Altcoin
Ripple Wins Motion To Expedite Judgment
XRP Lawsuit: In a major development in the In re Ripple Labs Inc Litigation, the court has granted an order to speed up judgment in the case. The order came in response to a motion to amend an earlier decision by a judge on judgment and stay in the long-running case.
XRP Lawsuit Nears Resolution As Court Grants Order
The court has granted the motion to amend the order pertaining to judgment and stay in the XRP lawsuit, as per the latest California district court filing. Both parties submitted a proposed order to the court, agreeing that there was no reason to delay judgment as class claims were resolved.
Plaintiff requested the court to make an “express finding in an amended judgment” to avoid any uncertainty about the finality of the judgment. However, a claim for relief against Ripple and other defendants remains ‘stayed’ until the final resolution of appeals in the XRP lawsuit.
“Within 30 days after final resolution of the appeal of the class claims, the parties shall file a joint motion to lift the stay on the docket in this case,” as per the filing.
In addition, Ripple filed a bill of costs, a declaration of Litigation Director Ana Guardado, and 65 exhibit documents on details of litigation costs, lawyer expenses, and other details leading to the court order.
Court Ruled In Favor of Ripple, CEO Brad Garlinghouse
As reported by CoinGape, Judge Phyllis Hamilton granted a joint request by both parties to proceed for final judgment and a stay on the plaintiff’s class claims. The court affirms the judgment in favor of Ripple Labs, XRP II LLC, and CEO Brad Garlinghouse.
Earlier, the court also recommended the parties to consider an alternative resolution to the ongoing dispute related to an individual claim. The trial date is set for January 21, dismissing attendant pretrial dates. The court will declare new dates after the resolution of any or all appeals of the class claims.
XRP Lawsuit To End Similar to Ripple Vs SEC Case?
The class action lawsuit approaches the end as the plaintiffs’ primary concerns were mostly related to loss in XRP. However, the latest 200% rally in XRP price to a year-to-date high of $1.62 has seemed to fade most concerns.
At press time, XRP price trades at $1.45, up nearly 30% in a week. Trading volume has dropped by 25%, but analysts predict XRP price eyes $13 as per Elliot Wave analysis.
Meanwhile, Ripple executives are upbeat on the dismissal of the SEC lawsuit as the crypto landscape in the US continues to improve. Pro-XRP lawyer Jeremy Hogan predicted a potential conclusion of Ripple vs SEC case in 2025 spring or early summer amid US SEC Chair Gary Gensler’s exit.
Varinder Singh
Varinder has over 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently leading the news team to cover latest updates and developments in the crypto industry.
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.
Telegram CEO Pavel Durov announced his long-term commitment to the MAJOR token. He pledged to hold 1% of its total supply for 10 years.
Durov praised the Major mini app for its seamless integration with Telegram and strong community engagement. Major plans to launch its token on The Open Network (TON) with an airdrop. It will also list on six major exchanges, while its futures are already live on OKX.
Telegram CEO Backs Major Token with 10-Year Commitment
As per Pavel Durov’s update on his Telegram channel on November 28, the Telegram CEO expressed his support for the MAJOR token. He described the token as one of Telegram’s most successful mini apps, highlighting its remarkable growth. The platform generated $10 million in revenue and amassed 70 million users in just five months, showcasing its strong community engagement and innovative use of Telegram’s ecosystem.
Durov also disclosed that Major’s developer Roxman donated 1% of the total supply to him. Demonstrating his confidence in the project, Durov pledged to hold the tokens for the next 10 years without selling them. This move reflects his belief in the long-term vision and sustainability of the platform.
Beyond its impressive growth, the team plans to expand the Major mini app ecosystem with features like username NFT rentals, digital IDs, and a gaming hub. These innovations aim to maintain community engagement and enhance user experiences. Major’s seamless integration with Telegram and rapid adoption of mini app capabilities make it a standout success within the platform’s ecosystem.
Token Launch Across Crypto Exchanges Amid Market Buzz
MAJOR token, backed by Telegram CEO Pavel Durov, is creating a buzz as it prepares for listings on six top exchanges. While the official listings are anticipated, the futures are already trading on OKX at $1.43 at the time of writing. This momentum has drawn significant attention from the crypto community, particularly after Durov vows to hold 1% of the token supply for 10 years.
Crypto VCs were calling Durov a potential crypto Black Swan event for the industry, citing his ability to drive innovation and community trust. However, Telegram’s crypto holdings soared 225% to $1.3 billion in the first half of 2024, boosting revenue by 190%.
Moreover, Telegram mini apps are gaining traction for their innovative integration with the platform. Telegram CEO Pavel Durov highlights their success, while apps like Fintopio with its CeDeFi wallet, enable seamless crypto transfers.
