SEC - Page 111

Dogecoin has experienced a notable surge in trading volume, marking a potential shift in sentiment within the crypto market amid recent bearish trends.

Over the past 24 hours, Dogecoin (DOGE) has seen its trading volume spike by an impressive 38.13%, reaching $659.84 billion.

This increase comes at a pivotal moment, as the broader crypto market has been grappling with bearish signals, hinting at a possible reversal.

Despite a 23.90% price decline over the last month, Dogecoin’s recent uptick in trading activity is seen as a positive development.

Currently valued at $0.1271, DOGE has risen by 3.34% in the past day, indicating growing interest among traders and potential for further gains.

The resurgence of Dogecoin is further supported by a 7.25% increase in its Open Interest (OI), which now stands at $643.30 million.

This rise in OI, particularly evident on major platforms such as Bybit, Binance, and OKX, reflects renewed strategic positioning by traders and underscores a strengthening bullish sentiment.

As a leader in the meme coin sector, which includes tokens like Shiba Inu (SHIB) and Pepe (PEPE), Dogecoin’s performance holds significant implications.

READ MORE: Spot Bitcoin ETFs See $31M Inflows, Reversing Seven-Day Outflows

While meme coins have faced challenges during recent market downturns, Dogecoin’s bullish indicators suggest a potential pathway for recovery that could uplift other tokens within the sector.

In conclusion, the substantial rise in trading volume and open interest for Dogecoin indicate a possible bullish trend emerging in the meme coin market.

This resurgence in market activity and trader interest may sustain upward momentum, benefiting not only Dogecoin but also other prominent meme coins.

As these developments unfold, stakeholders will closely monitor their implications in the evolving crypto landscape.

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Vitalik Buterin, co-founder of Ethereum, recently voiced his frustration with the current state of cryptocurrency regulation, highlighting a paradoxical situation faced by developers.

On the social media platform Warpcast, Buterin criticized regulatory efforts in the US, stating:

“The main challenge with crypto regulation (esp in the US) has always been this phenomenon where if you do something useless, or something where you’re asking people to give you money in exchange for vague references to potential returns at best, you are free and clear, but if you try to give your customers a clear story of where returns come from, and promises about what rights they have, then you’re screwed because you’re ‘a security.’

The incentive gradient that this ‘anarcho-tyranny’ creates ends up worse for the space than either plain anarchy or plain tyranny.”

He lamented the prevalence of bad actors and scams in the unregulated space, advocating for measures like limiting leverage, mandatory audits, transparency, and knowledge tests to weed out dubious projects.

While the feasibility of implementing cryptocurrency knowledge tests remains uncertain, Buterin emphasized the need for policies that address leverage limits and transparency requirements.

He criticized the US regulatory approach as inconsistent and opaque, suggesting a preference for regulations that incentivize clear, long-term project viability:

READ MORE: Bitcoin ETFs See $31M Inflows, Reversing Seven-Day Outflows

“I would much rather see us move to the opposite situation, where issuing a token without giving a clear long-term story for why it will maintain or increase in economic value is the riskier thing.”

However, Buterin acknowledged that achieving effective regulations requires genuine cooperation between regulators and the cryptocurrency industry:

“Actually getting to this will require good-faith engagement, both from regulators and from industry.”

In conclusion, Buterin’s critique underscores the challenges posed by current regulatory frameworks, advocating for reforms that promote transparency and long-term sustainability in cryptocurrency projects.

He argues that clear regulatory guidelines could mitigate risks associated with speculative investments and foster a more stable environment for innovation in the crypto space.

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Dogecoin (DOGE) is attracting attention from analysts as its halving cycles and technical indicators hint at potential market movements.

Mikybull Crypto emphasized significant preparations for what may be the final surge in this cycle, supported by detailed chart analysis.

“The chart displays various periods marked by changing trend indicators, potentially linked to moving averages or other trend metrics,” noted Mikybull Crypto.

The highlighted “Halving Cycle” periods are pivotal in cryptocurrency contexts, representing a 50% reduction in mining rewards at set intervals, boosting a coin’s scarcity and value, which impacts market sentiment.

Technical annotations on the chart utilize Fibonacci extension tools to project future support and resistance levels based on historical price movements.

Key Fibonacci levels like 1.618 and -1.618, derived from past highs and lows, assist traders in identifying potential breakout points and consolidation patterns.

Crypto Daily Trade Signals echoed optimism, foreseeing a significant uptrend in Dogecoin’s price with a potential 430% increase from its current level.

READ MORE: Bitdeer Secures 30-Year Lease for Ohio Mining Site, Plans Massive Power Expansion

Data shows Dogecoin currently trades at $0.1237, reflecting a minor 1.42% decline over the last 24 hours and a 0.29% decrease over the past week, accompanied by a robust trading volume of $560,122,330.31, indicating sustained market interest.

The upcoming halving cycles and technical analyses imply a dynamic period ahead for Dogecoin.

As market dynamics evolve and anticipation mounts over potential price movements, investors and traders are closely monitoring these developments.

Attention remains fixed on how these factors will influence Dogecoin’s trajectory in the upcoming weeks.

Traders are advised to remain vigilant and observe key technical signals that could sway market sentiment and price action.

