The US Securities and Exchange Commission’s (SEC) Commissioner Hester Peirce issued a joint proposal for a US/UK “digital securities sandbox”. This will act as a special safe harbor where companies in both jurisdictions can safely experiment with using blockchain technology for trading securities without fear of regulatory admonishment.

SEC makes a bold move

As per the statement issued, Hester Peirce stated that the joint proposal from the Bank of England and the Financial Conduct Authority for a digital securities sandbox (DSS) reflects a commendable commitment to incorporating innovation.

SEC Commissioner stated that a “cross-border sandbox” could be even more transformative than a solely domestic one. She added that the proposal would enable the SEC to set up a ‘micro-innovation sandbox’ where the US companies would be able to do a limited amount of business in the US. This will be done by using blockchain technology to trade securities without fear of getting targeted by regulators.

She added that the time in the sandbox would be limited to up to 2 years with possible extensions. However, the FinHub will help companies understand and navigate the sandbox.

Eleanor Terrett, a FoxBusiness Journalist, reported that the companies will be able to choose some of their own regulatory rules. Meanwhile, they will be required to follow certain guidelines to protect investors.

She added that If time in the sandbox is successful then companies might be able to graduate and continue their activities with special permission from regulators.

What’s more?

Hester Peirce highlighted that the information sharing agreement between the SEC and UK regulators would enable both regulators to learn from activity undertaken in both jurisdictions. However, this will also address the concerns about the lack of supervision over non-UK firms that led to the proposed exclusion of non-UK firms from the DSS.

She pointed out one report that stated that firms that entered the FCA’s sandbox raised 15% more capital, are 50% more likely to raise capital, and are 25% more likely to survive years later. This capital raising effect is most pronounced for “smaller and younger firms.

This move comes in when the crypto market is in the middle of its bull run. The global digital assets market recorded a marginal surge over the last day to stand at $2.55 trillion capitalisation. Its 24 hour trading volume stood at around $82.21 billion.

The recently launched Telegram-linked meme token Notcoin (NOT) is continuously gaining massive attention from crypto enthusiasts as its price has surged significantly in the last few days. Following this surge, on May 30, 2024, Notcoin made a post on X (previously Twitter) highlighting that Notcoin onchain holders now outperform Shiba Inu, Bonk, and Pepe onchain holders.

Notcoin outperformed SHIB, BONK, and PEPE

According to the post on X, Notcoin onchain holders have reached 1.6 million, whereas Shiba Inu, Bonk, and Pepe onchain holders stand at 1.4 million, 731k, and 235k respectively. This surge in onchain holders highlights the interest and confidence of investors, traders, and institutions in the Notcoin meme coin.

And one more thingOnchain holdersNotcoin 1.6MShibainu 1.4MBonk 731kPepe 235k pic.twitter.com/XIFqMgvVzW

— Notcoin Ø (@thenotcoin) May 30, 2024

In addition to this increase in onchain holders, the price of Notcoin has also surged significantly in the last 24 hours. A potential reason for this surge is the recent special offers for staking that Notcoin was offering today, although the stake offer has now ended.

Currently, the Notcoin native token (NOT) is trading near $0.0116 and has experienced a massive 28% increase in the last 24 hours. Looking at the performance of NOT tokens over a longer period, they have experienced a 130% increase in the last 7 days, although they are still down by 20% over the last 30 days. This price movement highlights investors’ interest and confidence in the NOT token.

NOT token technical analysis

According to expert technical analysis, the NOT token is looking bullish as it recently gave a breakout and had a daily candle closing for the first day. Continuous support from investors, traders, and users signals a bullish trend. Additionally, another reason the NOT token looks bullish is the approval of a spot Ethereum ETF (Exchange-Traded Fund) by the United States Securities and Exchange Commission (SEC). The NOT token is built on the Ethereum blockchain.

In contrast, other top meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF), Bonk (BONK), and others are currently struggling to gain momentum. Over the last 24 hours, DOGE, SHIB, PEPE, WIF, and BONK have experienced a 3.54%, 2.5%, 4.5%, 7.5%, and 10% decline respectively.

This data shows that Notcoin has not only outperformed SHIB, BONK, and PEPE in terms of onchain holders but has also outperformed them in terms of price surge, consistently doing so for the last few days.

The trendiest meme coin, PEPE, has turned out to be the most profitable crypto among the top cryptos despite the recent decline. However, PEPE price is up by 900% on the year to date (YTD) basis which is more than Dogecoin (DOGE) and Shiba Inu (SHIB).

PEPE holders are happy

As per the data shared by IntoTheBlock, PEPE’s 90% return recorded this month has now pushed 96% of its holders to be in profits. This move has positioned the frog themed meme coin to be the most profitable crypto among major meme coins.

PEPE price saw a massive upward run over the last month which has added to the higher gains over the long period of time. The frog themed meme coin is now up by 116% in the last 24 hours. The recent gains have helped the crypto to gain around 300% in just 90 days.

Meanwhile, PEPE price dropped by almost 13% in the last 24 hours after the massive rally which helped it to hit its new all time high (ATH).

Pepe is trading at an average price of $0.0000145, at the press time. It is down by 15% from its ATH of $0.00001718, it recorded on May 27, 2024. Its 24 hour trading volume is up by 17% to stand at $2.33 billion with a market cap of $6.12 billion.

