Edel Finance, a lending protocol focused on tokenized stocks and real-world assets, is facing scrutiny due to suspicious activities during its token launch. Bubblemaps, a blockchain analytics platform, reported that around 160 wallets amassed 30% of the EDEL token supply, valued at $11 million, just before trading commenced. The platform suggested these wallets were interconnected and funded in a coordinated manner. In crypto terms, 'sniping' refers to using trading bots to buy tokens immediately upon their release, allowing early investors to secure lower prices. The wallets were funded with Ether through a series of intermediary wallets before acquiring the EDEL tokens. Each wallet received half of the tokens, while the rest was distributed among 100 secondary wallets, all linked to the token contract. Edel Finance's co-founder, James Sherborne, claimed the team intended to acquire 60% of the supply, which was locked in vesting contracts. However, Bubblemaps criticized this explanation, drawing parallels to past controversies in the crypto space.
Grayscale's spot Dogecoin ETF debuted with disappointing trading volume, attracting only $1.4 million, significantly lower than the anticipated $12 million. Despite being the first of its kind in the U.S., this figure is considered solid for an average launch but underwhelming for a pioneering product. Following Grayscale, Bitwise is set to launch its own Dogecoin ETF, with trading expected to start soon after regulatory approval. The recent surge in crypto ETFs follows the SEC's relaxed listing standards, prompting asset managers to explore investor interest in speculative tokens. The REX Osprey DOGE ETF, which launched earlier, reported a robust debut with $17 million in volume, surpassing expectations. In addition, Grayscale and Franklin Templeton recently introduced spot XRP ETFs, which collectively garnered $129.95 million in net inflows. Analysts predict that the recent DOGE and XRP ETFs are just the beginning, with over 100 more expected to launch in the coming months.