SEC - Page 2

3428 result(s) found.

SEC Approves NYSE and CBOE Applications to List Bitcoin ETF Options

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On October 18, the United States Securities and Exchange Commission (SEC) approved applications from the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE) to list options for spot Bitcoin exchange-traded funds (ETFs).

This approval allows options trading for 11 ETF providers on the NYSE, including Fidelity Wise Origin Bitcoin Fund, ARK21Shares Bitcoin ETF, Invesco Galaxy Bitcoin ETF, Franklin Bitcoin ETF, VanEck Bitcoin Trust, WisdomTree’s Bitcoin Fund, Grayscale’s Bitcoin Trust, Grayscale Bitcoin Mini Trust, Bitwise Bitcoin ETF, BlackRock’s iShares Bitcoin Trust ETF, and the Valkyrie Bitcoin Fund.

The CBOE had filed an application in August 2024 to list options for the spot Bitcoin ETF providers through a proposed rule change. The SEC’s decision places Bitcoin ETF options in the same category as other commodity-based ETFs listed on the CBOE, except for Grayscale’s Bitcoin Mini Trust.

The approval is expected to bring significant changes to the Bitcoin market by increasing liquidity and potentially impacting price movements.

Jeff Park, an executive at Bitwise, described the approval as a major upgrade over existing platforms like LedgerX and Deribit, which do not have central guarantors. Park also suggested that the introduction of options could lead to short squeezes, where overleveraged short traders are forced to buy Bitcoin to cover their positions. He remarked, “Saying you can’t short squeeze a trillion-dollar asset is like saying you can’t make an elephant dance. Sure, it’s huge, but if you tie enough ropes to its legs and pull hard enough, even the biggest creature can be moved in ways it doesn’t want.”

Tom Dunleavy, managing partner at investment firm MV Global, noted that the introduction of options could also help reduce Bitcoin’s high volatility and lead to more stable market conditions over time.

XRP Poised to Fluctuate 50% Amid SEC Appeal

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The recent appeal by the U.S. regulator in its case against Ripple could prompt a more cautious approach to XRP in the short term, according to a crypto analyst. Although the appeal does not challenge the ruling that XRP is not a security, it requests a review of the court’s decisions concerning Ripple’s XRP sales on exchanges and personal sales by CEO Brad Garlinghouse and co-founder Chris Larsen.

This ongoing legal uncertainty may contribute to increased price volatility for XRP, with potential fluctuations of nearly 50%, the analyst suggested.

“XRP’s price is likely to fluctuate between $0.50 and $0.80 by the end of the year, though this projection is highly contingent on regulatory developments and shifts in sentiment, particularly within the U.S. market,” stated Ryan Lee, chief analyst at Bitget, in an Oct. 18 report viewed by Cointelegraph.

The current hesitation in the market could lead to short-term price swings for XRP as participants wait for more definitive outcomes. XRP last surpassed the $0.80 level in March 2022, and its peak price this year was $0.71, also reached in March, according to TradingView data. As of now, XRP is trading at $0.55.

Ripple’s chief legal officer, Stuart Alderoty, has indicated that the appeals process may extend through July 2025.

Lee suggested that the final outcome could significantly influence XRP’s value. “A favorable ruling or increased international support for Ripple could lead to a notable price increase for XRP. On the other hand, an unfavorable outcome may push the price downward,” he noted.

The appeal adds to ‘regulatory ambiguity’

“The appeal introduces further regulatory ambiguity, particularly within the U.S. cryptocurrency sector. Investors may adopt a more cautious stance, as the final legal outcome remains uncertain,” Lee added.

On Oct. 16, Cointelegraph reported that Tim McCourt, senior managing director at CME Group, mentioned progress toward XRP exchange-traded funds (ETFs), citing the establishment of an XRP reference rate and a real-time index as the first steps in building the ecosystem.

Ape On Launches Innovative Token Locking for Secure Project Launches on Solana

Majuro, Marshall Island, October 18th, 2024, Chainwire

Ape On, the most secure and efficient token launch platform, is reshaping decentralized finance (DeFi) on the Solana blockchain. With its unique token locking feature powered by Jupiter Lock, Ape On is designed to provide unmatched security and transparency, making it the best and safest way to launch and buy tokens in the crypto space.

Token Locking for Enhanced Transparency

Ape On offers a revolutionary token locking mechanism that allows project creators to lock their tokens for a designated period, ensuring that investors are protected from early token dumps. This powerful feature builds long-term trust between creators and the community, making Ape On the safest platform for investors to participate in early-stage projects. With token locking, investors can confidently engage in projects knowing their investments are secure.

