Check out the top three news stories over the past weekend presented to you by U.Today.
Ripple celebrates another SEC loss: Details
Last Friday, Aug. 23, the court issued a ruling in Kraken's case against the SEC, according to which none of the tokens that is being traded by the exchange is a security. "The SEC unqualifiedly lost on this 'tokens are securities' theory, and will not be permitted to rely on it going forward," wrote Kraken’s chief legal officer Marco Santori in a celebratory X thread. Santori was not the only one who praised this positive development for Kraken; Stuart Alderoty, CLO at Ripple, the SEC's long-standing legal opponent, has also taken to X platform to share his comments on the ruling. The Kraken case, wrote Alderoty, has once again confirmed that there is no such thing as a crypto asset security. "Bad news for the SEC, whose entire regulation-by-enforcement strategy hinges on that failed premise," he concluded.
DOGE surpasses SHIB and rest of meme coins in key metric
In a recent X post, Lucie, Shiba Inu's marketing lead and vocal SHIB enthusiast, shared a chart of the top 10 meme coins that can boast high activity of their communities on various social media platforms. "Shiba Inu back to second place," commented Lucie, with the project scoring 20,300 posts, 3.76 million interactions and 3.95% social dominance. Third place was taken by PEPE, the coin inspired by the Pepe the Frog meme; its results constitute 11,300 posts, 1.76 million interactions and 2.35% social dominance. Leading the chart is Dogecoin, the dog-themed token beloved by none other than Elon Musk himself. DOGE stands unsurpassed in all three of the chart's metrics, with 21,600 posts, 6.63 million interactions and 4.2% social dominance.
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Shiba Inu skyrockets 671% in inflows as price on verge of major breakout
Data provided by IntoTheBlock shows that on Aug. 24, Shiba Inu witnessed a 671% increase in large holder inflows, a metric that tracks the funds going into whale addresses. Increased large holder inflows could be a sign of significant buying activity, as well as the sign of price bottoms, as these addresses prefer to buy in large quantities after significant corrections. In recent weeks, Shiba Inu has been trading within a range, creating pressure that many analysts think may soon be released in the form of a significant price breakout. The recent spike in inflows has only fueled this speculation, with the market eagerly anticipating a sharp upward move. Technical analysts are keeping an eye on key resistance levels which, if breached, could lead to a surge of buying and push the price of SHIB up. Currently, SHIB is trading at $0.00001469, down 3.65% over the past 24 hours, per CoinMarketCap.
