top 100 cryptocurrencies with a 2400% price increase year-to-date. 

While Bitcoin (BTC) and other major cryptocurrencies experience price corrections, the Akash Network and its native token are surging at a remarkable pace. To comprehend the driving factors behind this uptrend, it is crucial to delve deeper into what the Akash Network represents and its underlying technology.

What Is The Akash Network?

The Akash Network, founded in March 2018 by Overclock Labs, emerged as a distributed cloud computing marketplace with the objective of decentralizing cloud computing. Originally focused on building a traditional multi-cloud deployment platform, Overclock Labs decided to launch Akash.

According to Messari, the network facilitates the connection between server owners in need of computing power to host applications and users offering cloud computing resources through the Akash Marketplace, where computing resources are bought and sold.

At the core of the Akash Network lies its blockchain infrastructure known as Akash, built using the Cosmos SDK and based on the Tendermint consensus mechanism. 

Since the launch of Akash Mainnet in September 2020, the network has undergone notable upgrades to increase its functionality. These upgrades include the introduction of the Akash Marketplace, flexible bid pricing, Inter-Blockchain Communication (IBC) compatibility, deployment tools for improved user experience, audited attributes, and Tendermint’s State Sync. 

Subsequent upgrades introduced features such as persistent storage, authorized spending, an inflation decay curve, fractional uAKT to eliminate minimum cost deployment, IP leases, provider service splits, Cosmos IBC3 update, and Interchain Accounts (ICA).

Messari points out that the most recent upgrades have positioned Akash as a prominent player in the cloud computing and artificial intelligence (AI) development space. Mainnet 6 introduced support for GPUs and stable payments, establishing Akash as an open-source marketplace for high-density GPUs and a distributed cloud for large language models (LLM). 

In conjunction with this upgrade, Overclock Labs launched Akash ML, a cloud infrastructure that offers AI developers GPU spot instances, with plans to provide on-demand access in the future. 

Subsequent upgrades focused on enforcing minimum validator commissions, improving GPU visibility, and ensuring validated bids on multi-service deployments.

AKT Token Breaks Key Trendline

In terms of price action, the Akash Network’s native token, AKT, has recently demonstrated a notable breakthrough. Over the past 24 hours, AKT has experienced a significant surge of 15.63%, propelling its trading value to $5.64.

One key indicator of this positive development is the token’s ability to surpass a diagonal trendline in the 4-hour timeframe. Breaking this trendline suggests a potential reversal of the previous downward trajectory and opens up the possibility of further bullish market sentiment for AKT.

Akash Network

Moving forward, the focus for AKT is to sustain the previous week’s high of $5.095 as a crucial level of support. By maintaining this level, the token aims to consolidate its recent gains and solidify its position in the market.

In summary, the price increase of AKT can be attributed to several factors. The success of the Akash Network’s underlying technology and its value proposition in the decentralized cloud computing space contribute to the positive sentiment surrounding the token. As the network gains recognition and attracts users, demand for AKT may increase, resulting in upward pressure on the price.

In addition, the successful break of the diagonal trend line represents a potential shift in market dynamics as investors may take this as a bullish signal, leading to increased buying activity and further price appreciation.

Featured image from Shutterstock, chart from TradingView.com

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EigenLayer Launches Airdrop Season, Allowing Users To Claim 113M EIGEN Tokens

Restaking protocol EigenLayer has unveiled its highly anticipated airdrop season, during which eligible users can claim a portion of the initial EIGEN token supply. 

EigenLayer Sets September 2024 Deadline

The protocol’s announcement on Friday revealed that “Season 1” commences with 6.05% of the total supply, which users can claim starting on May 10. 

Moreover, “Season 1 phase 2,” set to begin mid-June, will increase the claimable percentage to 6.75%. Season 1 will distribute approximately 113 million EIGEN tokens to participants. EigenLayer has reserved 15% of the initial token supply for the community across all seasons, signaling its commitment to inclusive participation.

EigenLayer has also announced that EIGEN tokens are currently non-transferable. However, the protocol plans to unlock token transfers once new features are launched and “further decentralization” is achieved. 

These developments are expected to take place by September 30th, 2024. Until transfer restrictions are removed, core contributors and investors will not receive EIGEN staking rewards, and no inflation will occur.

Record-Breaking $14 Billion In Assets

Since its soft launch in 2023, EigenLayer has reportedly attracted $14 billion in assets, making it a prominent player in the decentralized finance (DeFi) space. 

