Altcoin
Cardano Founder Charles Hoskinson Backs Elon Musk Amid $55B Tesla Pay Fiasco
In a dramatic twist in the saga involving Tesla CEO Elon Musk, Cardano founder Charles Hoskinson has publicly extended his support to Musk following the rescinding of Musk’s $55 billion compensation package by a Delaware judge. Moreover, Hoskinson slammed the political players for utilizing the legal system to prey on their enemies.
Cardano Founder Extends Support To Elon Musk
On May 20, 2024, Charles Hoskinson took to X and expressed his solidarity with Musk. The Cardano pioneer shared a YouTube video from Dave Rubin’s ‘The Rubin Report’ that discussed how Musk was “stabbed in the back.” Hoskinson deemed this ruling as “shameful” owing to the alleged political involvement. The video referenced a tweet from February 2024 by Kanekoa The Great.
The tweet highlighted that Judge McCormick has a history tied to prominent political figures. Prior to her tenure as head of the Delaware Chancery Court, she was a partner at the Delaware law firm Young Conaway. Moreover, the firm and its employees have been substantial donors to President Joe Biden over the years.
Furthermore, Hunter Biden hosted a campaign event at Young Conaway’s offices in 2016, where President Joe Biden was a guest speaker. Congressman John Carney, a close friend of Joe Biden, who later nominated McCormick to her judicial position, also has ties to the firm.
The tweet also included a statement from a 2018 email by Hunter Biden. The statement asserted his familiarity with every judge on the Delaware Chancery Court and suggesting his influence within the court. Moreover, it spotlight McCormick’s rulings against the Tesla CEO during his Twitter acquisition and the subsequent federal investigations into Musk’s businesses. This has fueled allegations of political bias and legal weaponization against Musk.
The Cardano founder echoed these concerns, responding to a user questioning the significance of this issue amid global challenges. Hoskinson remarked, “Weaponization of the legal system to punish political enemies? Yes, it removes the very foundations of a free society, and it leads to all those bad things in the world coming home to America.”
Also Read: Cardano Founder Reveals 2 Key Solutions To Power Global Financial OS
About The Ruling
The $55 billion compensation package for Musk that had been approved by Tesla’s board and 80% of its shareholders was overturned in the landmark ruling. Moreover, Judge McCormick’s ruling, delivered on January 30, 2024, declared Musk’s landmark compensation package invalid.
The package, awarded by Tesla’s board of directors in 2018, was structured as an incentive for Musk to achieve specific milestones. This includes a market valuation of $650 billion—an ambitious target as Tesla’s valuation was more than tenfold less at that time.
However, the shareholder lawsuit that led to this ruling accused Musk and Tesla’s directors of breaching their duties. The lawsuit alleged that the directors and the Tesla CEO engaged in sham negotiations, resulting in unjust enrichment for Musk. Hence, the judge decided to rule in favor of these shareholders. Nonetheless, Tesla still hasn’t given up as it seeks to provide Musk with the promised package.
Also Read: U.S. SEC To Approve 19b-4 for Spot Ethereum ETF, What It Means?
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.
A renowned crypto analyst caused a huge market stir by forecasting a highly bullish outlook for Dogecoin price this Thursday. Market expert Ali Martinez revealed that a roughly 250% rally for the dog-themed meme coin to the $0.5 level looms. However, this bull run is possible given that the meme token holds above key support at $0.16. DOGE price exchanged hands at $0.1662 as of press time, igniting optimism over a rally ahead.
Dogecoin Price Eyes Over 250% Gains; Top Analyst Highlights Conditions
Ali Martinez on April 3 revealed that the $0.16 price level presents itself as a ‘make-or-break’ point for Dogecoin price via a post on X. According to him, if the price holds this level, a potential rally to $0.57 awaits, which is up nearly 256% from the current level.
However, failing to hold this level could result in a drop to $0.06, per the analyst. As a result, the key support level remains much-eyed by market watchers as the meme coin currently trades near it.
As mentioned above, the price is trading at $0.1662 with an intraday loss of over 3%. It bottomed and peaked at $0.1624 and $0.1787 over the past day, preventing losing support of $0.16. In an upshot, market watchers eye the token optimistically, expecting a sustained movement and thereby, a rally.
What Are The Next Resistance Levels For Dogecoin Price?
In another X post shared previously, the same analyst highlighted vital resistance levels for the dog-themed meme coin. Notably, the price faces two key resistance barriers at $0.18 and $0.21.
A sustained breakthrough above these resistance levels paves the way for a +250% bull run for DOGE price. In the wake of these price dynamics, crypto traders and investors are now glued to the meme coin’s price chart and await a trajectory shift.
Derivatives Data Sparks Speculations
However, Coinglass data has sparked contrary investor speculations by showcasing a decline in futures OI. DOGE futures OI was down over 3% to $1.56 billion today. This stat underscored slightly reduced investor interest in the meme token despite bullish predictions. Besides, the derivatives volume witnessed a 40% jump to $5.24 billion, adding a layer of intrigue to the market sentiment.
Crypto market traders and investors expect short-term volatility amid the dynamic market stats, whilst long-term prospects remain bullish. Also, a Dogecoin price prediction by CoinGape revealed that the technical chart on the weekly time frame showcases a bullish engulfing pattern. This formation suggests a strong momentum favoring buyers. Overall, broader market sentiments orbiting the meme coin remain bullish.
