Ether has surged back above $3,500 following Consensys’ announcement that the U.S. Securities and Exchange Commission (SEC) is ending its investigation into whether ETH is a security.
Prior to the announcement, ETH was trading at $3,493. The news, shared on June 19, indicated the SEC will close its probe, which crypto commentators have deemed significant for the industry.
“The Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0,” Consensys stated.
Following this, Ether rose by approximately 1.4% to $3,541 within 20 minutes, surpassing the critical $3,500 level. As of the time of writing, it is trading at $3,531, according to CoinMarketCap data.
The $3,500 mark is a significant level for traders, as Ether has consistently hovered around it over the past month, serving as a key support level.
The announcement from Consensys has bolstered investor confidence, alleviating concerns about potential securities law violations for ETH transactions if the SEC had decided to take action.
“This means that the SEC will not bring charges alleging that sales of ETH are securities transactions,” Consensys elaborated, leading to widespread celebration among crypto commentators.
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“Huge win for Ethereum,” noted Tom Shaughnessy, founding partner of Delphi Ventures.
“A major unlock for the Ethereum ecosystem as we enter a new regulatory regime for crypto,” added Christopher Perkins, president of CoinFund.
In response to the announcement, Ether whales demonstrated confidence, with blockchain analysis firm Lookonchain reporting a whale purchasing 5,603 ETH, valued at around $19.6 million.
This development follows the SEC’s recent approval of spot Ether exchange-traded funds (ETFs) in the United States, a move that has further fueled optimism in the market.
There is growing confidence that the final stage before trading, which involves the approval of the applicant’s Form S-1 registration statements, is progressing smoothly.
SEC Chair Gary Gensler has indicated that the commission expects to approve these filings “sometime over the course of this summer.”
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Billionaire investor and cryptocurrency advocate Mark Cuban recently discussed the potential impact of Gary Gensler’s actions as head of the United States Securities and Exchange Commission (SEC) on President Joe Biden’s re-election campaign.
Speaking at Coinbase’s State of Crypto Summit, Cuban expressed concern that Gensler could “literally cost Joe Biden the election,” according to Fox Business reporter Eleanor Terrett.
Cuban has previously suggested that Gensler and the SEC could jeopardize Biden’s chances of securing a second term. He has been vocal about the need for regulatory clarity.
In May, as reported by Cointelegraph, Cuban called for the U.S. Commodity Futures Trading Commission (CFTC) to assume cryptocurrency regulation responsibilities.
At that time, Cuban emphasized that crypto voters “will be heard this election,” referring to the 2024 U.S. presidential election.
He warned, “If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the New York SEC.”
Biden has reportedly started discussions with cryptocurrency industry insiders about potentially accepting crypto donations for his campaign.
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However, this move might come too late for the president, as his tenure has largely been marked by a negative stance toward the industry.
It remains unclear how Biden plans to address cryptocurrency issues during the rest of the campaign. The topic may emerge during the upcoming presidential debates.
On the other hand, former U.S. President Donald Trump’s stance on cryptocurrency starkly contrasts with Biden’s. Trump has recently shown strong support for the technology.
According to a recent Cointelegraph report, Trump has vowed to “end Joe Biden’s war on crypto” and to “ensure that the future of crypto and the future of Bitcoin will be made in America.”
Trump has previously posted on his Truth Social media network, pledging to protect the cryptocurrency industry from government interference.
He criticized Biden, stating, “Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death.”
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Despite months of sideways BTC price action, Bitcoin remains “largely profitable,” according to new research.
In the latest edition of its weekly newsletter, “The Week On-Chain,” published on June 18, analytics firm Glassnode dispelled myths about investors’ unrealized losses.
Bitcoin may be trading within a narrow corridor, but the majority of hodlers are not seeing their returns on investment evaporate.
Glassnode summarized current BTC price behavior as “establishing equilibrium,” highlighting multiple on-chain metrics that show Bitcoin is in a period of consolidation rather than capitulation.