According to Bloomberg, the protocol’s restaking service offers amplified returns by leveraging the process of depositing ETH coins to support the Ethereum blockchain. Eigen Labs, the Seattle-based firm behind EigenLayer, raised approximately $165 million from notable backers, including a16z Crypto.

Investors gain access to EigenDA by staking EIGEN, a performance data availability system supporting Ethereum rollups. The protocol claims this presents an opportunity for users to secure amplified returns. 

Additionally, EigenLayer will shortly introduce compatibility with various AVSs (Application-Specific Verification Systems), offering stakers more options. 

Nonetheless, virtual private network users and residents of countries such as the US, Canada, and China have been excluded from the airdrop, highlighting the challenges of operating within regulatory frameworks and ensuring compliance. Eigen Foundation’s executive director, Robert Drost, acknowledged the complexities of navigating regulatory guidelines:

It’s not possible to operate in the space without following regulatory guidelines and being responsible, and the challenging part is that there is not a lot of clarity. 

Despite these setbacks, EigenLayer’s popularity has positioned it as the second most popular DeFi application, surpassing liquid staking platforms like Lido and Rocket Pool. 

While liquid staking provides easier access to staking rewards and leads the DeFi category, it has experienced significant outflows in recent months. DefiLlama data indicates a 27% decline in total value locked in liquid staking protocols since their peak of $63 billion in March. EigenLayer’s restaking service has contributed to the restaking of nearly 4% of all ETH. 

EigenLayer

The second largest cryptocurrency on the market, Ethereum, is trading at $2,890, following Bitcoin’s lead with a 3.8% drop in the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com

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Change Of Heart: Crypto Scammer Returns $34.7 Million To Victim’s Address

A week ago, a crypto whale fell victim to a scam that resulted in the loss of over $71 million. In the following days, the scammer moved the funds to veil them. But in a shocking turn of events, they returned the funds to the victim.

Address Poisoning Scam Snatches $71 Million

On May 3, whale 0x1E22…8FD5 lost 1,155 Wrapped Bitcoin (WBTC), worth around $71.31 million, after falling victim to an address poisoning scam. This scam, also known as address spoofing, consists of trying to trick users into sending funds to fraudulent lookalike accounts.

The “vanity addresses” are custom-made with specific characters that look like the intended recipient’s address. Scammers send transactions of no value, hoping the similarity between the addresses will fool the user under attack.

If successful, victims copy the fraudulent address from the previous transactions and accidentally send their assets to the scammers instead.

PeckShieldAlert reported that the phisher immediately swapped the stolen WBTC for 23,000 Ether (ETH) before transferring them to a different address. Throughout the following days, the scammer laundered the funds. Sending them to ten different addresses before distributing the tokens through over 100 other addresses.

This development painted a looming picture for the crypto whale. At this point, the funds appeared to be unrecoverable. One user called the massive number of transfers a “crypto musical chairs” game.

Others justified the scammer, claiming he had not stolen the funds, as “he just received them.” This stance disregards the transaction’s nature. The transfer occurs under the belief that funds are safely being transferred to the intended account and not a lookalike.

Moreover, the lookalike address is in the victim’s transaction history, clearly intended to deceive the user into receiving funds not meant for them.

Change Of Heart Or Scared Of The Crypto Community?

In a shocking turn of events, the scammer sent 51 ETH, worth around $153,000, back to the victim on Thursday. Alongside the funds, the phisher sent a message asking to contact the whale, seemingly looking to negotiate.

The reasons behind the sudden change of heart remain a mystery to the community. Many are jokingly theorizing why the scammer returned the funds. One X user playfully suggested that the phisher feared being investigated by crypto sleuth ZachXBT.

Others claimed that “even the scammer doesn’t want ETH,” referencing the criticism the second-largest cryptocurrency has faced after its performance during this cycle.

In the early hours of Friday, PeckShieldAlert revealed that 2,683.7 ETH, worth about $8 million, had already been transferred to the whale from nearly 50 different addresses. A couple of hours later, an update showcased that around 50% of the total funds had been returned, accounting for 11,446.87 ETH, or $34.7 million.

Retrieving all the assets might take time due to the large number of addresses holding the funds. At the time of writing, over $45 million worth of ETH has already been returned, and the transactions continue.

crypto, ETH, ETHUSDT

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Toncoin Soars 32% On The Back Of Pantera Capital’s Mega-Investment

Toncoin (TON), the native token of the Telegram Open Network (TON), is experiencing a meteoric rise after a major investment from venture capital giant Pantera Capital. The news sent positive vibes through the crypto market, propelling TON’s price over 30% in the weekly timeframe, and reigniting investor enthusiasm for the project.

Pantera Bets Big On TON’s Mass Adoption Potential

Pantera Capital, a leader in blockchain investments, has made a significant move by placing a hefty bet on the Toncoin ecosystem. While the exact investment amount remains undisclosed, industry whispers suggest it could surpass the $250 million Pantera spent on discounted Solana (SOL) tokens last year. This strategic investment underscores Pantera’s belief in TON’s potential to become a mainstream cryptocurrency.

“We’ve invested heavily in TON because it has the unique ability to introduce crypto to the masses,” declared Pantera Capital in a recent blog post. They point to TON’s seamless integration with Telegram, a messaging app boasting a staggering user base exceeding 800 million.

Pantera envisions TON leveraging Telegram’s user-friendly interface and vast user pool to become a dominant force in the crypto landscape.

TON Price Rallies On Positive Developments

Pantera’s bullish stance on TON comes on the heels of a series of positive developments for the project. At the recent Token2049 conference in Dubai, Telegram co-founder Pavel Durov unveiled a roadmap for integrating TON functionalities directly within the Telegram app.

This includes plans to allow users to log in to their Telegram accounts using crypto wallets, further blurring the lines between traditional messaging and the world of blockchain.

The news of Pantera’s investment, coupled with Telegram’s commitment to TON integration, fueled a buying frenzy in the TON market. The token price surged near the $7 mark, inching closer to its all-time high of $7.25. This price increase reflects renewed investor confidence in TON’s future prospects.

Overcoming Regulatory Hurdles: A Look Back

Despite the current wave of optimism, TON’s journey hasn’t been without challenges. In 2019, the US Securities and Exchange Commission (SEC) issued a restraining order against Telegram, effectively blocking the launch of its planned Gram token.

The SEC alleged that the Gram ICO violated securities laws. However, the Telegram team persevered, and the TON ecosystem continued to evolve with TON coin emerging as its central currency.

A New Chapter For Toncoin?

Pantera Capital’s investment and Telegram’s continued commitment to TON integration mark a significant turning point for the project. With a robust messaging platform as its foundation and the backing of a prominent investment firm, TON is well-positioned to bridge the gap between mainstream users and the world of cryptocurrency.

Featured image from GoodFreePhotos, chart from TradingView

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Grayscale Battling Outflows And Lower-Cost ETFs, Q1 Revenue Stays Flat At $156M

Grayscale Investments, the issuer of one of the recently approved spot Bitcoin exchange-traded funds (ETFs) in the US, saw flat revenues in the first quarter of the year due to its decision to maintain fees on its flagship Grayscale Bitcoin Trust ETF (GBTC). 

Grayscale Exceeds Expectations Despite Outflows

According to a shareholder letter from its parent company, Digital Currency Group (DCG), the operator of the Grayscale Bitcoin Trust recorded $156 million in revenue, showing little change from the previous quarter.

Since the GBTC trust’s conversion to an ETF in January, Grayscale has seen outflows of about $17.4 billion as investors appear to have shifted their assets to new, lower-cost funds offered by BlackRock and Fidelity, the leaders in the US ETF race in terms of inflows recorded since January. 

While GBTC charges a 1.5% management fee, many of its competitors charge less than 0.3%, leading to outflows. In response, Grayscale announced plans in March to seek approval from the Securities and Exchange Commission (SEC) to spin off some of Grayscale’s assets into a new, lower-fee “Bitcoin Mini Trust.” 

Despite the outflows, the Q1 revenue attributable to GBTC exceeded Grayscale’s expectations. The firm had previously anticipated outflows due to increased competition under the ETF wrapper. Grayscale previously charged a 2% sponsorship fee before the trust was converted. 

The flat revenue was also attributed to higher average Bitcoin and Ethereum prices and a decrease in assets under management (AUM).

In contrast to Grayscale’s performance, all US spot Bitcoin ETFs have witnessed a total net inflow of over $11 billion thus far. However, demand for these ETFs has recently declined amidst tightening financial conditions in the US, where the Federal Reserve (Fed) faces the challenge of addressing persistent inflation.

DCG Reports 11% Q1 Revenue Increase

Digital Currency Group, founded by Barry Silbert and the parent company of Grayscale, reported an 11% quarter-over-quarter increase in Q1 revenue to $229 million, primarily due to higher asset prices. 

However, revenue growth lagged behind Bitcoin’s price appreciation, which rose more than 60% during the same period. In its letter, DCG attributed this disparity to lower GBTC sponsor fees, redemptions, and steady mining revenues at its Foundry subsidiary.

Foundry, DCG’s mining subsidiary, experienced a sequential revenue increase of 35%, propelled by staking and equipment sales revenue. Meanwhile, Luno, the company’s crypto exchange subsidiary, witnessed a 46% quarter-over-quarter sales boost, driven by a significant surge in trading volume.

Grayscale

At press time, Bitcoin is trading at $62,100 and has recently encountered significant price volatility. These price swings have failed to establish a stable position above crucial price thresholds.

Featured image from Shutterstock, chart from TradingView.com 

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Crypto Presidential Rally: TRUMP Soars 36.2% And Flips BODEN

In a year full of global elections, the crypto industry remains expectant and critical of every candidate’s stance on cryptocurrencies. The US presidential elections could pose a turning point for regulations and adoption that could affect the industry worldwide.

On Wednesday, Donald Trump, former US president and Republican candidate, stated his support for the industry and criticized Biden’s administration for its stance on digital assets. MAGA (TRUMP), the Trump-inspired memecoin, saw its price skyrocket  63% in the following hours.

Trump’s Stance On Crypto

The Republican candidate held a gathering on Wednesday at his Mar-a-Lago resort in Palm Beach, Florida. Holders of NFTs bearing Trump’s name and likeness attended the Trump Cards NFT Gala.

During this event, the former US president strongly criticized Biden’s administration and its hostility towards the sector. He revealed he is “fine” with crypto and wants to make it a “solid” industry.

Trump claimed he’s the best option for those who are in favor of cryptocurrencies:

(…) I’m fine with it. I want to make sure it’s good and solid and everything else. But I’m good with it. And if you want, if you like crypto in any form, and it comes in a lot of different forms, if you’re in favor of crypto, you better vote for me.

Moreover, the Republican candidate asserted that “crypto is moving out of the US because of the hostility towards it,” something he alleges he doesn’t want to continue and promises to stop.

When asked what he would do to stop the exodus of digital asset businesses, he stated that to embrace them, they would have to let them be in the country. To achieve this, the candidate promised a more welcoming regulatory framework for crypto.

As part of his jab at the current administration, Trump mimicked US President Joe Biden, claiming he would be clueless if asked about cryptocurrencies. He further added, “The Democrats are very much against it.”

TRUMP Flips BODEN As Price Soars

After Trump’s declarations, two memecoins inspired by the politicians saw a price reaction. Jeo Boden (BODEN) soared 23.5% in the following hour, going from $0.34 to $0.42.

Since then, the price has retraced to hover between the $0.35-$0.36 range. BODEN is trading at $0.3492, representing a 15.1% increase in the last 24 hours.

The token’s daily trading volume also saw a significant 35.7% surge, with over $20 million traded in the past day. Despite benefiting from the Republican candidate’s jab at its inspiration, BODEN Still displays red numbers in the longer timeframes, with a 29.9% and 59.8%  weekly and monthly decrease.

As a result, TRUMP’s $252 million market capitalization flipped BODEN’s $239 million. The Trump-inspired token became the 14th largest memecoin by market capitalization, per CoinGecko data.

Moreover, TRUMP seemingly won this round with crypto investors, which rallied 63% after Trump’s statement. The token surged from $4.2 to $7.1 in the following hours before retracing to the $5.3 level.

TRUMP trades at $5.43 at the time of writing, representing a 36.2% increase in the last 24 hours.

crypto, TRUMP, TRUMPUSDT

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Crypto Presidential Rally: TRUMP Soars 36.2% And Flips BODEN

In a year full of global elections, the crypto industry remains expectant and critical of every candidate’s stance on cryptocurrencies. The US presidential elections could pose a turning point for regulations and adoption that could affect the industry worldwide.

On Wednesday, Donald Trump, former US president and Republican candidate, stated his support for the industry and criticized Biden’s administration for its stance on digital assets. MAGA (TRUMP), the Trump-inspired memecoin, saw its price skyrocket  63% in the following hours.