What about others?

This surge came in when other major meme cryptos were also witnessing higher gains. The biggest meme coin, Dogecoin (DOGE) price jumped 30% in the last 90 days which is still a good gain in front of the big tokens. Still, DOGE has failed to shine ahead of PEPE.

Dogecoin price is up by 81% on YTD, it is trading at an average price of $0.162, at the press time. The biggest meme crypto is holding a 24 hour trading volume of over $1.3 billion with a market cap of $23.4 billion.

Shiba Inu (SHIB) has also lost the race if compared to Pepe’s performance. SHIB is up by 157% on YTD. Shiba Inu is trading at an average price of $0.000026, at the press time.

Dogwifhat might be the only top meme coin that might have outperformed PEPE in the longer time frame. WIF price is up by 2186% on the YTD.

The situation of Bitcoin exchange-traded products (ETPs) in Europe seems to be not good, reveals a report. The European ETPs have seen regular outflows in each month of 2024. The outflow stood at around $506 million. However, this trend is completely opposite to the inflows recorded in the US market.

Is European ETPs a flop game?

Reports depict that the US spot Bitcoin ETFs have attracted $13.4 billion following the approval of spot Bitcoin ETFs by the Securities and Exchange Commission (SEC). Despite Bitcoin’s 40% rise this year, European Bitcoin ETPs are still struggling.

It added that the other crypto ETPs launched in Europe have managed to attract a net inflow of around $42 million.

Data shows that on May 29, the total net inflow of Bitcoin spot ETFs stood at $28.32 million. Grayscale ETF GBTC saw a single day outflow of $31.065 million, while BlackRock ETF IBIT had an inflow of $24.56 million. The Fidelity ETF FBTC had an inflow of $17.67 million.

Experts had noted a jump in client inquiries about European crypto ETPs after the major launches in the US. However, this is yet to result in high inflows. The competitive fee battle created by the low charges of US Bitcoin ETFs has forced European issuers to reduce their fees to remain competitive. This includes WisdomTree, Invesco, and CoinShares.

Experts have highlighted that there is complexity in understanding Bitcoin fund flows. They noted the scattered market sentiments where some view Bitcoin as an inflation hedge.

What’s next?

VanEck has reportedly disclosed its plans to be more aggressive in marketing its crypto products in Europe. It even reported a small net inflow into the firm’s BTC and Ethereum exchange-traded notes (ETNs) this year. However, it was particularly seen around the time when the US regulators approved the ETF decision.

Its European ETNs have seen net inflows of €8.5 million in 2024. Its assets under management rose to €650 million.

The launch of spot Bitcoin ETF had already pushed Bitcoin and the entire crypto market to hit new highs. BTC went on to hit an all time high of more than $73,500 in March. Bitcoin is trading at an average price of $68,125, at the press time. The biggest crypto is holding a 24 hour trading volume of more than $27.2 billion with a market cap of $1.34 trillion.

In the ongoing bullish cryptocurrency market sentiment, on-chain analytics firm Nansen made a post on X (previously Twitter) that gained massive attention from the crypto community. According to Nansen’s post, DBS, Singapore’s largest bank, is a crypto whale, holding a massive 173,753 Ethereum worth $647 million in its wallet address 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e.

Nansen disclose DBS bank ETH holding 

However, this massive Ethereum holding has not been updated since December 31, 2023. Additionally, Nansen cited in its post that despite DBS’s massive Ether holdings, they also made over $200 million in ETH by holding ETH.

We've identified this $650m $ETH Whale holding 173.7k ETH as DBS, the largest bank in Singapore with assets totaling S$739 billion as of 31 Dec'23This address has made over $200m by holding ETH… Track the address on Nansen here: 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e pic.twitter.com/2rkM3cZ6gJ

— Nansen (@nansen_ai) May 30, 2024

One more thing users need to know is that Ethereum’s blockchain technology is a prominent choice for investment banks in the capital market within this rapidly evolving cryptocurrency landscape and Web 3.0. DBS is not a new player in this crypto industry. As of now, it offers multiple crypto-related services like digital asset custody, portfolio management applications for digital assets, and trading exchanges for security tokens.

Nansen’s recent disclosure comes amid the overall crypto community eagerly awaiting the debut of spot Ethereum ETFs (exchange-traded funds) in the United States, which have the potential to boost the overall cryptocurrency market and increase the rate of adoption. The approval of a spot Ethereum ETF could bring in significant institutional investment, driving up demand and potentially stabilizing the market further.

Ether price-performance analysis

Meanwhile, Ethereum is currently trading near $3,750, and in the last 24 hours, it experienced a 2% downside move. Over a longer period, in the last 7 days, Ether’s price has remained stable, currently down by 2.7%. In the last 30 days, Ether’s price has increased by more than 23.5%. This increase can be attributed to several factors, including heightened interest from institutional investors and advancements in Ethereum’s network capabilities, such as the upcoming Ethereum 2.0 upgrades.

According to expert technical analysis, Ethereum is looking bullish and appears to be reversing from the important support level of $3,700. If Ethereum on a daily time frame closes above the $3,800 level, then according to price action and technical analysis, it could surge nearly 8% and hit the $4,080 level. However, if the Ethereum price falls below $3,650, we may see massive downside momentum.

Currently, the overall cryptocurrency market is experiencing downside momentum, down by 1.5%. Top cryptocurrencies like Bitcoin, Solana, Ripple, and Dogecoin are also experiencing downside momentum of 1%, 1.5%, 2%, and 3.5%, respectively.

Bitcoin (BTC) price dropped to $67,000, reflecting a 4% decline from its peak of $70,300 recorded on May 27. This downturn comes when the bankrupt crypto lender Genesis and crypto exchange Gemini have returned over $2 billion in crypto. The payments were made to 232k retail customers involved in their jointly managed Gemini Earn program.

Gemini makes crypto payback

According to reports, the return represents a very high 242% return on assets that were locked up since January 2023. Genesis was able to return the exact cryptos amounts to customers. It is unlike to other bankrupt crypto companies that liquidated assets to repay customers in cash. It mentioned that the customers who had loaned one Bitcoin to Genesis received one Bitcoin back.

Bitcoin was trading below $23,000 in January 2023, however, the biggest crypto went on to hit the all time high (ATH) of $73,750 on March 14, 2024.

Cameron Winklevoss, co-founder of Gemini, acknowledged the challenges faced by customers during this period. He expressed gratitude for their patience and support. 

It added that the Gemini customers will receive about 97% of their repayment immediately. The remaining amount will be distributed within 12 months. The firm had earlier estimated a 77% recovery for its customers.

Bitcoin price takes a hit

Bitcoin price has taken a hit recently. BTC price dropped by more than 2% in the last 7 days while it is down by over 3% in the past 60 days. It is trading at an average price of $67,847, at the press time and still up by 54% on year to date (YTD) basis.

Its 24 hour trading volume is down by 5% to stand at $27.23 billion. It is holding at market cap of $1.3 trillion.

BTC’s performance has been influenced by broader macroeconomic trends. The S&P 500 is currently just 1.2% below its ATH. This indicates a strong stock market with 5 year Treasury yield rising to 4.63% from 4.34% two weeks ago. Now, this suggests a shift away from fixed-income positions among traders.

The derivatives market for Bitcoin has also seen significant activity with open interest reaching 516K BTC on May 29. It is being recorded as the highest since January 2023 marking a 6% increase over the past week. This rise in leverage bets indicates increased speculative activity despite the recent price drop.

The approval of a spot Ethereum ETF (Exchange Traded Fund) in the United States has gathered massive attention from crypto enthusiasts and attracted both investors and institutions. Recently, an on-chain analytics firm, LookOnChain, made a post on X (formerly Twitter) highlighting the significant interest in Ethereum-based altcoins.

Whale adds massive LDO, SHIB, PENDLE, and ETH amid price drop

According to the LookOnChain post, in the last three hours, a whale withdrew a substantial amount of Ethereum-based tokens, including LDO, SHIB, PENDLE, and Ethereum. The withdrawals included 2.43 million LDO tokens worth $5.68 million, 58.08 billion SHIB tokens worth $1.62 million, 102.9K PENDLE tokens worth $637K, and 500 ETH worth $1.89 million from the world’s biggest cryptocurrency exchange, Binance.

Despite these massive withdrawals, the tokens are currently experiencing a downside move. LDO saw a 5% decline, SHIB experienced an 8% decline, PENDLE saw a 3.5% decline, and Ethereum experienced a 2.5% decline.

The potential reason behind this significant accumulation is the US SEC’s approval of a spot ETH ETF. However, this is not the first time whales or investors have withdrawn Ethereum-based altcoins. Earlier, on May 24, 2024, new crypto wallets added $77 million worth of ETH-based tokens, including LDO, ENS, ENA, PEPE, UNI, and AAVE from centralized exchanges (CEXs), as reported by Todayq News.

It seems that the intentions of traders and investors are clear—they might be making big bets on the spot ETH ETF. This massive accumulation of Ethereum-based tokens may cause ETH to surge.

Ethereum technical analysis and key levels

Currently, Ethereum is trading near $3,720, and in the last 24 hours, it experienced a 2% downside move. Over the past 7 days, the price of ETH has remained stable. In the last 30 days, however, it experienced a 20% increase. The reason behind this surge is the spot ETH ETF approval and the performance of these Ethereum-based tokens.

According to expert technical analysis, Ethereum is looking bullish, but it is currently taking support from the important $3,700 level. This current level is a retest level, and there is a high chance that ETH might pull back from this level. However, if ETH falls below the $3,650 level, we may see a significant downmove in the coming days. Conversely, if ETH experiences a bullish move, there is a high chance it could hit the $4,080 level.

The long running legal battle between Ripple and US Securities and Exchange Commission (SEC) witnessed another round of court filings. Ripple had filed a reply letter in further support of its Motion to Seal documents. This motion is linked with the SEC’s motion for Judgment and Remedies.

Ripple makes a new move

As per the filings, Defendant Ripple stated that many of the arguments contained in the commission’s brief were addressed in the opening papers. However, they wanted to briefly to two of the arguments in opposition.

It mentioned that the SEC argues that information about Ripple’s current financial condition is “important to the Court’s determinations” on remedies. Defendant had explained in its opposition to the SEC’s remedies motion, that is incorrect. 

The filing highlighted that Ripple is not arguing that it may be unable to pay any measured penalty, and there is otherwise no reason to believe that its current financial statements (from years after the challenged conduct) are relevant to the Court’s analysis. 