“Sideways price movement tends to manifest as investor boredom and apathy, which appears to be the dominant response across all Bitcoin markets,” the report stated.
“BTC prices are consolidating within a well-established trade range.
“Investors remain in a generally favorable position, with over 87% of the circulating supply held in profit, with a cost basis below the spot price.”
Using the market value to realized value (MVRV) metric, researchers showed that, on aggregate, a given amount of BTC is still up by more than two times, or 120%, versus its purchase price in United States dollar terms. The one-year average value of MVRV is currently 86%.
“The MVRV Ratio remains above its yearly baseline, suggesting that the macro uptrend remains intact,” the accompanying commentary added.
The newsletter’s mood contrasts with some of the more panicked reactions to this week’s BTC price drop.
As Cointelegraph continues to report, traders are wary of support trendlines disintegrating and multimonth lows reappearing as a result.
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One key level now on the radar is the aggregate purchase price for Bitcoin’s speculative investor base, known as short-term holders (STHs).
According to the latest data from statistics resource LookIntoBitcoin, the STH cost basis is $64,000.
Despite seeing unrealized gains fading, STH entities are not preparing for a mass sell-off at current prices.
Glassnode notes, “At present, Short-Term Holders are sending around +17.4k BTC/day to exchanges,” which is significantly lower than the peak of +55k BTC/day recorded when the market hit the $73k ATH in March, where speculation levels were excessive.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Spongebob Crypto could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.
Spongebob Crypto (SPONGCRY), a new Solana memecoin that was launched this week, is poised to explode over 12,000% in price in the coming days.
This is because SPONGCRY has announced its first centralized exchange listing, which will be on KuCoin.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Spongebob Crypto can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Spongebob Crypto could become the next viral memecoin.
Spongebob Crypto launched with over $6,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Spongebob Crypto on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Spongebob Crypto by entering its contract address – DwX46Leu1RgP5bCG1FSa9BY7cvqmwmaFerKNy4zoUMvG – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like SPONGCRY.
Stealth Pepe could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.
Stealth Pepe (STEPEPE), a new Solana memecoin that was launched today, is poised to explode over 16,000% in price in the coming days.
This is because STEPEPE has announced its first centralized exchange listing, which will be on KuCoin.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Stealth Pepe can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Stealth Pepe could become the next viral memecoin.
Stealth Pepe launched with over $6,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Stealth Pepe on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Stealth Pepe by entering its contract address – GrAeqL5a7oQsEZfXQChQWDWxUP4XLZdHZhqT483FN3tS – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like STEPEPE.
Lord Trump could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.
Lord Trump, a new Solana memecoin that was launched today, is poised to explode over 20,000% in price in the coming days.
This is because LOTRUMP has announced its first centralized exchange listing, which will be on KuCoin.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
The memecoin has already rallied over 600% in the last few hours, but its market cap is just $11,000, meaning it has huge upside potential.
Currently, Lord Trump can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Lord Trump could become the next viral memecoin.
Lord Trump launched with over $6,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Lord Trump on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Lord Trump by entering its contract address – AscUoEPPvEvrsKSQ6kq8qhg8PNW37w2mGoYgFinQwCd6 – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like LOTRUMP.
Cryptocurrency has become the latest big trend in the trading world today. People invest in a variety of coins, which can lead to losses or huge wins. Among these crypto coins, there are some unique ones, such as meme coins.
When first hearing about this type of digital coin, many people wonder if it is really valuable like other coins, due to the comical purpose behind its creation. Bear in mind that regardless of the origin, every crypto coin is unique. In this article, we will be looking at why some of these meme coins have value. Let’s get started.
What are meme coins?
Meme coins are a unique type of cryptocurrency that are born from online trends, popular memes and viral jokes. Meme coins are primarily used for investment as they lack specific functions and rely on other blockchains for operation. The most important thing to know about these coins is that they are highly speculative. Meme coins are typically designed with logos focused on trending memes.
This digital asset looks just like a normal cryptocurrency. People who aren’t familiar with crypto might almost mix them up, although meme coins seldom have any serious purpose behind them. These coins are designed to grab the attention of online communities and viral trend enthusiasts. Many crypto traders do not take these coins seriously as they believe they are strictly for fun. Due to their lack of purpose, there can seem little point in choosing to invest in a meme coin over a typical cryptocurrency like Bitcoin or Ethereum.
However, meme coins are still as versatile as other cryptocurrencies. Today, these cryptocurrencies are being used as direct payment methods for online shopping, in-person payments, donations, and recently, crypto payments have grown in popularity among online casinos, allowing people to bet using their digital currency.
Uses For Meme Coins and Other Crypto
Meme currencies have had strong endorsements across several industries and platforms. The strongest and most notable will be Tesla’s public statement that they will accept Dogecoin as a form of payment for their products. But many online businesses and platforms have embraced crypto which can be a great benefit for users internationally.
For example, in 99Bitcoins’ list of the top crypto casinos, Alexander Reed talks about crypto’s adoption into the iGaming industry, sharing how Bitcoin casinos have become increasingly popular in the past few years. This allows those in places without local, legal gambling sites to access these games safely. Likewise, meme coins can be used for international transfers with almost no fees, and the money can be with your friend or family member more or less instantly.
Given Meme coins’ volatile nature, they’re usually better spent than as a vehicle for investment. This is down to the currencies’ lack of a finite number (like is the case with Bitcoin) meaning they are prone to high inflation as an infinite number of tokens can be mined. These currencies tend to find their own niche or fade into obscurity, a perfect example is the adoption of Dogecoin into the tipping culture for content creators on sites like Reddit.
Are meme coins a good option for newcomers?
Yes, new people can learn about how cryptocurrencies and blockchain technology work by getting involved with meme coins. Experienced traders recommend this as an easy and fun way to get started in the cryptocurrency world.
Meme coins are typically quite affordable, so anyone who wants to try trading can purchase them with an amount they can afford to lose. People often talk about meme coins on social media as the inspiration for these coins often stems from there. There are online communities that share memes, jokes and important information about crypto for both new and experienced investors. For instance, if a new trend is out that influences the rise of the coin, they alert others and also answer questions.
Earlier, we mentioned that meme coins are seldom taken seriously. This has more advantages for new people because investing can be a great way for beginners to experiment as the potential losses are limited.
What are the reasons that meme coins have value?
Speculation and social media trends
Meme coins are based on internet trends and memes, and as no one can predict how long a trend is going to remain popular, these coins behave similarly. Once a related social media trend is being embraced, the coin rises, only to fall immediately once the hype dies down. Due to this fluctuation based on trend speculations and hype, meme coins have higher risk than traditional cryptocurrencies due to their lack of utility. Despite their unclear value, meme coins still have a strong foothold in the crypto market and many communities of traders and investors profit from them in the short term.
High-profile figures’ endorsements
Another impact on the value of meme coins is the endorsement of celebrities or public figures, such as Elon Musk and Mr. Beast, through social media posts. These high-profile figures are known to be credible and have large audiences that follow and trust anything they endorse. When potential investors see these posts hyping a meme coin, they become attracted to it and may choose to invest in it because they believe it is favourable. The visibility provided by these endorsements builds hype around the coin, leading to an increase in its value.
Cultural significance
Meme coins get their value from being part of internet culture. They use popular memes, sayings and trends to connect with lots of people online. This makes people feel like they belong to a group, which makes the coin seem more valuable. For example, Dogecoin uses the famous “Doge” meme dog as its symbol. When people join online groups and share memes about the coin, it makes them feel like they’re part of something fun and exciting. This feeling of being part of a group makes the coin more valuable to them, not just for making money, but also for feeling like they’re part of an online community.
