Altcoin
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
The U.S. Securities and Exchange Commission (SEC) has permanently closed its Ethereum investigation, which sparked a rally in ETH and altcoins. While the move by the SEC has gained skepticism, especially in the XRP community, does Ether gaining status as a commodity means all proof-of-stake (PoS) cryptocurrencies such as Solana, Cardano, and Polygon are commodities?
Solana, Cardano, Polygon, Other PoS Crypto Are Commodity?
The SEC’s ending Ethereum investigation sparked speculation that Solana, Cardano, Polygon, and other proof-of-stake (PoS) could also be commodities. Also, Ether has leaped over Bitcoin and XRP in terms of gaining regulatory clarity.
Popular XRP sleuth Mr. Huber asked former SEC securities lawyer Marc Fagel whether the SEC now considering Ethereum as a commodity means anything for proof of stake crypto projects. The latest move by the SEC brings major PoS crypto such as Solana, Cardano, and Polygon in the spotlight. The SEC has alleged Solana, Cardano, and Polygon as securities in Binance, Coinbase, and other lawsuits.
I have no visibility into their thinking but, no, I wouldn’t make that leap. I don’t know what evidence (or lack of such) led the SEC to close the investigation, but I assume the prevalence of serious defenses (not present for other crypto) was a big factor.
— Marc Fagel (@Marc_Fagel) June 19, 2024
Alexander Grieve, government affairs lead at Paradigm, said that it is relatively unusual for the SEC to highlight a company in response to a closure of an investigation. The SEC is “under no obligation to do so.” Also, Ethereum Foundation was part of the investigation, but it didn’t receive any letter.
Marc Fagel agreed that it’s highly unusual to send a closing letter to one party if something was ongoing as to another party in an investigation.
Also Read: XRP, Cardano, & 7 Other Communities Must Watch This Key Move By Binance
Will Consensys Drop Lawsuit Against SEC?
Consensys revealed that the SEC Enforcement Division has closed its investigation into Ethereum 2.0, as per a letter send by SEC Assistant Director Kristin M. Pauley on June 18. The company claimed it’s a major win for Ethereum developers, technology providers, and industry participants.
The move comes in response to a letter sent by Consensys seeking confirmation from the SEC. The May ETH ETF approvals by the SEC were largely a result of ETH’s status as a commodity.
Consensys said it will continue to challenge the SEC in the lawsuit. The company seeks a declaration from the SEC that offering the user interface software MetaMask Swaps and Staking does not violate the securities laws.
Also Read: The Sandbox Expands Memecoin Chest With DOGE, PEPE, SHIB Purchase
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.
Altcoin
Here’s What Could Happen Before XRP Rallies To $3.67
Crypto analyst Dark Defender has revealed his XRP price prediction, as he explained why the crypto could drop to as low as $2.81 before it rebounds to $3.67. This comes amid the bearish sentiment in the broader crypto market, which has also led to a downtrend for XRP.
XRP Price Prediction: A Drop Before To $2.81 Before A Rally To $3.67
In an X post, Dark Defender predicted that the XRP price could drop to as low as $2.81 before it then rebounds to $3.67. Based on the analyst’s accompanying chart, this price decline will happen as part of the C wave corrective move to the downside.
The analyst noted that the possibility of the XRP dropping to the $2.81 level came following the expansion of the C wave. However, he suggested there was no need to panic, stating that corrections are a “must and normal.”
Based on the chart, the XRP price will rebound to $3.62 after this regular C wave. Interestingly, there is also the possibility of an XRP rebound to as high as $4, marking a new all-time high (ATH) for the crypto.
XRP has already witnessed a significant price correction today due to the widespread crypto market crash. However, like Dark Defender, crypto analyst Egrag Crypto has suggested that there is no need to panic. In an X post, he stated that the bearish sentiment is just market noise and that the macro trend remains bullish.
Important For XRP To Stay Above $2.7
Crypto analyst CasiTrades suggested that it is important for the XRP price to stay above the $2.7 level, which happens to be the 0.5 retracement level. In an X post, the analyst noted that XRP broke significantly below its bottom trendline, triggering a sharp drop to this retracement level for the large Wave 4.
CasiTrades further remarked that this is a critical support level to maintain the Wave 5 new highs. Although there was a wick below this XRP price level, the crypto analyst added that she isn’t considering it an invalidation just yet. According to her, true invalidation would come with closes below $2.60.