It added that the commission should not be able to force disclosure of Ripple’s highly sensitive confidential financial information. This should not be done merely by raising arguments that have no basis. It stated that the Court can reject those arguments without considering any of the highly confidential facts.

This is important to note that even if the commission’s arguments were plausible, Ripple has still established a valid, commonly accepted basis for sealing its confidential financial documents.

Fight over financial data

The second argument Ripple presented is that the SEC is incorrectly asserting that Ripple’s historical contracts have no continuing relevance because the defendant has changed how it sells XRP. 

Ripple claims that it had explained through the declaration of its Chief Financial Officer that the terms of its contracts are confidential and future counterparties would gain leverage from learning all of the individually negotiated terms of Ripple’s past contracts.

The intense legal is expected to continue ahead which might produce another partial judgment. In the meantime, XRR is suffering from high selling pressure. XRP price is already down by 17% on the year to date (YTD).

XRP price dropped by another 18% in the last 60 days. It is trading at an average price of $0.513, at the press time. Its 24 hour trading volume is up by 19% to stand at $1.26 billion. It is still holding a market cap of $28.4 billion.

In the past few days, the Telegram-based meme token Notcoin (NOT) has gained massive attention from crypto enthusiasts following its impressive performance and user participation. Today, on May 30, 2024, the NOT token skyrocketed by 27%. Since its launch, this is the first time NOT has experienced such a significant move.

NOT token skyrockets 27%, the potential reason

The potential reason behind this massive price surge in the last 24 hours might be the notable user engagement, increased investment interest, and a recent airdrop. According to the on-chain analytics firm CoinGlass, investors’ and traders’ participation in the NOT token has significantly increased daily.

In the last 24 hours, the Open Interest of the NOT token has increased by 30%, which is significant for any newly launched token. This massive surge in Open Interest highlights investors’ and traders’ interest and confidence in the NOT token. Besides the significant Open Interest in the last 24 hours, data from CoinGlass also indicates that there has been continuous inflow since May 25, 2024, which is another reason behind this massive price surge.

Source: Coinglass

Currently, the NOT token is trading near $0.125. In the last 24 hours, it experienced a massive 27% upward move. Over the longer period, the NOT token has seen a significant 125% upward momentum in the last 7 days. However, in the last 30 days, the token price is down by 17% due to a sell-off following the token launch.

Will NOT token get benefits from Ethereum ETF?

According to expert technical analysis, the NOT token is looking bullish as it recently gave a breakout and daily candle closing for the first day. Continuous support from investors, traders, and users signals a bullish trend. Additionally, another reason the NOT token looks bullish is the approval of a spot Ethereum ETF (Exchange Traded Fund) by the United States Securities and Exchange Commission (SEC). The NOT token is built on the Ethereum blockchain.

In the last few days, other meme coins like PEPE, WIF, FLOKI, BONK, and many others have also experienced bullish moves. This is also happening due to the ETF approval. Experts speculate that in the coming days, we may see a massive upward move in tokens that are built on the Ethereum blockchain.

In the past two weeks, despite a fluctuating cryptocurrency market, the spot Bitcoin ETF (Exchange Traded Fund) has continuously experienced inflows, highlighting investors’ and institutions’ trust in Bitcoin. Recently, the on-chain analytics firm Lookonchain made a post on X (previously Twitter) that today, on May 29, 2024, all spot Bitcoin ETF issuers saw a net inflow of $140.8 million, equivalent to 2,075 Bitcoin.

Spot Bitcoin ETF continuous inflow

Out of this significant Bitcoin inflow, the highest was into the largest Bitcoin ETF managed by the asset management giant BlackRock. According to the post on X, BlackRock’s iShare Bitcoin Trust (IBIT) added a massive 1,503 Bitcoin, worth $102 million. With this substantial Bitcoin inflow, BlackRock’s IBIT currently holds a massive 288,671 Bitcoin, worth $19.59 billion.

Meanwhile, another asset management giant, Grayscale, experienced an outflow of 47 Bitcoin, worth $3.2 million. Following this outflow, Grayscale’s GBTC currently holds 288,993 Bitcoin, worth $19.6 billion. Notably, yesterday, on May 28, 2024, BlackRock’s IBIT surpassed Grayscale’s GBTC to become the largest Bitcoin ETF.

Will Bitcoin price increase?

Besides this substantial inflow, only two Bitcoin ETF issuers, including GBTC, have seen outflows. The Invesco Galaxy Bitcoin ETF (BTCO) experienced an outflow of 236 Bitcoin. However, the overall net inflow for the 10 Bitcoin ETFs has been positive for the last 12 consecutive trading days. This consecutive inflow highlights investors’ interest and the potential for a bull run in Bitcoin.

Despite the continuous net inflow into spot Bitcoin ETFs, Bitcoin is currently trading near the $67,600 level, having experienced a 0.5% downside momentum in the last 24 hours. Over a longer period, Bitcoin saw a 4% downside move in the last 7 days, whereas it experienced an 8% upside move in the last 30 days.

Last year, on August 7, 2023, the digital payment leader PayPal introduced its PYUSD stablecoin on the Ethereum ERC-20 blockchain. However, today, on May 29, 2024, PayPal made a U-turn and moved to the Solana blockchain. The world’s 5th biggest cryptocurrency, Solana (SOL), recently made a post on X (previously Twitter) disclosing that PayPal’s PYUSD is live on Solana.