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Floki Inu, a prominent memecoin project, has issued a stern warning to its community and the wider cryptocurrency sector regarding ongoing scams involving counterfeit tokens falsely linked to its brand.

These fraudulent tokens have emerged on the Solana and Base blockchains, deceiving unsuspecting investors.

In an official statement posted on social media, Floki Inu emphasized that its genuine token (FLOKI) is exclusively available on the BNB Smart Chain and Ethereum networks.

To safeguard users against scams, Floki Inu provided the correct contract addresses:

“0xcf0c122c6b73ff809c693db761e7baebe62b6a2e” for Ethereum and “0xfb5b838b6cfeedc2873ab27866079ac55363d37e” for BNB Smart Chain.

The project urged its community members to rely solely on official sources for token-related information to avoid falling prey to fraudulent schemes.

Despite these security challenges, Floki Inu remains committed to expanding its ecosystem’s functionalities.

A significant recent development includes the launch of the FLOKI Name Service on the BNB Chain mainnet.

READ MORE: Bitdeer Secures 30-Year Lease for Ohio Mining Site, Plans Massive Power Expansion

This service allows users to register decentralized domain names with the .floki extension, leveraging the Space ID architecture for compatibility with various decentralized applications (DApps), such as Trust Wallet and PancakeSwap.

Floki Inu’s growth on the BNB Chain has been notable, surpassing 417,400 holders. In celebration, the project initiated a rewards program enabling holders to claim interest rewards.

Looking forward, Floki Inu disclosed its ambitious 2024 roadmap, outlining plans for utility-focused initiatives.

These include the introduction of regulated digital banking accounts that facilitate the creation and funding of accounts using FLOKI tokens.

The project has also forged a partnership with a licensed fintech firm to enable digital bank accounts supporting Swift payments and SEPA IBAN capabilities across several countries, including Canada, Spain, Dominica, Australia, and the United Arab Emirates.

Earlier this year, the Hong Kong Securities and Futures Commission (SFC) cautioned the public against unauthorized schemes like the “Floki Staking Program” and “TokenFi Staking Program,” which promise high annualized returns without proper authorization for public sale in Hong Kong.

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Jamaal Bowman, a House Representative for New York’s 16th Congressional District, has lost the Democratic primary, which could have allowed him to retain his seat in 2025.

According to a June 26 projection from NBC News, Democratic challenger George Latimer will defeat Rep. Bowman by roughly 58% to 42%, with 84% of the vote reported at the time of publication.

The Fairshake political action committee (PAC) spent more than $2 million on a media campaign opposing Bowman’s reelection, not for his voting record against pro-crypto bills, but for claims of “pushing dangerous conspiracy theories.”

During his time in Congress, Rep. Bowman voted against the Financial Innovation and Technology for the 21st Century (FIT21) Act, the CBDC Anti-Surveillance State Act, and a joint resolution overturning a Securities and Exchange Commission (SEC) rule on banks handling crypto.

Latimer, in contrast, has not made any notable statements on crypto or blockchain.

Bowman had the support of many members of his party.

However, interest groups, including Fairshake and the United Democracy Project — a PAC reportedly tied to the American Israel Public Affairs Committee — spent $17 million to oppose the Democratic incumbent.

Bowman has been openly critical of Israel following the nation’s military actions in Gaza.

Before the primary election, New York Representative Alexandria Ocasio-Cortez (AOC) called out Fairshake and the United Democracy Project for “dump[ing] nearly $15 million to unseat a member of Congress” as “corruption” and “a core threat to American democracy.”

On June 25, AOC won the Democratic primary for New York’s 14th Congressional District.

Gemini co-founder Tyler Winklevoss, who recently pledged $1 million to support Donald Trump in the 2024 presidential election, said on X on June 25 that “this is what happens when you pick a fight with the crypto army.”

His comments were likely alluding to Latimer’s primary victory.

READ MORE: Bitcoin and Ether Transaction Fees Plunge Amidst Crypto Market Turmoil

In Utah, John Curtis, a Representative for Utah’s 3rd Congressional District, won the June 25 Republican primary for the U.S. Senate. According to filings with the Federal Election Commission,

Fairshake’s affiliate PAC Defend American Jobs spent more than $3 million on media buys supporting Curtis and roughly $1.2 million to oppose challenger Trent Staggs.

While Staggs’ position on crypto is unclear, Rep. Curtis cosponsored the FIT21 Act and the CBDC Anti-Surveillance State Act and voted in favor of the joint resolution to overturn the SEC Staff Accounting Bulletin No. 121.

He also supported the SEC’s efforts to approve spot Bitcoin exchange-traded funds and said, “crypto has become a significant part” of the U.S. economy.

With roughly $169 million in its coffers contributed by crypto firms, including Coinbase and Ripple, Fairshake’s media campaigns may have already influenced U.S. voters.

In March, California Representative Katie Porter lost a primary race for the U.S. Senate after a Fairshake ad claimed she took campaign contributions from “big pharma, big oil, and the big bank executives.”

Protect Progress, another Fairshake affiliate, backed Democratic candidates Shomari Figures and Julie Johnson, who won their respective primaries in California and Texas.

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