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.
As Binance’s Vote to List initiative kicks off, the exchange has turned its back on Pi Network for the second time. Binance is proceeding with the decentralized listing program but Pi Network is noticeably absent from the raft of cryptocurrencies.
Pi Network Fails To Make Binance List
Pi Network enthusiasts are in limbo following the absence of the token in Binance’s Vote to List initiative. According to a press release, Binance has opened voting for its second Vote to List initiative.
This time, 12 tokens are up for community voting, with Binance proceeding to spot-list successful tokens. Apart from vote count, Binance says it will consider trading demand, a risk assessment, and a compliance check to decide on tokens that will make the listing.
The selected tokens include VIRTUAL, BIGTIME, UXLINK, MORPHO, GRASS, ATH, WAL, SAFE, ZETA, IP, ONDO, and PLUME. While the first focused on memecoin, the second iteration beams a searchlight on utility tokens cutting across several verticals.
Back in March, Binance excluded Pi Network from its first edition of the Vote to List initiative. Binance has clarified that only BNB-based projects will be allowed to participate in the Vote to List initiative, dousing optimism for Pi Network enthusiasts.
When Will Binance List The Asset?
Despite Pi missing out on the Vote to List program, there is still a ray of hope for community members. Binance can list Pi via a direct listing in the future but a timeline is unavailable.
Experts say a lack of transparency by The PiCoreTeam (PCT) is a reason why Binance has not listed Pi Network. Particularly, the exchange took swipes at the PCT for failing to give proper disclosures on the Pi Network’s locking and burning mechanism.
Pi Network secured a major listing on the BTCC Exchange, bringing the token closer to being listed on mainstream exchanges. While a listing hovers on the horizon for Pi, the PCT’s domain auction is gathering steam with over 200,000 bids.
Pi price has been largely underwhelming over the last day, losing nearly 5%. Pi trades at $0.6646 to drop below the $0.7 mark for the first time in over a month.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
Following a reserve crisis that hit TrueUSD and Justin Sun’s intervention, First Digital Trust denied claims of insolvency. The Trust, at the center of the fiasco, says it is fully solvent while accusing Sun of sensationalism.
First Digital Trust Refutes Allegations Of Insolvency
First Digital Trust has released a statement debunking allegations of financial impropriety and insolvency. According to the statement, First Digital Trust says it is completely solvent while accusing Justin Sun of falsehood.
The Trust has been at the center of a whirlpool of a liquidity crisis involving TrueUSD (TUSD) with Justin Sun stepping in to stabilize the stablecoin with a capital injection. The Tron founder launched a tirade against the Hong Kong-based trust, accusing it of financial mismanagement including unauthorized trade finance loans.
“The recent allegations by Justin Sun against First Digital Trust are completely false,” read the statement.
The Trust disclosed that its FDUSD stablecoin is solvent and backed by US Treasury Bills. Per the statement, the legal dispute surrounding TUSD has nothing to do with FDUSD, accusing Sun of a smear campaign. First Digital Trust says it has not had the opportunity to defend itself in court, accusing Sun of launching social media attacks.
“This is a typical Justin Sun smear campaign to try to attack a competitor to his business,” added First Digital Trust.
Justin Sun Maintains His Stance
Justin Sun remains firm in his resolve that First Digital Trust is insolvent while urging investors to cut ties with FDUSD. He warns that the Trust founder Vincent Chok will face the full wrath of the justice system.
“First Digital Trust (FDT) is in fact insolvent,” said Sun. “If you have any relationship with it, please cut off contact as soon as possible to protect your assets.”
Following his accusations, FDUSD lost its peg and traded at a low of $0.88, a steep drop before crawling to $0.98. The loss of $130 million from its market capital has rattled investors with critics taking swipes over its de-pegging.
The Tron founder has covered every blade of grass in recent days, buying $75M of the Trump memecoin. Last week, Justin Sun weighed in on TRX’s halving proposal, supporting a proposal to mirror Bitcoin’s pattern.
The stablecoin drama comes as the US is inching toward tighter stablecoin regulation with the GENIUS Act and STABLE Act.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
Analyst Forecasts 250% Dogecoin Price Rally If This Level Holds
XRP Price Under Pressure—New Lows Signal More Trouble Ahead
Bitcoin Price Swings Wildly—Yet Bears Keep the Upper Hand!
Binance Sidelines Pi Network Again In Vote To List Initiative, Here’s All
XRP Price Reversal Toward $3.5 In The Works With Short And Long-Term Targets Revealed
First Digital Trust Denies Justin Sun’s Allegations, Claims Full Solvency
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Altcoin23 hours agoPi Network Faces Community Backlash, Is Pi Coin Price Heading to Zero?
-
Market21 hours agoBNB Price Faces More Downside—Can Bulls Step In?
-
Regulation16 hours agoKraken Obtains Restricted Dealer Registration in Canada
-
Market23 hours agoXRP Recovery Stalls—Are Bears Still In Control?
-
Market22 hours agoVanEck Sets Stage for BNB ETF with Official Trust Filing
-
Bitcoin21 hours agoTokenized Gold Market Cap Tops $1.2 Billion as Gold Prices Surge
-
Bitcoin17 hours agoLummis Confirms Treasury Probes Direct Buys
-
Altcoin24 hours agoPENDLE Price Jumps 8% Today Amid Huge Whale Accumulation
✓ Share: