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Vitalik Buterin Sells More Meme Coins Amid Charity Donations Criticism

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3 days ago

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Vitalik Buterin, the Ethereum co-founder, has sold several meme coins and earned 257.1 ETH, which is approximately $636,000, as per the blockchain data. Buterin’s action has evoked interest given the recent meme coin donations which raised concerns among the cryptocurrency community on the potential dangers to investors.

Vitalik Buterin Sells More Meme Coins

Blockchain data shows that Buterin sold several meme coins that were sent to him for free. The sales were made for 330,000 MSTR for 114.1 ETH ($282,000), 14 million POPCAT for 74.99 ETH ($186,000), and 14 billion ITO for 36.55 ETH ($90,000). 

Other sales were 1.05 million ETH6900 for 15.37 ETH ($38,000), 50.53 billion SATO for 11.34 ETH ($28,000), and 10 billion Milo for 4.77 ETH ($12,000).

Vitalik Buterin’s attitude towards these tokens is in line with his previous remarks that any tokens he gets without asking will either be sold or donated. His transactions are in line with this policy though they have raised concerns on whether such actions encourage projects that are not so noble.

Charitable Meme Coins Raises Concerns

In the recent past, Ethereum co founder took to Twitter and applauded two meme coin projects, EBULL and MOODENG for donating a percentage of their tokens to charity. He also confirmed that the tokens sent to his address will be used for charity. Buterin pointed out that for instance, the MOODENG token was allocating its funds towards anti-airborne disease technology.

However, there were some concerns among the critics within the cryptocurrency community regarding the message. They claimed that recognizing meme tokens, which are usually not very transparent, may lead to the promotion of dubious assets. Certain investors are concerned that projects may leverage charity as a marketing strategy to secure funds and potentially put buyers at risk of unknown liabilities.

While at it, Vitalik Buterin also provided his thoughts on the current community debates regarding Ethereum’s layer 1 and layer 2 fee models. He urged that the fee models should be reasonable and standard to avoid fluctuation that will affect all users in the ecosystem. Buterin suggested that Ethereum should look at EIP-7762 and base rollups as initial ways to balance the fee sharing between the main network and Layer 2 solutions.

Crypto Experts Warn of Risks to Investors

Crypto Rug Muncher another popular personality in the cryptocurrency sector, shared fears about Buterin’s actions and mentioned the EBULL token as an example. As reported by Rug Muncher, the price of the token increased after the acknowledgment from Vitalik Buterin which, in turn, attracted new investors. 

But he warned that this kind of exposure is favorable for insiders because they can off-load their stocks at inflated valuations while leaving the small investor struggling to make a profit.

Rug Muncher emphasized that while charitable efforts are commendable, they should not come at the cost of investor safety. He noted that some projects may use charity claims to gain credibility without fully disclosing operational risks. These concerns highlight the importance of thorough project vetting before endorsements by prominent figures.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BTC Tops $67K, LTC & CHZ Up 4-7%

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3 hours ago

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October 16, 2024

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Cryptocurrency Prices Today, October 16: The broader market’s movement on Wednesday sparked mixed speculations globally. While Bitcoin (BTC) price topped the $67K level over the past day, top altcoins mainly illustrated a volatile movement. Besides, Litecoin (LTC) and Chiliz (CHZ) prices gained 4%-7%, emerging as the day’s top gainers.

Simultaneously, the global crypto market cap witnessed a 1.16% rise in value to $2.32 trillion. Further, the total market volume from yesterday soared 15% to $107.3 billion. Here’s a brief report on some of the top crypto by market cap and their price movements today, October 16.

Cryptocurrency Prices Today: BTC Gains While ETH, SOL, & XRP Turbulent

BTC price crossed the $67K mark, gaining considerably in the past 24 hours. But, ETH, SOL, and XRP prices traded in the red zone today. Simultaneously, LTC and CHZ lead the broader market’s gains. Intriguingly, the recent rising price actions, in light of the looming U.S. presidential elections set for November, have garnered noteworthy attention among market watchers globally.

Bitcoin Price Today

BTC price chart illustrated a nearly 3% gain in value and the coin is now trading at $67,125. Its intraday low and high were recorded as $64,809.20 and $67,881.68, respectively. Bitcoin’s market cap stood at $1.33 trillion today. This rising action falls in line with continued inflows in ETFs. Sosovalue data shows $371.02 million worth of inflows recorded in spot BTC ETFs as of October 15. Meanwhile, the flagship crypto’s market dominance stood at 57.42%, up 0.75% from yesterday.

