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Pepe Breaks All-Time High, Sparking Speculation on Next ETFs – Key Points | May 28, 2024

Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. Let’s explore the latest crypto news stories from the past 24 hours.

Crypto Price Update

Feature News: Solana and XRP ETFs are Next?

Backdrop: The U.S. Securities and Exchange Commission (SEC) has given the green light to eight spot Ethereum ETFs, enabling traditional investors to purchase shares linked to Ethereum’s price. This development follows the approval of spot Bitcoin ETFs in January, marking a significant advancement in cryptocurrency investment products.

Now: Standard Chartered’s digital assets researcher foresees Solana and XRP having their own exchange-traded funds (ETFs) soon, as reported by Decrypt. Geoffrey Kendrick, head of crypto research at Standard Chartered, predicts that other major digital coins will also receive ETF status by 2025.

Zoom out: XRP is currently trading sideways in the $0.50 to $0.5 level, while most major coins are experiencing slight upward movements. It’s worth noting that XRP was previously among the top three or four largest cryptocurrencies by market cap. Analysts speculate that an ETF announcement could potentially act as a price catalyst for XRP.

Feature News: Pepe Hits All-Time High

Frog-themed token PEPE and cat-themed token MOG have surged to record highs, with gains of 11% and 45% respectively, driven by the recent approval of spot Ethereum ETFs. Coindesk reported that trading volumes for PEPE exceeded $1.8 billion, significantly surpassing the usual range of $400 million to $600 million. Additionally, ether saw a nearly 5% increase while bitcoin dropped by 1%.

Futures data indicates a surge in open interest for PEPE and MOG, suggesting an influx of new funds into the market and the potential for further price volatility. The long-to-short ratio for PEPE leans towards bears at 54%, indicating that traders are betting against further price hikes. PEPE has now become one of the top 20 tokens by market capitalization, exceeding $6 billion, delivering substantial returns to early investors.

Local News

Regulation

Abu Dhabi has banned cryptocurrency mining on farms to safeguard agricultural land integrity, with penalties of up to AED 10,000 for offenders. In Hong Kong, the Office of the Privacy Commissioner for Personal Data (PCPD) has directed the Worldcoin Foundation to halt operations in the region due to breaches of local privacy regulations, particularly the collection of facial and iris biometric data from over 8,000 individuals.

DeFi

OKX, a crypto exchange, has decided to withdraw its application for a license to offer digital asset services in Hong Kong. As per regulatory requirements, OKX will discontinue providing centralized virtual asset trading services to Hong Kong residents by May 31. On another front, Optimum AI has launched a text-based DeFi trading platform on WhatsApp and Telegram, enabling users to execute complex financial actions easily using text and voice commands, thereby enhancing accessibility to decentralized finance.

Web3 Gaming

Web3 game developer Find Satoshi Lab (FSL) unveiled its third title, Stepn Go, a revamped version of the move-to-earn game Stepn, now featuring enhanced social elements. Additionally, Chirpley has partnered with N3MUS to revolutionize web3 gaming promotion by integrating influencer marketing services into N3MUS’s platform, thereby streamlining game promotion for studios and fostering wider adoption of Web3 technology. Furthermore, TapSwap, a new web3 clicker game on the Solana blockchain, offers users an experience similar to Notcoin on the TON blockchain, where players tap icons to generate in-game resources in pursuit of collecting Tap tokens, potentially exchangeable for value on the Solana blockchain, with a speculated token launch date of May 30th, 2024.

Noteworthy

Senator Cynthia Lummis of the United States has hinted at plans to advocate for crypto regulation that promotes self-custody of digital assets, challenging the concept of centralized custody and emphasizing the importance of property rights in decentralization and censorship resistance. Additionally, Fireflies.com has launched Fireflies Web3, a platform merging blockchain with social responsibility, aiming to transform charitable giving by utilizing blockchain to introduce the Fireflies token for transparent and efficient support of global causes. Lastly, OKX has partnered with JamboPhone, a web3-enabled smartphone brand, to foster web3 adoption in emerging digital economies, aiming to enhance access to the digital economy in developing markets and expand business operations globally.

This article is published on BitPinas: Pepe ATH | Solana, XRP ETF are Next? | Key Points | May 28, 2024

Disclaimer:

Before investing in any cryptocurrency, it is crucial to conduct your own due diligence and seek appropriate professional advice regarding your specific situation before making financial decisions. BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are your sole responsibility, and this website cannot be held accountable for any losses you may incur or credited for any gains.

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