“As the most trusted platform for launching and buying tokens, Ape On sets a new standard in the Solana ecosystem,” said Joe George, CMO of Ape On. “Our token locking feature guarantees that creators are committed, while investors have the peace of mind that their assets are protected from potential market manipulation.”

Addressing Solana’s DeFi Needs

As DeFi continues to evolve, Solana’s low transaction fees and high-speed processing make it an ideal environment for innovative platforms like Ape On. However, despite its technical strengths, Solana’s ecosystem needs secure, transparent investment methods to encourage long-term participation and project stability. Ape On’s token lock and transparent launch process fill this gap by promoting fairness and trust in the growing Solana ecosystem.

“Ape On is more than just a token launchpad—it’s a secure, community-driven platform that ensures both creators and investors are protected,,” George added. “We’re proud to be the safest and best place to launch and buy tokens in the entire crypto market.”

Additional Platform Features

  • Badge System for Transparency: Ape On introduces a badge system that provides clear project status updates, offering investors easy-to-understand indicators for assessing a project’s reliability.
  • Influencer and Creator Rewards: Ape On also incentivizes influencers and creators, sharing 20% of liquidity provider rewards with influencers who help onboard users to the platform, and 10% with token creators.

  • Cost-Effective and Fast Launches: With Solana’s low transaction costs, Ape On makes launching tokens fast and affordable for creators, ensuring a smooth deployment process within seconds.

Mainnet Launch on 20th October

Ape On is set to go live on mainnet on October 20th, with RPC infrastructure powered by Heliuslabs, locked and ready for the big day. The platform’s debut on mainnet marks the beginning of a new chapter in secure token launches on Solana.

About Ape On

Ape On is a next-generation platform on the Solana blockchain, offering the best and safest way to launch and buy tokens. With its Jupiter-powered token locking mechanism, Ape On provides security and transparency, setting the gold standard for token launches in DeFi. By focusing on long-term stability and community trust, Ape On fosters growth in the crypto ecosystem.

For more information, users can visit Ape On or follow Ape on on Twitter

Contact

CMO
Joe George
Ape On
hello@apeon.it

XRP Remains Not a Security Despite SEC Appeal

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The United States Securities and Exchange Commission (SEC) recently filed an appeal in its case against Ripple, but it did not challenge the court’s ruling that XRP is not a security.

On October 16, the SEC submitted a Form C civil appeal with a pre-argument statement, contesting certain aspects of the court’s summary judgment in favor of Ripple regarding XRP. The appeal, shared by Ripple’s defense attorney James Filan on October 17, asks the court to revisit its decisions related to XRP sales on exchanges and the personal XRP sales by Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.

Court Ruling on XRP’s Status Remains Unchanged

Ripple’s chief legal officer, Stuart Alderoty, responded to the SEC’s appeal on social media platform X, clarifying that the appeal does not challenge the court’s ruling that XRP is not a security. “That decision stands as the law of the land,” Alderoty stated, adding that Ripple plans to file its own Form C next week.

According to the SEC’s filing, the appeal addresses allegations that Garlinghouse and Larsen violated securities laws by selling XRP and “aided and abetted Ripple’s violations of those provisions.” The SEC questions the court’s decision to grant partial summary judgment in favor of Ripple, covering XRP sales on exchanges, personal sales by the executives, and Ripple’s XRP distributions in exchange for non-cash consideration.

“These issues are to be reviewed de novo,” the SEC stated in its appeal.

Timeline Extending to 2025

Fox Business producer Eleanor Terrett outlined the expected timeline for the appeals process. Ripple is set to file its own Form C within seven days following the SEC’s submission. Both parties will then agree on a briefing schedule, with the SEC having up to 90 days to submit its first brief. Alderoty expects the entire briefing process to continue through July 2025.

As previously reported, Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled in favor of Ripple in July 2023, declaring that XRP is not a security when sold programmatically on digital asset exchanges. In August, the court imposed a $125 million civil penalty on Ripple and prohibited further violations of the Securities Act of 1933.

Pell Network Secures $3M Funding to Build Omnichain DVS Network

London, UK, October 17th, 2024, Chainwire

Pell Network, an Omnichain Decentralized Validation Services (DVS) network, has successfully raised $3 million in pre-seed funding, as announced on October 16, 2024.