Ethereum Price Today

Simultaneously, ETH price showcased a highly turbulent movement, with the coin dominantly in the red territory over the past day. ETH price rested at $2,617, down nearly 0.1% in the past 24 hours. The coin’s intraday low and high were $2,537.94 and $2,685.17, respectively. Ethereum’s market cap rested at $315.43 billion today. Sosovalue data indicated that spot Ethereum ETFs recorded $12.70 million in outflows, aligning with the coin’s turbulent movement.

Solana Price Today

The crypto SOL witnessed a nearly 1% drop in value today, reaching $154. The coin’s intraday low and high were $150.91 and $158.72, respectively. Solana’s market cap was recorded as $72.53 billion at press time. The coin falls despite Grayscale’s filing to convert SOL trust into an ETF. Meanwhile, the filing also includes converting AVAX and XRP trust into ETF.

XRP Price Today

XRP price followed with a tumbling movement, slipping roughly 1% from yesterday to reach $0.5432. The coin’s intraday low and high were recorded as $0.5327 and $0.5496, respectively. Crypto market enthusiasts speculate over the coin’s future movements as Ripple CLO spotlights the next steps in the XRP lawsuit.

Meme Coins Performance Today

Dogecoin (DOGE) price gained nearly 0.2% over the past day and is now trading at $0.1165. However, Shiba Inu (SHIB) price slipped nearly 1% from yesterday to $0.00001819. Even Pepe Coin (PEPE), dogwifhat (WIF), and Bonk prices waned by 3%-6%.

Top Cryptocurrency Gainer Prices Today

Litecoin

LTC price soared roughly 7% in the past 24 hours and is currently trading at $71.64. The coin’s intraday low and high were recorded as $65.56 and $72.85, respectively.

Chiliz

CHZ price gained nearly 4% over the past 24 hours and is resting at $0.08161. The coin’s intraday low and high were $0.07733 and $0.08305, respectively.

Beam

BEAM price gained roughly 4% over the past day and is trading at $0.01721. The coin’s intraday low and high were $0.01594 and $0.01785, respectively.

Top Cryptocurrency Loser Prices Today

SUI

SUI price tanked 10% over the past day and is now sitting at $2. The coin’s 24-hour low and high were $1.99 and $2.26, respectively.

Brett

BRETT price cracked 7% from yesterday to trade at $0.1046. The coin’s intraday low and high were $0.1037 and $0.1159, respectively.

First Neiro On Ethereum

NEIRO price tumbled 7% over the past day and is currently sitting at $0.001974. The coin’s intraday low and high were $0.001905 and $0.0023, respectively.

Besides, the hourly time frame charts continued to spark investors’ speculations over the cryptocurrency prices today, illustrating mixed trajectories. While BTC price waned by 0.03%, ETH gained by 0.08%, sparking discussions among traders and investors over future movements.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ripple CLO Breaks Down Next Steps In US SEC vs XRP Appeal

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7 hours ago

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October 16, 2024

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Ripple Labs Chief Legal Officer (CLO) Stuart Alderoty has shared the developments of next steps that are to be taken in the ongoing lawsuit between Ripple and the United States Securities and Exchange Commission (SEC).

This case was filed in 2020 and focuses on the characterization of the XRP as a security, and whether Ripple conducted the sales of this token without registering them under the laws of the United States. As the legal fight enters the appeals stage, the firm and the US SEC prepare for a drawn-out process that could extend into 2026.

Ripple CLO Breaks Down Next Steps In US SEC vs XRP

Alderoty outlined the next stages of the appeal process at the agency’s annual Swell conference, explaining the basis of the agency’s appeal and Ripple’s cross-appeal. Stuart Alderoty said that the SEC has to file Form C, indicating what it wants to prosecute, by October 16, 2024. 

In two weeks, the firm will file its own Form C, which will present the company’s cross-appeal. The company has said that it plans to challenge the specific provisions of the original decision that held that certain institutional XRP sales constituted unregistered securities transactions.

After presenting Form Cs, the parties will then schedule when they will brief. The first brief by the US SEC is due in 90 days, and the commission is expected to present its legal points. Stuart Alderoty noted that the agency is expected to take the full 90 days, which means that the SEC’s first brief submission will be due mid-January 2025. The company will then file its response, followed by its own brief. This process, which includes several cycles of briefing and reply, is expected to continue until the middle of 2025.

Confidence in the Second Circuit

However, Stuart Alderoty was optimistic that the company is on stronger legal ground given the long time frame. In his speech at the Swell conference and other interviews, he said that Ripple is even more confident in its position in the U.S. Court of Appeals for the Second Circuit than it was in the Southern District of New York.

”We think this appeal will blow up in the SEC’s face,” Alderoty said, noting that the majority of the appeals in the Second Circuit do not lead to reversals of the district court’s decisions, but rather affirmations of such decisions. 

He pointed out that the SEC’s attempt to seek clarification through this appeal could positively impact the whole cryptocurrency space as the ruling will set a legal precedence.

Ripple’s Cross-Appeal Focuses on Institutional Sales

Ripple’s cross-appeal will only be on the part of the judgment of Judge Analisa Torres where she found that institutional sales of XRP by the company were a violation of the securities laws. While Judge Torres ruled that retail sales of XRP did not constitute unregistered securities offerings, she ruled against Ripple on institutional sales. 

The company will argue that these institutional sales did not involve “investment contracts” because they lacked specific rights and obligations, a key legal factor in determining whether a financial product is a security under U.S. law.

Alderoty explained that the firm is aiming for a legal precedent that clarifies this distinction. “We think that’s a fundamental rule of law that needs to be recognized,” he said, noting that trial courts have been reluctant to go that far in their interpretations. Nevertheless, the Ripple CLO acknowledged that the Second Circuit’s ruling could bring much-needed clarity, regardless of which side prevails.

In addition to its ongoing legal battle with the SEC, the company continues expanding its operations globally. At the Swell event, the firm also discussed the launch of its new stablecoin, RLUSD, a dollar-denominated token designed to enable faster and cheaper cross-border payments. The stablecoin is set to be issued under New York’s strict regulatory framework, which could give it an advantage in regulatory compliance, especially in an environment where other stablecoins face increased scrutiny.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dogecoin Price At Risk As DOGE’s Adoption Continues To Decline

Published

11 hours ago

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October 15, 2024

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The Dogecoin price nosedived back on Tuesday and covered some gains made on Monday. According to Santiment on-chain metrics,  the number of Dogecoin holders is well down, with a net loss of around 106,600 non-empty wallets since October 8th.

This trend has come as a reason for increasing frustration among traders over the performance of the leading meme coin. It also prompted many to look for quicker opportunities elsewhere. The sentiment seems to be changing in the wider crypto market. Participants are reassessing their portfolios in the face of volatile prices and reduced activity in DOGE.

Dogecoin Price Plummets as MVRV Metric Signals Overvaluation

According to data from Santiment, the number of active addresses first soared to a six-month high of 133,880 on October 10. At the time of writing, however, the Dogecoin price lost 2.5% to $0.1131, and the number of active addresses has fallen off a cliff. This indicates that the user activity is nosediving lower.

Still, market analysts have been diverting more attention to the $0.20 price level for DOGE lately. They consider that recent trends show favorable indications for an upward trend. Currently, DOGE trades at $0.113, while trading volumes have jumped by more than 100%. This may serve as fuel to push the Dogecoin price toward its immediate higher target. One of the reasons for the volume incline could be the fact that Grayscale recently hinted towards a potential listing for DOGE on its platform,

The MVRV metric signifies when a particular cryptocurrency, such as DOGE, is undervalued or overvalued. Currently, DOGE represents a 30-day MVRV of 4.93%, suggesting that the token is overbought.

This might be a sign that this positive value of MVRV could mean overvaluation of the cryptocurrency and lead to a potential sell-off. This ramps up selling pressure across crypto exchanges. Indeed, every time MVRV spikes historically, there is usually a correction afterward, meaning a trader should be cautious.

Potential for Moderate Growth in 2024, Significant Upside in 2025

Dogecoin price would see a somewhat fair appreciation this 2024, with predictions ranging between the higher $0.12 and the higher $0.25, considering the recovery of the overall crypto market. The positivity in sentiment, active community support, and revived interests may drive its price higher, but such growth may be dampened by prevailing market consolidation.

With a much better bull market and huge tech breakthroughs, DOGE’s valuation could increase meaningfully by 2025. Forecasts show it reaching $0.22 to $0.50. This would be thanks to increased adoption, momentum, and partnerships that drive up demand and price action accordingly.

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Teuta

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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