PYUSD is now Solana blockchain 

According to the post on X, the PYUSD stablecoin issued by Paxos will now leverage the Solana blockchain and token extension to serve over 30 million merchants. The reason for this latest development is to empower users and offer fast and secure stablecoin transactions.

Following this latest development, Jose Fernandez da Ponte, SVP, Blockchain, Crypto & Digital Currencies at PayPal, said: “Making PYUSD available on the Solana Blockchain furthers our mission of enabling a digital currency with a stable value designed for commerce & payments.”

However, PayPal’s decision to expand its stablecoin to Solana can be attributed to several key factors. Firstly, Solana offers cost-effectiveness, providing a more efficient infrastructure for transactions compared to other blockchain networks. Secondly, Solana boasts high throughput and speedy settlement, crucial for a platform handling a large volume of transactions like PayPal. This ensures quick and seamless transactions for users. Additionally, Solana’s token extensions offer expanded functionality, particularly in terms of compliance. 

This means that PayPal can integrate features to meet regulatory requirements more effectively, ensuring a smoother experience for users and compliance with financial regulations. Overall, PayPal’s move to expand its stablecoin to Solana is driven by a combination of cost-effectiveness, speed, and enhanced functionality for compliance purposes.

Visa, World Pay, and Stripe also opt for Solana blockchain 

Besides PayPal’s decision to choose Solana’s blockchain technology, other financial giants including Visa, World Pay, and Stripe have opted to build on Solana due to its resilient community and scalability for on-chain operations. Solana’s support is instrumental in realizing the vision of PYUSD by facilitating partnerships between PayPal, Paxos, and other major players.

Following this ongoing development, Solana (SOL) price remains stable. Currently, SOL is trading near $168.5 and in the last 24 hours, it remained stable. If we look at the performance of SOL over a longer period, in the last 7 days, it experienced a 6% downside move. Whereas, in the last 30 days, SOL experienced a 25% upside move.

In the rapidly evolving cryptocurrency landscape, new investors and traders often fall victim to scams and fraud due to promises of massive returns and huge profits. Recently, the Texas State Securities Board identified fraudulent activities involving false promises of notable daily returns.

Recent fraudulent activity in the Crypto industry 

The Texas State Securities Board has taken decisive action against Arkbit Capital, issuing a cease and discontinue order following allegations of fraudulent activities in the crypto space. Led by Financial Examiner Alexis Cantrell, the board disclosed a web of duplicity surrounding Arkbit Capital and its associated entities.

Arkbit Capital, along with Arkbit Capital Holdings, ABC Holdings LLC, and ABC Mining, stands accused of directing a deceptive cloud mining operation, falsely claiming to operate data centers in Arkansas. However, the firm promised notable daily returns ranging from 1.6% to 2.8% over a 120-day period, the company targeted investments between $50 and $49,999 in digital assets.

Central to their scheme was the utilization of CoinPayments.Net, a payment processor, despite its restrictions on certain jurisdictions, including the United States. Shockingly, the account holder associated with Arkbit’s CoinPayments account was traced to Paras Khivesara, located in Hyderabad, India, not Arkansas as purported.

Further damning evidence arose from manipulated media, with Arkbit Capital allegedly utilizing deceptive image and video editing techniques. One such instance involved a video supposedly featuring the CEO and founder speaking at a cryptocurrency conference in Austin, Texas. However, investigations revealed no presence of Delmar Estabrook or Arkbit Capital at the event.

The enforcement Division requests users stay vigilant 

Following this incident, Joe Rotunda, Director of the Enforcement Division at the Texas State Securities Board, advised caution among investors, highlighting the importance of due diligence when approached with social media investment opportunities. This cautionary story is part of a concerning trend in the United States, with several recent cases highlighting the majority of Ponzi schemes in the cryptocurrency realm.

However, on March 15, 2024, the US SEC (Securities and Exchange Commission) dismantled a $300 million Ponzi scheme act as a crypto trading platform, targeting Latino investors with CryptoFX. Just days later, a New York jury convicted two individuals involved in promoting the fraudulent crypto mining and trading scheme IcomTech.

In the most recent development, Irina Dilkinska, former head of legal and compliance for the infamous OneCoin fraud, received a four-year jail sentence for her role in laundering millions of dollars. These cases serve as stark reminders of the importance of skepticism and thorough research when navigating the complex landscape of cryptocurrency investments.

In the upcoming United States presidential election, former President Donald Trump is gaining massive attention from crypto enthusiasts due to his involvement in cryptocurrency and NFTs. Amidst this election fervor, a trader has managed to generate a staggering $15.3 million profit on MAGA (TRUMP) tokens.

Trader made $15.3 million profit in TRUMP

On May 29, 2024, an on-chain analytics firm, SpotOnChain, made a post on X (formerly Twitter) to highlight an intriguing development. They revealed that a savvy trader initially invested 541K USDT to purchase 1.079 million TRUMP tokens. This massive investment followed Trump’s announcement of his intention to run for re-election in November 2023.

However, as of the current writing, the value of these tokens has skyrocketed to an estimated $15.7 million, resulting in a remarkable profit of $15.3 million. This astounding profit represents approximately 28 times the trader’s initial investment.

Despite this windfall, the trader has opted to hold onto all their TRUMP holdings, anticipating further price surges as the election draws nearer. 