Meanwhile, she revealed that the new Wave 5 targets are $3.58, the Fib .618 extension level,, and $4.15, the extended target. CasiTrades also suggested that XRP’s next move could depend on the Bitcoin price.
Fundamentals Remain Bullish
From a fundamental perspective, the XRP price undoubtedly remains bullish. Ripple secured money transmitter licenses in New York and Texas, which could boost the crypto’s adoption.
The crypto firm also announced that it double its payment volume to $70 billion in 2024. This indicates that XRP is gaining more adoption, which is bullish for its price in the long term.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Crypto Hype to Explode as Elon Musk’s DOGE Integrates Blockchain
Elon Musk-led Department of Government Efficiency (D.O.G.E.) is reportedly looking for ways to use blockchain to optimize spending, protect sensitive data, and manage resources.
The Dogefather has a history of interest in digital assets, so the news sounds believable.
Insiders reveal that Musk had already met several public blockchain teams. While the details are unknown, the most likely options are XRP Ledger, Hedera, Cardano, and XDC Network due to their focus on enterprise solutions.
Musk’s reform could drive crypto adoption in the public sector and, consequently, benefit the entire market.
In light of this, we share the best crypto to buy now for potential 10x gains by the end of the bull run.
1. Solaxy ($SOLX) Layer-2 Solution Expands Solana’s Capabilities
This bull run, we witness an enormous influx of altcoins launched on Solana ($SOL), thanks to no-code tools like Pump.fun. While it benefits $SOL’s price, it also puts a strain on the network and leads to congestion, high fees, and failed transactions.
Solaxy ($SOLX) could resolve this with its hybrid Layer-2 solution. By offloading part of the transactions to a side chain, it takes the burden off Solana’s shoulders and enhances its efficiency (Musk would approve).
On top of that, Solaxy bridges Solana with Ethereum for smooth cross-chain transfer of funds and data. This could open new possibilities for dApp development on the two leading networks.
Solaxy’s native token, $SOLX, is now available on presale at $0.001616 per token. The project has raised $15.3M so far and shows no sign of stopping, so $SOLX has great potential for long-term growth.
In our Solaxy price prediction, we estimated $SOLX’s price to reach $0.032 by the end of 2025, which is a 1,880% increase from its current cost.
To buy Solaxy, head on to its presale page, connect your wallet, select a payment method, and enter the amount of $SOLX to buy.
2. Wall Street Pepe ($WEPE) Leads a Degen Army to Crush Whales
Wall Street Pepe ($WEPE) is the successor of the original $PEPE, driven by his grudge against whales conspiring in insider groups to manipulate the market.
$WEPE assembles an army of degen traders who want to outperform the big fish. Community members will share market insights and trading strategies to brush this bull run.
The $WEPE presale had extraordinary success, with $61.4M raised in a few months. Just 20 days remain to buy $WEPE on presale at $0.0003665, after which the token will list on tier-2 exchanges.
Analysts and influencers expect $WEPE to surge 100x after listing, given its early momentum and viral appeal. Ultimately, $WEPE’s performance hinges on its community’s sentiment – and by the looks of it, they’re ready to take the market by storm.
To buy Wall Street Pepe, connect your wallet to the presale widget on $WEPE’s site and buy as many tokens as you want.
3. MIND of Pepe ($MIND) Shares Bias-Free Market Insights With Its Supporters
The AI agent token sector amassed a $7.5B market cap and $1.1B 24-hour trading volume. In short, it’s the hottest trend this year.
Investors who missed $AIXBT at $0.00004 turn their attention to MIND of Pepe ($MIND) – a new AI agent that, like Aixbt, shares exclusive market insights with its token holders.
This self-sovereign AI agent analyzes data from X and crypto data aggregators to engage in discussions and make predictions. And since there’s no emotion to cloud $MIND’s judgment, its trading decisions should theoretically be highly effective.
The $MIND token is freshly out on presale, which already surpassed the $4M milestone. One token now costs $0.0032016, but the price will increase in 15 hours.
4. Cardano ($ADA) Could Play an Integral Role in D.O.G.E. Operations
Cardano ($ADA) had a hard time after its 2021 crash. In 2024, $ADA began to recover with a 223% yearly increase. While the token now trades 71% below its former all-time high of $3.10, ecosystem updates and technical indicators suggest it may soon break new records.