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.
Shiba Inu coin has again reverberated bullishness across the broader market on Thursday, witnessing a staggering 4500% uptick in the SHIB burn rate. Latest burn data indicated that over 50 million coins were taken out of the token’s circulating supply, underlining the crypto’s potential to pump ahead. Simultaneously, even the meme coin’s intraday movement showcased remarkable gains, pouring additional optimism toward the crypto’s future movements.
SHIB Burn Soars 4500% As Over 50M Coins Destroyed
According to the official burn tracker Shibburn’s data on November 28, the SHIB burn rate showed a 4483% surge over the past day. This massive surge is primarily attributed to the destruction of 53.61 million tokens. Besides, following the token destruction, market supply for the dog-themed meme crypto totaled 589.26 trillion SHIB.
In the preliminary context, the meme coin’s token burn mechanism results in a supply decline for the asset, which is a bullish aspect per the law of supply and demand. Simultaneously, other bullish events appear to have bolstered the crypto’s market standing.
Notably, Binance has recently expanded trade offerings for Shiba Inu coin, CoinGape reported. The leading crypto exchange commenced spot grid and spot DCA for SHIB/USDC, paving the path for further money inflow into the token’s ecosystem.
Overall, the burn rate surge and enhanced trade offerings generated an optimistic torrent for the cryptocurrency and its price movements.
Shiba Inu Coin Soars 5%
At the time of reporting, Shiba Inu price gained 5% to reach $0.00002557. The coin’s 24-hour low and high were $0.00002435 and $0.00002644, respectively. As mentioned above, the coin showcases a bullish trajectory against the backdrop of a SHIB burn rate surge and enhanced market offerings for the asset.
Simultaneously, a recent SHIB price analysis by CoinGape indicated that the meme coin also eyes a parabolic run ahead. This analysis comes against the backdrop of several bullish formations on the token’s chart. Overall, recent market stats indicate that the Shiba Inu coin has underlined noteworthy potential to pump ahead amid a broader meme coin market frenzy witnessed recently.
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.
Bitmex co-founder Arthur Hayes is on an ENA accumulation spree driving more than 22% Ethena price gains in the last 24 hours. This comes as Hayes is reportedly moving all of his Aethir (ATH) holdings to Ethena (ENA) as part of portfolio reshuffling, after making heavy losses in ATH.
Ethena Price Skyrockets on Arthur Hayes Buying Spree
As of press time, ENA price is trading 22.50% up at $0.7502 with its market cap soaring all the way to $2.13 billion. In the last two days, Hayes made notable withdrawals of ENA from crypto exchange Binance, showing his intensified interest in the synthetic dollar protocol.
According to blockchain tracking platform Spot On Chain, Hayes recently withdrew an additional 10.36 million ENA tokens, valued at $7.49 million. This brings his two-day accumulation to a staggering 16.79 million.
The average purchase price of ENA by the BitMEX co-founder currently stands at $0.66. Thus, Ethena price appreciation thereafter has resulted in an unrealized profit of $1.14 million, or over 14% appreciation already.
On November 26, Arthur Hayes liquidated all of his Aethir (ATH) holdings after months of holding and making an estimated loss of $815,000. However, quickly spotting a good opportunity in ENA, Hayes has already recovered these losses in two days with some additional unbooked profit.
The BitMEX co-founder has been shilling Solana-based meme coins off lately with his latest bet being FlowerAI (FLOWER). He also made strong profits from his early bet on Goatseus Maximus in October last month.
ENA Bullish Momentum and Other Milestones
As per the Coinglass data, the ENA open interest has shot up by 23% to $374 million while the total ENA liquidations have shot up to $1.29 million, of which $335,000 are in long liquidations and $956,000 are in short liquidations. Moreover, the total value locked (TVL) on the Ethena blockchain has also surged to $4.09 billion.
The Ethena blockchain is gaining strong traction through its synthetic dollar USDe. It is backed by collateral in the form of Bitcoin (BTC) and Ethereum (ETH). Additionally, the USDe differs from traditional stablecoins by offering a native yield. Recently, the popular derivatives platform Deribit integrated USDe in the form of crypto margin collateral.
Moreover, Ethena Labs celebrated an important milestone of reaching a 4 billion supply for USDe while generating an annual percentage yield (APY) of a staggering 25% for its users. Back in September, the platform also unveiled its UStb stablecoin collateralized by financial giant BlackRock and Securitize.
All eyes are on the ENA bulls as they need to hold Ethena price above the strong support of $0.75. If they manage to pull this off, ENA could be heading for another 33% gains to $1. Some investors are also speculating that ENA will hit its all-time high of $1.5.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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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