Conclusion
Meme coins can lead to huge profits for traders and investors who invest in them because, despite being unpredictable, the gains that come with the rise in hype can generate millions. However, keep in mind that for the same reason, they can also result in huge losses. Investors should approach meme coins with caution and understand that there is a big risk associated with these coins as they are speculative and have unpredictable price movements.
Stealth Pepe could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.
Stealth Pepe (STEPEPE), a new Solana memecoin that was launched today, is poised to explode over 16,000% in price in the coming days.
This is because STEPEPE has announced its first centralized exchange listing, which will be on KuCoin.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Stealth Pepe can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Stealth Pepe could become the next viral memecoin.
Stealth Pepe launched with over $6,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Stealth Pepe on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Stealth Pepe by entering its contract address – GrAeqL5a7oQsEZfXQChQWDWxUP4XLZdHZhqT483FN3tS – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like STEPEPE.
Early investors in memecoins like Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) made astronomical returns, and Queen Cardi B (CARDIQUE) presents a similar opportunity for a limited time.
Queen Cardi B (CARDIQUE), a newly launched Solana memecoin, is poised to explode over 14,000% in a matter of days, as former Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) investors pour funds into this new token.
CARDIQUE will be listed on KuCoin, one of the largest centralized exchanges in the world, within a few days – and this is a massively bullish development for the token, as millions of new investors will easily be able to buy Queen Cardi B.
Currently, Queen Cardi B can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy CARDIQUE on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Queen Cardi B by entering its contract address – GJENg6JvfcLYYD7UTAiyWrBq5PirrjV9aiN6hc1cNK7e – in the receiving field.
CARDIQUE currently has a market cap of just under $6,000, with over $2,500 in locked liquidity, meaning it has huge upside potential.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
A large memecoin holder, or whale, has made a $3.7 million profit after selling their MAGA (TRUMP) tokens amid the current market sell-off.
Whale wallet “0x52C0” has sold over 171,000 TRUMP tokens for 414 Ether, worth $1.44 million, in the past 24 hours, netting a total profit of over $3.7 million.
The whale has been selling their TRUMP tokens at the $8.38 mark, according to a June 18 post by Lookonchain.
Currently, 28% of their wallet still consists of TRUMP tokens valued at $372,000. Their largest holding is the BasedAI (BASEDAI) token, worth $921,000 and accounting for over 71% of the wallet.
At its peak valuation on June 2, the whale wallet was worth $7.53 million, according to CoinStats.
The whale began locking in their profits just as the TRUMP token’s price started to decline.
The token fell over 30% in the 24 hours leading up to 9:00 am UTC, trading at $7.88. The memecoin is down over 37% on the weekly chart, according to CoinMarketCap data.
Trump-related cryptocurrencies began falling amid rumors that Donald Trump’s team launched an “official” token on Solana.
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Pirate Wires claimed in a June 17 post that Trump’s 18-year-old son, Barron, was “spearheading” the token under the name TrumpCoin (DJT).
However, Trump’s team hasn’t confirmed the token launch, and blockchain data firms such as Bubblemaps seem confident that DJT isn’t linked to the presidential candidate.
Memecoins are in the red as other whales also sense trouble. Large holders are noticing the marketwide memecoin sale, which saw some of the most popular meme tokens log double-digit losses.
Leading memecoins Dogecoin and Shiba Inu fell 13% and 18% on the daily chart, while Pepe dropped 13%, and Solana-based Dogwifhat (WIF) fell over 20%, according to CoinMarketCap data.
The total market capitalization of memecoins fell 9.4% to $46.6 billion in the past 24 hours, while trading volume rose 79% to $6.25 billion.
Other TRUMP token whales have also taken note of the decline and started locking in profits.
Wallet “0x35D1” sold their tokens for a $648,000 profit, while trader sighduck.eth sold their tokens for a 1,500% gain of $1.88 million.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.