This round was co-led by Paper Ventures, Halo Capital, and Mirana Ventures. Incubator D11-Labs and key investor Delta Blockchain Fund, also participated in this round, along with a diverse group of investors including ArkStream Capital, Mantle EcoFund, Web3Port, Caliber Venture Builder, Cogitent Ventures, Contribution Capital, J17 Capital, Sats Ventures, Side Door Ventures, 071Labs, and individual angels.

The funds will be used to develop Pell’s innovative network, which aims to build an omnichain DVS network powered by restaking. By leveraging Liquid Staking Tokens (LST), Pell Network plans to break down barriers between siloed blockchains and foster the long-term sustainability of the entire ecosystem.

Oliver Blakey, co-founder of Paper Ventures, expressed enthusiasm for Pell’s vision, stating, “Pell’s vision for a universal trust network aligns perfectly with the evolving needs of BTCFi users. We are excited to support their journey in addressing critical challenges and unlocking fresh possibilities for Bitcoin-based DeFi.”

David Toh, Managing Partner of Mirana Ventures, highlighted Pell’s unique approach: “Pell Network brings a new approach to restaking that enhances the user experience while providing differentiated revenue streams at a lower cost to developers. We are excited to support their vision of creating an Omnichain DVS network powered by restaking.”

Technical Architecture and Market Traction

Pell Network’s architecture consists of three key components: the Restaking Layer, Pell Chain, and Service Layer. This structure aims to optimize resource allocation and maximize returns by aligning capital, assets, and consumers.

The platform has already achieved significant traction with deployments on 20 chains including BNB Smart Chain, Core, Babylon, Mantle, and Ethereum. It has accumulated over $300 million in Total Value Locked (TVL) and more than 430,000 stakers across its Omnichain Restaking Network.

Future Developments and Community Engagement

With this funding and early traction, Pell Network is positioning itself as a key player in the evolving landscape of cross-chain application building and bootstrapping. The network aims to provide developers with DVS networks underpinned by tangible economic incentives, potentially marking a shift from traditional trust-based systems to quantifiable, auditable economic security models in the blockchain space.

In line with its launch strategy, Pell Network has rolled out a series of community engagement campaigns. These include the Testnet launch accompanied by an Airdrop Campaign and a GoldMiner Campaign, providing participants an opportunity to earn up to 1 BTCB + 11 BNB raffle and a 30% yield.

As the project progresses, early participants will be generously rewarded. More details will be announced in the near future.

About Pell

Pell Network builds an omnichain DVS(Decentralized Validation Service) network driven by cryptoeconomics, leveraging the restaking mechanism of LST (Liquid Staking Tokens) to create a seamless decentralized validation services marketplace. Pell Network aims to provide innovative technical solutions for the billion-dollar restaking sector, break down barriers between siloed blockchains, and foster the long-term sustainability of the entire ecosystem.

Users can follow Pell’s latest development:

Website: https://pell.network/

X: https://x.com/Pell_Network

Discord: https://discord.com/invite/pell-network

Telegram: https://t.me/Pell_Network

Contact

Pell
hi@pell.network

Aleph Zero Launches Subsecond Shielding on Testnet, Delivering Client-Side ZK Privacy for DeFi

Zug, Switzerland, October 17th, 2024, Chainwire

Most zero-knowledge proofs are generated server-side for scaling, but Aleph Zero’s zkOS does that directly on users’ devices, offering privacy in a fraction of second

Aleph Zero, the leading blockchain platform recognized for its focus on privacy and scalability, announces the launch of the first feature of zkOS (zero-knowledge operating system)—Shielding, on its EVM Testnet. This release marks the first opportunity for users to experience the shielding feature of zkOS in action, demonstrating the speed and privacy capabilities of Aleph Zero’s zero-knowledge proof (ZK) technology optimizations. 

Privacy at Lightning Speed

The Shielding Demo release is a significant milestone for Aleph Zero, representing its commitment to developing practical privacy solutions for the blockchain industry. Aleph Zero’s zkOS enables zero-knowledge proofs to be generated client-side—meaning data is encrypted locally on the user’s device and never leaves unencrypted—providing high levels of privacy without compromising transaction speed. The Shielding Demo serves as the first practical interface for users to experience this privacy functionality, with zero-knowledge proofs generated within 0.5-3 seconds, ensuring that privacy has minimal impact on transaction performance.

“Privacy has long been a challenge in blockchain, often due to poor user experience,” said Adam Gagol, Co-Founder & CTO of Aleph Zero. “With today’s release, we’re delivering one of the fastest client-side ZK directly to users, combining privacy and performance. The release of the Shielding Demo offers a glimpse into how zkOS can bring privacy to DeFi without sacrificing speed or usability.”