TRUMP price-performance analysis 

At present, TRUMP is trading near $14.83, experiencing a notable 24% price surge in the last 24 hours alone. Examining TRUMP’s performance over a more extended period, it has seen a remarkable 75% increase in the past 7 days and an astonishing surge of over 185% in the last 30 days, fueled by heightened investor interest. Moreover, TRUMP’s trading volume has surged by 25% in the last 24 hours, underscoring the growing confidence and interest among traders and investors in TRUMP tokens.

In addition to TRUMP, another token attracting considerable attention from crypto investors ahead of the impending election is MAGA. Notably, MAGA has experienced an astronomical surge of nearly 5,000% in the last 30 days. Amidst this bullish market sentiment, investors and traders are advised to carefully consider investing in genuine projects to safeguard their capital.

Furthermore, alongside these trending tokens in the lead-up to the election, several meme coins such as PEPE, SHIB, WIF, BONK, FLOKI, and others are also gaining traction within the crypto landscape. Meanwhile, major cryptocurrencies like Bitcoin, Ethereum, Solana, and Toncoin appear to be facing challenges in today’s market conditions.

Ripple Labs has been dealing with the legal challenges pushed by the US Securities and Exchange Commission (SEC). Amid the long running legal battle, the blockchain firm is now intensifying its political efforts. It is contributing huge funds to support pro crypto politicians in the upcoming election cycle. 

Ripple makes huge donation

According to reports, Ripple on Wednesday announced a $25 million donation to Fairshake. It made the donation to crypto focused Super Political Action Committee (Super PAC). However, the group backs both Democrat and Republican Congressional candidates who favor crypto innovation in the country. 

The major donation marks Ripple’s second such donative to Fairshake within a year. It made Ripple the Super PAC’s largest donor and brought the crypto industry’s total political war chest to over $110 million.

It is important to note that this donation comes in when the blockchain firm is dealing with the US’s biggest financial regulator. The US SEC has filed its reply to Ripple’s motion to seal and redact evidence linked to the parties’ briefing on remedies.

The intense legal battle had already hindered Ripple’s native crypto, XRP, surge. XRP price is down by 14% on the year to date (YTD) basis. However, it has managed to minimize the decline by surging around 5% in the last 30 days.

What’s going on in elections?

XRP price jumped marginally over the last 24 hours. It is trading at an average price of $0.52, at the press time. It is still down by 86% from its all time high (ATH) of $3.84 recorded on January 4, 2018. Its 24 hour trading volume is up by 3% to stand at $1.15 billion. It is still holding a market cap of $29.1 billion.

Ripple CEO Brad Garlinghouse has already mentioned that these contributions are part of their broader strategy. This includes educating voters on the potential of crypto and highlighting the dangers posed by anti-crypto policies in Washington. 

GOP presidential front runner Donald Trump expressed his support for digital assets. He pledged to end the Biden Administration’s perceived hostility towards crypto if elected. However, Trump has also started accepting campaign donations in crypto. This move might help him ahead.

Fairshake and its affiliate Super PACs have already demonstrated influence in key elections. In February, Fairshake spent $10 million on an ad campaign against anti-crypto Congresswoman Katie Porter (D-California), who was running for the Senate seat vacated by the late Dianne Feinstein.

Grayscale Bitcoin ETF has lost its crown to BlackRock Inc.’s iShares Bitcoin Trust in the latest update. iShares ETF has become the largest fund for Bitcoin by adding nearly $20 billion in total assets since its US debut. 

BlackRock ahead in ETF race

Data shows that the exchange-traded fund (ETF) held $19.68 billion of Bitcoin as of Tuesday. This was enough to surpass the $19.65 billion Grayscale Bitcoin Trust. However, the third largest Bitcoin fund is Fidelity Investments’ $11.1 billion.

According to the data released, Bitcoin spot ETFs recorded a total net inflow of $45.1432 million on May 28. This has been a continuing net inflow for 11 consecutive days. It mentioned that the Grayscale ETF (GBTC) saw an outflow of $105 million while BlackRock ETF IBIT had an inflow of $103 million. However, Fidelity ETF FBTC had an inflow of $34.3 million.

Bitcoin (BTC) price saw a minor decline over the last 24 hours. The biggest crypto price has dropped below the $68K mark. It is trading at an average price of $67,834, at the press time. BTC is now down by 2% in the last 7 days. Its 24 hour trading volume is down by 3% to stand at $29.2 billion.

It is important to note that the BlackRock and Fidelity BTC ETFs are among nine that launched on January 11. These launches had proven to be good for the crypto market helping Bitcoin to a record high of over $73,700 in March.

What’s next?

The iShares has attracted the most inflow since its launch. It stands at around $16.5 billion. On the other hand, investors withdrew $17.7 billion from the Grayscale fund during the same period. It is expected that it is likely due to its higher fees. Grayscale had created its Bitcoin Trust back in 2013. It was well-known as the largest vehicle of its kind but faced issues with shares trading at premiums or discounts to its net asset value. This later push for conversion to an ETF to ensure trading at par.

The SEC gave the green light for the first US spot-Bitcoin ETFs in January following a court reversal in a case brought by Grayscale in 2023. This regulatory shift marked a significant development for the crypto industry, despite ongoing skepticism from the SEC under Chair Gary Gensler, especially following several industry scandals.