Trump’s Stance On Crypto

The Republican candidate held a gathering on Wednesday at his Mar-a-Lago resort in Palm Beach, Florida. Holders of NFTs bearing Trump’s name and likeness attended the Trump Cards NFT Gala.

During this event, the former US president strongly criticized Biden’s administration and its hostility towards the sector. He revealed he is “fine” with crypto and wants to make it a “solid” industry.

Trump claimed he’s the best option for those who are in favor of cryptocurrencies:

(…) I’m fine with it. I want to make sure it’s good and solid and everything else. But I’m good with it. And if you want, if you like crypto in any form, and it comes in a lot of different forms, if you’re in favor of crypto, you better vote for me.

Moreover, the Republican candidate asserted that “crypto is moving out of the US because of the hostility towards it,” something he alleges he doesn’t want to continue and promises to stop.

When asked what he would do to stop the exodus of digital asset businesses, he stated that to embrace them, they would have to let them be in the country. To achieve this, the candidate promised a more welcoming regulatory framework for crypto.

As part of his jab at the current administration, Trump mimicked US President Joe Biden, claiming he would be clueless if asked about cryptocurrencies. He further added, “The Democrats are very much against it.”

TRUMP Flips BODEN As Price Soars

After Trump’s declarations, two memecoins inspired by the politicians saw a price reaction. Jeo Boden (BODEN) soared 23.5% in the following hour, going from $0.34 to $0.42.

Since then, the price has retraced to hover between the $0.35-$0.36 range. BODEN is trading at $0.3492, representing a 15.1% increase in the last 24 hours.

The token’s daily trading volume also saw a significant 35.7% surge, with over $20 million traded in the past day. Despite benefiting from the Republican candidate’s jab at its inspiration, BODEN Still displays red numbers in the longer timeframes, with a 29.9% and 59.8%  weekly and monthly decrease.

As a result, TRUMP’s $252 million market capitalization flipped BODEN’s $239 million. The Trump-inspired token became the 14th largest memecoin by market capitalization, per CoinGecko data.

Moreover, TRUMP seemingly won this round with crypto investors, which rallied 63% after Trump’s statement. The token surged from $4.2 to $7.1 in the following hours before retracing to the $5.3 level.

TRUMP trades at $5.43 at the time of writing, representing a 36.2% increase in the last 24 hours.

crypto, TRUMP, TRUMPUSDT

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Wells Notice Wallop: Robinhood Bleeds 164 Million Dogecoin In Mass Exodus

The Shiba Inu’s reign as king of memecoins may be facing a ruff patch. Dogecoin (DOGE) prices dipped this week after news broke of the US Securities and Exchange Commission (SEC) issuing a Wells Notice to Robinhood, a popular crypto exchange.

The notice, a precursor to potential enforcement action, alleges Robinhood violated multiple securities laws. This sent shockwaves through the crypto community, with many investors, particularly those holding large amounts of DOGE (often nicknamed “whales”), pulling their funds out of Robinhood.

The most significant outflow involved a whopping 164 million DOGE, worth roughly $25 million at the time, being transferred out of the exchange. This mass withdrawal by a whale investor likely contributed to the market jitters surrounding DOGE.

DOGE Price Wobbles: Short-Term Blues Or Long-Term Woof?

The price of DOGE tumbled 5.8% in the 24 hours following the Robinhood news. However, analysts caution against a knee-jerk reaction. While the legal troubles undoubtedly cast a shadow on Robinhood, the DOGE outflow, including the 164 million transfer, might not be the sole culprit behind the price dip.

Transferring cryptocurrency from an exchange to a personal wallet is often seen as a bullish move, indicating an intention to hold for the long term.

Dogecoin And Bitcoin: A Tale Of Two Blockchains

Another factor influencing DOGE’s price is its tight correlation with Bitcoin (BTC). Both currencies operate on the Proof of Work (PoW) consensus mechanism, which some see as outdated compared to newer, energy-efficient models.

The recent pullback in the broader crypto market, especially in Bitcoin, likely played a role in dragging DOGE down as well.

Rocky Road To $0.20? DOGE Faces Support Hurdle

DOGE enthusiasts were eyeing a price target of $0.20, but the recent drop presents a roadblock. The memecoin dipped below the crucial $0.15 support level, raising concerns about a further decline.

Analysts point to a potential support zone between $0.143 and $0.146, but a fall below that could trigger a more significant price correction.

Bullish Signs Amidst The Dip

Despite the short-term pessimism, there are glimmers of hope for DOGE. The buy orders for DOGE currently outweigh sell orders by a significant margin, suggesting continued investor interest.

Related Reading: Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff

Additionally, the memecoin’s Relative Strength Index (RSI) sits at a neutral 47, indicating there’s room for new buyers to enter the market. Furthermore, DOGE managed to maintain a weekly price increase despite the daily drop, hinting at underlying resilience.

Doge Day Delayed, But Not Doomed

The coming weeks will be crucial for Dogecoin. The outcome of Robinhood’s legal battle with the SEC and DOGE’s ability to regain lost ground will determine its short-term trajectory. However, long-term forecasts for the memecoin remain cautiously optimistic.

Featured image from Yahoo Finance, chart from TradingView

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EU Watchdog Considers Crypto Integration Into $12.88 Trillion Investment Market

Europe’s securities regulator is seeking input from stakeholders on the potential inclusion of crypto assets in a potentially massive market. The European Securities and Markets Authority (ESMA), the regulatory authority responsible for overseeing financial markets within the European Union, has recently initiated a comprehensive review of the regulations surrounding the Undertakings for Collective Investment in Transferable Securities (UCITS) Eligible Assets Directive (EAD).

This move could potentially enable the integration of cryptocurrencies into a vast investment market valued at approximately €12 trillion (roughly $12.88 trillion). On May 7, 2024, ESMA released a Call for Evidence seeking input from various stakeholders to assess the viability and implications of allowing UCITS to include a broader array of asset classes, notably cryptocurrencies.

The UCITS framework, central to EU retail investment, accounts for around 75% of all retail investment in collective funds within the region. With its global reputation for strict regulation and investor protection, the inclusion of cryptocurrencies could represent a transformative shift in the investment landscape.

The Next Big Catalyst For Crypto?

ESMA’s review aims to address the evolving financial landscape, where the number and variety of financial instruments have expanded significantly since the UCITS framework was established nearly two decades ago. This expansion has led to uncertainties in determining asset eligibility, causing divergent interpretations and applications of the directive across member states.

Sean Tuffy, a financial regulation expert, underscored the significance of this development to DL News, stating, “If ESMA is convinced, it would be the final step in mainstreaming crypto assets in Europe,” referring to it as a potential “game changer.” This sentiment is echoed by industry experts who believe that the inclusion of crypto assets could provide a robust alternative to traditional investment options, potentially enhancing portfolio diversification and returns.

The Call for Evidence targets a broad audience, including investors, consumer groups, UCITS management companies, self-managed UCITS investment companies, depositaries, and trade associations. These stakeholders are invited to share their insights on market practices, interpretative issues, and practical application concerns related to the eligibility criteria and other provisions of the UCITS EAD.

One of the critical areas of focus is the transversal consistency of key notions and definitions used in the UCITS EAD with other pieces of legislation in the EU Single Rulebook. This alignment is crucial to ensure that any new asset classes, such as cryptocurrencies, are integrated smoothly and consistently across all regulatory frameworks.

Andrea Pantaleo, a lawyer specializing in crypto regulation, highlighted several potential benefits and challenges. He told DL News, “UCITS funds have specific investment limitations depending on the type of assets. We won’t have a 100% crypto UCITS fund, but hopefully many investment funds could hold 1-2% of their liquidity in crypto.”

However, he also pointed out a significant obstacle: the coordination of custody regulations, which must align with the EU’s upcoming Markets in Crypto-Assets regulation (MiCA). MiCA is set to establish stringent rules for the segregation of assets and policies for their safekeeping, which will be pivotal in the custody of crypto assets.

The potential inclusion of cryptocurrencies in UCITS comes at a time when other major economies, such as the US and Hong Kong, have begun integrating crypto assets into their financial products, notably through the approval of Bitcoin ETFs. These developments have not only validated the financial viability of cryptocurrencies but have also spurred significant investment inflows into the sector.

The ESMA consultation process is set to conclude on August 7, 2024, after which the watchdog will compile the feedback and develop its technical advice to the European Commission. This advice will play a crucial role in determining whether cryptocurrencies will be included in the UCITS framework, potentially heralding a new era for crypto investment in Europe.

At press time, the total crypto market cap stood at $2.202 trillion.

total crypto market cap