How the Shielding Demo Works

The Shielding Demo provides an intuitive interface for users to test Aleph Zero’s zkOS privacy layer. Here’s how it works:

  • Data Privacy: zkOS generates zero-knowledge proofs locally on the user’s device, ensuring that data remains private and secure.
  • Transaction Flow: Users generate ZK proofs, send transactions to a relayer, and then they are executed on-chain—all while maintaining privacy.
  • Fast Proving Times: The system delivers ZK proofs in 0.5-3 seconds on most devices, demonstrating zkOS’s speed and its minimal impact on transaction times.

The Testnet version of zkOS allows users to interact with the system and witness its capabilities, though Aleph Zero notes that the privacy features will be built directly into the upcoming Common app.

Why zkOS Matters: A Glimpse Into the Future

The launch of the Shielding Demo on Testnet is only the beginning. Aleph Zero’s roadmap for zkOS extends far beyond this initial release, with ongoing work on simplifying the user experience and the introduction of additional privacy features, such as ZK-ID and anonymity revokers, to ensure both privacy and protection against fraudulent use of the platform.

The system is designed to be easily integrated by developers, providing a privacy framework that requires minimal cryptographic knowledge. This simplicity, combined with Aleph Zero’s rapid client-side ZK proof generation, makes zkOS a critical tool for developers building privacy-centric applications across DeFi and other web3 sectors.

Unlocking Privacy for New Use Case

The privacy space in blockchain has been facing increased challenges, such as regulatory scrutiny and delistings, often due to concerns over non-compliance. Aleph Zero’s zkOS offers a fresh approach by delivering privacy solutions that balance user confidentiality with regulatory requirements. Instead of focusing solely on anonymity, zkOS is designed to meet both the needs of users and the evolving demands of compliance.

zkOS enables users to manage their assets securely across multiple blockchains, ensuring their transactions remain private. Unlike traditional privacy methods that rely on centralized or hardware-based systems, zkOS operates directly on the client-side, safeguarding privacy without external dependencies.

Next Steps for Aleph Zero

As the Testnet release progresses, Aleph Zero is focusing on refining Shielding and zkOS for its Mainnet deployment. Users who engage with the Shielding Demo will have the opportunity to be whitelisted for upcoming zkOS Beta testing on Aleph Zero’s EVM Mainnet.

About Aleph Zero

Aleph Zero is an ecosystem of blockchain solutions that are engineered for speed, data confidentiality, and ease of development. It achieves efficiencies akin to conventional web2 systems, upholds rigorous standards for data protection via zero-knowledge proofs (ZKP), and offers a comprehensive toolset for development across web3, ranging from WASM-based Rust to EVM-based Solidity environments. Aleph Zero’s versatility is highlighted by over 40 use cases being actively developed, showcasing its adaptability across various sectors and applications. These use cases are part of an engaged community and growing ecosystem of web3 applications supported by Aleph Zero programs.

For more information, visit https://alephzero.org/.

For any inquiries about this release, please contact josh@serotonin.co or ana@serotonin.co.

Contact

PR Manager
Josh Adams
Aleph Zero
josh@serotonin.co

Grayscale Files SEC Application to Convert Multi-Crypto Fund Into ETF

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Crypto asset manager Grayscale has filed with the United States Securities and Exchange Commission (SEC) to convert its $520 million multi-cryptocurrency fund into an exchange-traded fund (ETF).

On October 14, the New York Stock Exchange (NYSE), on Grayscale’s behalf, submitted a 19b-4 form to the SEC, requesting approval to convert Grayscale’s Digital Large Cap Fund into an ETF. This form asks the SEC to alter its rules to allow the listing of a new ETF.

Grayscale’s Digital Large Cap Fund manages over $524 million in assets. It is heavily weighted toward Bitcoin (76%), followed by Ether (18%), with the remaining allocation split between Solana, XRP, and Avalanche.

In an accompanying 8-K form, Grayscale notified its investors that the proposed changes from the NYSE would allow for the conversion to a spot ETF, making it easier for investors to buy and sell shares in the fund.

This latest filing comes after Grayscale successfully converted two major funds, the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE), into ETFs earlier this year. The SEC had previously rejected spot crypto ETF applications until an August court ruling favored Grayscale, prompting the regulator to reconsider.

Spot ETFs hold the underlying assets, unlike non-spot crypto funds, which rely on futures contracts. Spot ETFs simplify transactions for investors by removing added regulatory barriers.

Following these conversions, investors in Grayscale funds began selling their shares due to changes in the discount to net asset value (NAV). For instance, six months before the GBTC conversion, shares were trading at a 44% discount to the price of spot Bitcoin, according to YCharts. This discount disappeared after the conversion, leading to significant sell-offs.

Grayscale’s Bitcoin fund has seen $21 billion in outflows since its January conversion, while the Ethereum ETF has recorded $3 billion in outflows since July.

Additionally, on October 10, Grayscale added 35 altcoins, including Dogecoin and Worldcoin, to its list of assets “under consideration” for future investment products. The firm has also been actively launching new crypto funds, including an Aave investment fund in October, an XRP Trust in September, and an Avalanche fund in August.

TRUMESEC Memecoin Will Rally 18,000% Ahead of First Exchange Listing, While Shiba Inu and BONK Struggle

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Trump Ends SEC could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.

Trump Ends SEC (TRUMESEC), a new Solana memecoin that was launched today, is set to explode over 18,000% in price in the coming days.

This is because TRUMESEC is set to soon be listed on numerous crypto exchanges, according to reports.

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, Trump Ends SEC can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to make huge returns in the coming days.

Early investors in SHIB and DOGE made astronomical returns, and Trump Ends SEC could become the next viral memecoin.

Trump Ends SEC launched with over $9,000 of liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.

To buy Trump Ends SEC on Raydium.io or Jup.ag ahead of the CEX listings, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Trump Ends SEC by entering its contract address – D5gG1fhhqmczCDbDGsqAhWZWZDkVWPYU5xrj55QbcTr2 – in the receiving field.

If you don’t have one of these wallets already, you can create a new wallet in a few minutes and transfer some Solana to it (which will then be used to buy the memecoin), from an exchange like Coinbase, Binance and many others.

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 TRUMESEC.

Such memecoins have no utility and no inherent value, but investors looking for high gains have been investing in them due to their potential to rapidly rise in price.

TRUMESEC Solana Memecoin Will Rally 18,000% Ahead of First Exchange Listing, While Shiba Inu and BONK Struggle

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Trump Ends SEC could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.

Trump Ends SEC (TRUMESEC), a new Solana memecoin that was launched today, is set to explode over 18,000% in price in the coming days.

This is because TRUMESEC is set to soon be listed on numerous crypto exchanges, according to reports.

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, Trump Ends SEC can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to make huge returns in the coming days.

Early investors in SHIB and DOGE made astronomical returns, and Trump Ends SEC could become the next viral memecoin.

Trump Ends SEC launched with over $9,000 of liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.

To buy Trump Ends SEC on Raydium.io or Jup.ag ahead of the CEX listings, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Trump Ends SEC by entering its contract address – D5gG1fhhqmczCDbDGsqAhWZWZDkVWPYU5xrj55QbcTr2 – in the receiving field.

If you don’t have one of these wallets already, you can create a new wallet in a few minutes and transfer some Solana to it (which will then be used to buy the memecoin), from an exchange like Coinbase, Binance and many others.

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 TRUMESEC.

Such memecoins have no utility and no inherent value, but investors looking for high gains have been investing in them due to their potential to rapidly rise in price.

TRUMESEC Solana Memecoin Will Rally 18,000% Ahead of First Exchange Listing, While Shiba Inu and DOGE Struggle

/

Trump Ends SEC could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.

Trump Ends SEC (TRUMESEC), a new Solana memecoin that was launched today, is set to explode over 18,000% in price in the coming days.

This is because TRUMESEC is set to soon be listed on numerous crypto exchanges, according to reports.

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, Trump Ends SEC can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to make huge returns in the coming days.

Early investors in SHIB and DOGE made astronomical returns, and Trump Ends SEC could become the next viral memecoin.

Trump Ends SEC launched with over $9,000 of liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.

To buy Trump Ends SEC on Raydium.io or Jup.ag ahead of the CEX listings, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Trump Ends SEC by entering its contract address – D5gG1fhhqmczCDbDGsqAhWZWZDkVWPYU5xrj55QbcTr2 – in the receiving field.

If you don’t have one of these wallets already, you can create a new wallet in a few minutes and transfer some Solana to it (which will then be used to buy the memecoin), from an exchange like Coinbase, Binance and many others.

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 TRUMESEC.

Such memecoins have no utility and no inherent value, but investors looking for high gains have been investing in them due to their potential to rapidly rise in price.