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SEC’s Decision on Ethereum ETFs Approaches: What to Expect
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SOL Overtakes ETH As Analyst Forecasts Solana Price To Hit $1,400 SOL has overtaken ETH in weekly and daily DEX volume as crypto analyst Titan of Crypto predicts that the Solana price can reach $1,400. Solana has overtaken Ethereum in weekly and daily DEX volume, a development that has further strengthened predictions that SOL could flip ETH or challenge its dominance in this cycle. Interestingly, crypto analyst Titan of Crypto has predicted that the Solana price can rise to as high as $1,400 in this bull run. Solana Overtakes Ethereum In DEX Volume Artemis data shows that the Solana network has overtaken Ethereum in weekly and daily decentralized exchange (DEX) volume to rank number one above all chains. Solana has witnessed a trading volume of $8.6 billion in the last seven days and $1.3 billion in the last 24 hours. At the same time, Ethereum has come in second place with a weekly trading volume of $8.2 billion and a daily trading volume of $772 million. This metric tracks the trading volume witnessed on all DEXs on these networks. Therefore, this development is significant as it indicates that Solana is generating more user interest than Ethereum. Such fundamentals are also bullish for the Solana price since this sustained trend could help trigger rallies for the crypto. This development has also fuelled further conversations that Solana could flip Ethereum or challenge its dominance in this market cycle. Ethereum is known to boast the top DeFi protocols, a narrative that boosted the ETH price during the 2021 bull run. However, with that narrative looking to change, SOL could easily be the runner in this cycle and threaten ETH’s position as the second-largest crypto by market cap. Analyst Forecasts SOL To Hit $1,400 Crypto analyst Titan of Crypto has predicted that the Solana price can reach $1,400. The analyst explained that a “massive Bull Flag” might be unfolding for SOL in the coming weeks and months, which indicates that the crypto could reach this price level. #Solana #SOL #Ethereum #MemeCoinTrending #BTCBreaks66K $SOL $ETH $BTC

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Ethena Labs Proposes SOL for a Stronger USDe Foundation

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Ethena Labs Proposes SOL for a Stronger USDe Foundation Ethena Labs, the creator of the synthetic stablecoin USDe, has proposed the inclusion of Solana (SOL) as a new collateral asset in its treasury. Unlike traditional stablecoins such as Tether’s USDT or Circle’s USDC, USDe operates as a synthetic stablecoin, meaning it is not backed by fiat currency at a 1:1 ratio. Instead, USDe maintains its $1 value by collateralizing various stablecoins and utilizing a hedged cash-and-carry trade strategy. This involves taking futures positions with substantial open interest, helping stabilize its value while a reserve fund manages risks in changing market conditions. If approved by Ethena’s independent Risk Committee, SOL will be gradually integrated into USDe’s collateral framework, with an initial allocation target of $100-200 million. This amount would represent about 5-10% of SOL’s open interest, mirroring USDe’s existing stakes of 3% in Bitcoin (BTC) and 9% in Ethereum (ETH). Additionally, the proposal includes the potential use of liquid staking tokens (LSTs) like BNSOL and bbSOL, similar to Ethena’s current approach with ETH LSTs, which constitute one-third of its ETH holdings. Recently, Ethena Labs allocated $46 million of its USDe reserve fund for tokenized real-world asset investments in various projects, including BlackRock’s BUIDL, Mountain’s USDM, Superstate’s USTB, and Sky’s USDS. This aligns with the growing trend in decentralized finance (DeFi) toward generating yield from asset-backed tokens. #Altcoins #ENA #Ethena #moonbix #MemeCoinTrending $ENA $BTC $ETH

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What Are the Odds of the SEC Winning Its Appeal?

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What Are the Odds of the SEC Winning Its Appeal? A federal judge ruled last year that the SEC did not prove Ripple violated securities laws by selling XRP to retail customers on exchanges. Recently, the SEC announced it would appeal this decision, and Ripple has filed a cross-appeal in response, adding another layer to the ongoing legal battle. What’s Happening? On the Thinking Crypto podcast, Lawyer James Murphy explained that while the SEC’s exact intentions are unclear, they are likely appealing two main points from the ruling: Sales on Exchanges: The SEC aims to challenge the judge’s decision that Ripple’s sales on exchanges do not constitute securities transactions. This ruling shocked the SEC, as they previously attempted to appeal it immediately but were denied. Disgorgement Limitations: The SEC also seeks to address a ruling that prevented them from claiming disgorgement (return of profits) because they lacked evidence of actual financial losses incurred by investors. This decision contrasts with precedents in other circuits, and the SEC hopes to overturn this limitation. Additionally, there’s speculation about whether the SEC will appeal the $125 million penalty imposed on Ripple, seeking a higher amount. However, it’s uncertain if this part of the ruling would be changed since judges have significant discretion in determining penalties. How Strong is the SEC’s Case? Murphy shared his perspective on the likelihood of the SEC winning the appeal. There are about 20 judges on the Second Circuit, and cases are decided by a randomly chosen panel of three. Once the panel is known, lawyers look at past decisions to guess how they might lean. Sometimes, arguments are shaped to appeal to specific judges, similar to tactics used in the U.S. Supreme Court. He said that when the summary judgment came out, many people criticized it, and some legal experts predicted it would be overturned. #SEC #XRP #Altcoins #moonbix #MemeCoinTrending $BTC $ETH $XRP

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