The overall crypto-meme industry is currently experiencing a significant upside movement, with meme coins like WIF, PEPE, FLOKI, BONK, SHIB, and others seeing massive price surges. On May 29, 2024, the world’s second-biggest meme coin, Shiba Inu (SHIB), broke its silence by surging more than 18% in just 24 hours.

The reason behind SHIB’s upside move

The potential reason for this price surge is the approval of the spot Ethereum ETF (Exchange Traded Fund) in the United States. SHIB is built on the Ethereum blockchain, and since the Ethereum ETF got approval on May 23, 2024, the majority of Ethereum-based meme coins, including PEPE, FLOKI, NOT, and others, have surged. However, SHIB was the only top meme coin that had struggled over the last three weeks.

In addition to this massive price surge, the Open Interest in SHIB has significantly increased by 35% in the last 24 hours, highlighting investors’ and traders’ confidence and interest in SHIB. Furthermore, the 24-hour trading volume has increased by 106%, indicating strong investor participation.

SHIBA technical analysis and key levels

This significant surge in Open Interest and trading volume signals bullish sentiment. According to expert technical analysis, SHIB is looking bullish as it has given a breakout from a bullish flag and pole price action pattern and a strong consolidation zone. If SHIB closes a daily candle above the $0.000029 level, it could surge nearly 50% and hit the $0.000045 level in the coming days.

Currently, SHIB is trading near $0.000029, and in the last 24 hours, it has experienced a massive 18% upside momentum. Looking at SHIB’s performance over a longer period, it has seen an 11% upside move in the last 7 days and a 23% upside move in the last 30 days, indicating stability and consolidation over the past month.

In addition to SHIB, other meme tokens, including WIF, NOT, FLOKI, BOME, and BONK, have also experienced substantial price surges of over 22%, 21%, 10%, 15%, and 14%, respectively, in the last 24 hours. This widespread surge across various meme tokens suggests that investors are increasingly inclined to invest in the meme token market, driven by the recent developments and overall bullish sentiment in the cryptocurrency market.

Bitcoin (BTC) and Ethereum (ETH) are facing major options expiries as May 31 approaches and it is set to influence the market. The biggest crypto is trading around the $68,500 price range with a put/call ratio of 0.58. This indicates a bullish sentiment among traders.

What does Bitcoin data say?

Data shows that the total open interest (OI) turns out to be approximately 68,000 BTC (worth around $4.7) billion. However, the max pain price is $65,000 which suggests that BTC’s price could drop towards this level as expiration nears.

Bitcoin is trading at an average price of $67,904, at the press time. BTC price has dropped by over 2% in the last 24 hours. It is still up by 7% in the last 7 days. Its 24 hour trading volume is up by 51% to stand at $32.9 billion.

On the other side, Ethereum is trading below the $4,000 price range with a put/call ratio of 0.85. This reflects a more balanced sentiment between bullish and bearish positions.

Its total open interest stands out to be 897,238 ETH which is equal to a notional value of $3.5 billion. It is important to note that the max pain price for Ether is set at $3,300. It can potentially be influencing price movements as the expiration date approaches.

Why is this so?

Ether price saw a surge of 15% in the last 30 days. ETH is trading at an average price of $3.840, at the press time. Its 24 hour trading volume is up by 4% to stand at $19 billion.

Bets on further Ether gains are intensifying following a surprise US regulatory pivot towards allowing exchange-traded funds (ETFs) for the digital asset. 

This shift by the Securities and Exchange Commission (SEC) helped in a 26% jump in Ethereum. It marked the biggest weekly advance since the 2021 crypto bull market. Speculators are optimistic, drawing parallels to the record-breaking January debut of US spot-Bitcoin ETFs, which have amassed $59 billion in assets. However, Ethereum is less well-known than Bitcoin, making investor appetite for exposure harder to gauge.

Spot Ether ETFs will not partake in staking, the process of earning rewards by pledging tokens to maintain the Ethereum blockchain. This omission could undercut interest in the funds compared to holding the tokens directly.

Following the approval of the spot Ethereum ETF (Exchange Traded Fund) by the United States SEC (Securities and Exchange Commission), the overall crypto market surged significantly, especially meme coins like PEPE, FLOKI, WIF, and BONK. Amid this bullish trend in the crypto meme sector, Dogecoin (DOGE) lagged behind these tokens, experiencing a 1% downside momentum.

DOGE could double and hit $0.322

The reason DOGE is not experiencing upward momentum is due to a resistance level. As of writing, the DOGE coin is encountering strong resistance between $0.166 and $0.171. Additionally, analyzing the current meme trend reveals that nearly 75,000 wallet addresses have accumulated a significant 10 billion DOGE coins near this resistance level.

#Dogecoin is encountering significant resistance between $0.166 and $0.171, where 75,500 addresses have acquired nearly 10 billion $DOGE . However, once this barrier is overcome, #DOGE has the potential to double, with the next key resistance around $0.322 pic.twitter.com/p02Cks63EI

— Ali (@ali_charts) May 28, 2024

A crypto analyst shared a similar analysis, noting that once DOGE breaches this resistance level, there is a high chance it could double, with the next key resistance near $0.322. This means if DOGE breaks out above the $0.171 level, it could potentially reach the $0.322 level.

