2023-6-13 16:58 |
The crypto landscape has been turbulent in recent days, particularly due to the U.S. Securities and Exchange Commission’s (SEC) allegations against certain major cryptos.
Cardano (ADA) is among those heavily hit by the SEC’s lawsuit, causing its value to drop over 25% in the past week.
However, amidst this crypto downturn, new tokens like Wall Street Memes are thriving, with the meme coin presale already raising over $6.1 million in just over two weeks.
The SEC Effect: Cardano’s DownturnCardano has experienced extreme volatility following the SEC’s recent lawsuit against Binance and Coinbase.
In a recent revelation, ADA was listed as an unregistered security, igniting a market-wide downturn and resulting in a price drop of over 20% soon after the SEC’s claim.
As a result, platforms like Robinhood expressed their decision to end support for ADA, among other tokens.
High-profile analysts have weighed in on the crisis. The consensus is that the SEC’s labeling does not automatically render Cardano a security. The SEC would have to substantiate its claims through a lengthy legal process. IOG, the company behind Cardano’s development, has rebuffed the SEC’s accusations.
However, this clarification has done little to stem ADA’s price decline. Investors, particularly large holders or ‘whales,’ have engaged in mass selling, leading to significant shrinkage in ADA holdings over the week. Despite a minor 3% recovery in the last 24 hours, market sentiment remains largely bearish.
Looking Ahead: Can Cardano Bounce Back?Whether ADA can recover is the subject of intense debate among experts. Key players in the crypto community anticipate intervention from the US Congress before the lawsuit concludes.
SEC chairperson, Gary Gensler, has already faced rigorous questioning from lawmakers, who have accused him of ‘regulation by enforcement.’ Upcoming bills aim to curtail the SEC’s authority, providing legal clarity.
In addition, investors are closely monitoring Cardano’s rapid development, particularly the forthcoming Hydra upgrade, which is believed to boost ADA’s value significantly. Despite the current turmoil, some remain bullish about Cardano’s long-term potential. Notably, Mike Alfred, a popular investor, publicly announced his investment in 1 million ADA tokens.
But as all eyes turn to the Federal Reserve’s impending interest rate decision, only time will tell ADA’s fate.
Certain Tokens Surge Despite SEC-Related CrashDespite many major tokens suffering heavy losses in the last week, some new tokens continue to display bullish momentum.
These include select meme coins and AI coins – let’s take a look at two that are performing well despite the current bear market.
Community-Backed Meme Token Wall Street Memes Raises $6.1 Million Amid the ChaosDespite the bearish market sentiments stirred by the SEC, there’s a player making waves: Wall Street Memes (WSM). This new meme coin has gathered an impressive $6.1 million in just over two weeks during its presale.
The $WSM token stems from the creators of the Wall St Bulls NFT collection, which sold out on Ethereum within minutes of launch. The brand has an established internet presence across platforms like Twitter, Instagram, and Discord, boasting over a million followers.
The project’s dedication to staying atop the latest trends, like Bitcoin NFTs, illustrates its adaptability. In the current market, where “hot” tokens can quickly cool, adaptability is a vital trait that can attract investors.
While seasoned tokens like Cardano grapple with regulatory hurdles, Wall Street Memes has gained more traction from investors. Its token price currently sits at $0.0283 in its current presale round. It’s important to note that all early-stage projects carry risk, but the significant success tied to community-driven ventures such as this offers optimism.
Notable public figures like Elon Musk have interacted with Wall Street Memes’ content on Twitter, elevating their standing in the crypto community.
The brand’s ability to stay ahead of the curve and its robust social media presence potentially pave the way for a listing on prominent exchanges such as Binance or Coinbase. Furthermore, their commitment to allocating the total supply entirely to the community displays their faith in a decentralized, community-driven approach.
Thus, while seasoned players like Cardano struggle under regulatory pressures, new entrants like Wall Street Memes showcase the crypto market’s resilience and diversity.
Visit Wall Street Memes Presale
yPredict is the Crypto Analytics Platform Providing AI-Powered Predictive Models for Navigating Market VolatilityParallel to the surge in interest for meme tokens, there’s been an upward trend for tokens offering tangible solutions for navigating market volatility. yPredict is a recently launched crypto analytics platform that aims to help traders navigate the crypto market’s notorious volatility and make smart investment decisions.
It offers predictive analytics and models for various digital assets and has already raised an impressive $2.2 million during its presale.
yPredict relies on AI-driven tools, including Natural Language Processing, to deliver data-driven insights on crypto market trends. The platform’s native token, $YPRED, enables holders to gain passive income through various revenue streams, making it an attractive asset.
$YPRED tokens serve a dual purpose. Firstly, they can be used to purchase subscriptions to predictive models on yPredict’s financial marketplace. These models are offered by data scientists and shared after extensive vetting by the yPredict decentralized autonomous organization.
Secondly, holding $YPRED tokens can earn investors passive income. Token holders receive a substantial 15% of all swapping fees on the ecosystem, and 10% of revenues generated from platform subscriptions are distributed to token holders.
At press time, the token is priced at $0.09 during the ongoing presale, but this price will increase by 33.3% to $0.12 upon listing.
Visit yPredict Presale
The post What Next for Cardano After SEC Lawsuit? $WSM & $YPRED Tokens Pump Despite Market Dip appeared first on BeInCrypto.
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