Cardano’s 2025 roadmap focuses on the Hydra Layer-2 upgrade, which should enable millions of transactions per second with near-zero fees. It also aims to improve Cardano’s interoperability and decentralization.
This would make Cardano perfectly suited for high-throughout government applications. If D.O.G.E. were to adopt Cardano, demand for $ADA would grow tremendously.
On top of that, whales accumulated $100M worth of $ADA last week alone, which shows their confidence in the project’s future and could push $ADA above $3.
5. Dogecoin ($DOGE) Is Still the Top Dog, Now Even More So With the D.O.G.E. Connection
Elon Musk pumped Dogecoin ($DOGE) in 2021. The community calls him the Dogefather, and now he leads the D.O.G.E.… The connection is there, but it isn’t the reason $DOGE made it to this list.
$DOGE’s current price chart strikingly resembles the beginning of its 2021 explosive 10,000% rise. X analyst Ali Martinez points out that TD sequential indicator hints at a soon price breakout and sets a target of $23 by the end of 2025.
Besides, no meme coin was able to dethrone $DOGE in all these years. Even the second-largest meme coin, $SHIB, comes nowhere close to $DOGE with its $46B market cap.
And let’s not even get started on the likes of $TRUMP or $FARTCOIN – a solid start doesn’t yet guarantee long-term success.
Final Remarks
If, two years ago, someone said that the US government would use blockchain to streamline operations, people would call them crazy.
Yet, here we are.
As crypto applications expand, it will play an increasingly important role in our lives. This would drive demand both for enterprise-focused tokens like $ADA and innovative altcoins like $SOLX.
Meanwhile, we remind you to DYOR and diversify your portfolio to offset potential losses because the market remains volatile.
Altcoin
Dogecoin Price Forms Symmetrical Triangle On Daily Chart, What To Expect If It Breaks Out
Dogecoin is on a notable decline of 11.8% and 20% in the past 24 hours and seven days, respectively, and could retest support at the $0.30 price level soon. Despite this decline, Trader Tardigrade, a well-known technical analyst on social media platform X, has managed to note a symmetrical triangle forming on DOGE’s daily candlestick chart. This classic technical pattern is often a precursor to significant price movements, and a breakout could prompt the resumption of an uptrend.
Dogecoin Forming A Symmetrical Triangle
According to Trader Tardigrade, Dogecoin looks like it has been trading within a symmetrical triangle within the past seven days. This symmetrical triangle formation arose as a result of Dogecoin’s price correction, which started after it reached $0.43 on January 18.
According to the daily candlestick chart, the majority of candlestick bodies have stayed within the confines of this triangle since January 20. The initial two days of the pattern’s formation saw a few wicks temporarily breaking above the upper trendline, but Dogecoin’s price quickly retreated back into the pattern. Since then, the price has shown a sequence of lower daily highs and higher daily lows, a behavior indicative of waning selling pressure and an equilibrium between buyers and sellers.
The price action has managed to push towards the apex of the triangle, and Trader Tardigrade suggests that a breakout could favor the bulls, pushing the price significantly higher.
What Happens If DOGE Breaks Out of the Triangle?
If Dogecoin manages to break above the upper trendline of the symmetrical triangle, it could signal a resumption of the bullish trend. Trader Tardigrade predicted that this breakout could lead Dogecoin to a price target of at least $0.45.
However, instead of moving upward, Dogecoin has recently broken below the lower trendline of the symmetrical triangle, shifting its trajectory downward toward support at $0.31. This level has proven to be a significant liquidity zone over the 30 days. In fact, $0.31 has served as a reliable support point, with Dogecoin rebounding from this price three times during recent declines. The most notable recovery occurred on January 13, when Dogecoin bounced off the $0.31 level and subsequently surged upward, eventually reaching a high of $0.4318.
Now, the next step is whether DOGE can repeat this pattern by rebounding once again at $0.31. A successful rebound at this critical support level would indicate that buyers are stepping in to defend and give Dogecoin the strength it needs to resume its upward trajectory. If the rebound gains sufficient momentum, it could reestablish confidence in DOGE’s bullish outlook and set the stage for a renewed attempt at breaking the $0.45 price target. Until then, $0.31 remains a key level to watch as the meme coin tests the resolve of buyers.
Featured image from Unsplash, chart from Tradingview.com
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