As of writing, DOGE is trading near $0.164 and has experienced a 3% downside momentum, whereas other meme coins, including WIF, FLOKI, BONK, and BOME, have seen massive increases of 14%, 13%, 18%, and 11% respectively. Looking at DOGE’s performance over a longer period, in the last 7 days, it has remained stable with a 1% downside move. However, in the last 30 days, DOGE experienced a decent 10% upward momentum.

Dogecoin technical analysis and key levels 

According to expert technical analysis, DOGE is looking bearish and there is a high chance it could fall to the $0.154 level. To experience upward momentum, DOGE needs to cross the $0.175 level with a daily candle closing above that level. If this happens, there is a high chance that DOGE could reach the $0.22 level.

In addition to all this, a recent post by the on-chain analytics firm CoinGlass on X (formerly Twitter) highlighted that meme coins are taking over the market. CoinGlass also noted that DOGE, PEPE, BONK, and WIF now hold 4 of the top 10 spots in terms of open interest. This massive open interest underscores the interest of both investors and institutions in these meme coins.

Riot Platforms Inc. on Tuesday made a huge announcement of acquiring a 9.25% stake in Bitfarms Ltd. However it is planning to launch a public takeover offer for the smaller Bitcoin miner. This comes after Bitfarms rejected an earlier approach.

Riot makes big move

According to reports, Riot had made an offer of $2.30 per share in cash and stock by valuing Bitfarms at approximately $950 million. Riot reportedly believes that Bitfarms’ recent management changes are highlighting the corporate governance issues. They might have plans to initiate a shareholder vote to add new directors to Bitfarms’ board, it added

This move is expected to begin a merging shift in the Bitcoin mining sector, especially following the recent Bitcoin halving event. The report mentioned that big mining companies like Riot are actively seeking acquisitions to push their operations. This is being done to adapt to new economic conditions in the industry. 

A merger between Riot and Bitfarms is expected to create the world’s largest Bitcoin miner by projected computing power and enhance its Bitcoin production capabilities.

As of now, Riot is holding a market value of about $3 billion, while Bitfarms’ shares recently recorded a surge to C$2.86 in Toronto. It helped to hit a market value of around $750 million. 

It is important to note that Bitfarms’ board had previously rejected Riot’s offer made on April 22 without any discussions. Under the proposal, Bitfarms shareholders would get to hold about 17% of the combined entity.

Is it a breakthrough?

Riot is also intending to call for a special shareholder meeting to appoint new independent directors. This might happen after Bitfarms’ annual meeting on May 31.

Data shows that Riot Platforms Inc’s (NASDAQ: RIOT) share price has constantly declined over the past 6 months. It has dropped by almost 20% over this period. However, It has gained by more than 2% in the last 5 trading days. RIOT is trading at an average share price of $10.37, at the press time.

Bitcoin, the biggest crypto, has also seen a minor decline over the last 7 days. BTC price dropped by 3.5% over the period. It is trading at an average price of $68,332, at the press time. Its 24 hour trading volume is up by 62% to stand at $32.12 billion.

In this ongoing bullish market sentiment, the crypto community is eagerly awaiting the launch of a spot Ethereum ETF (Exchange Traded Fund). Amid this anticipation, a report from an on-chain analytic firm has garnered significant attention. On May 28, 2024, IntoTheBlock, an on-chain analytic firm, made a post on X (previously Twitter) indirectly signaling a massive sell-off in Ethereum.

Ethereum dump incoming?

According to the post on X, the current amount of Ethereum moving into exchanges has hit its highest point since January 2024. This surge followed a significant price increase that Ethereum experienced in the past few days. IntoTheBlock also highlighted that Ethereum saw a massive net inflow of 140.6K on Saturday. This net inflow marks the highest net deposit to exchanges in over four months.

The amount of Ether flowing into exchanges hit the highest point since January!With a netflow of 140.66k $ETH on saturday, this marks the highest net deposits to exchanges in over 4 months.High inflows to exchanges are typically a sign of selling behavior, as people either… pic.twitter.com/XAesouv0XR

— IntoTheBlock (@intotheblock) May 28, 2024

IntoTheBlock noted that these high inflows to exchanges typically indicate selling behavior, as people either try to claim profits or succumb to FUD (Fear, Uncertainty, and Doubt). Despite this massive inflow on Saturday, Ethereum experienced a decent 5% upside move on Tuesday.

Currently, Ethereum is trading near $3,900, and in the last 24 hours, the price has remained stable. However, looking at Ethereum’s performance over a longer period, it has experienced a 4% upside move in the last seven days. Over the last 30 days, Ethereum’s price has seen a notable 19% increase. The reason behind this significant price surge is the recent approval of the Spot Ethereum ETF.

Ethereum technical analysis and key levels 

According to expert technical analysis, Ethereum is bullish and heading toward a recent high of $4,090. In the coming days, there is a high chance that Ethereum will hit this level. If Ethereum closes above this level on a daily timeframe, it could reach $4,800 and make a new all-time high.

Besides Ethereum’s bullish outlook, the approval of the ETF has made Ethereum-based altcoins the top choice among investors and traders. Recently, crypto whales have been making significant bets on Ethereum-based tokens such as Ethena (ENA), PEPE, ONDO, and AAVE, as reported by Todayq News. Additionally, FLOKI, an Ethereum-based meme token, is gaining massive attention in the market.