Members of the XRP Army — supporters of the XRP token — have started an online movement to pressure crypto exchanges to relist the digital asset amid Ripple facing a lawsuit from the U.S. Securities and Exchange Commission, or SEC.
According to Twitter user MackAttackXRP, the hashtag “RelistXRP” was trending in The Netherlands earlier today, with some users reporting the social media movement was gaining traction in Australia, the United States, and the United Kingdom. Twitter data showed more than 35,000 tweets with the hashtag in The Netherlands, more than 30,000 tweets in the U.S., and roughly 24,000 in Australia.
The campaign is reportedly an attempt to draw attention to crypto exchanges that have delisted or suspended trading for the XRP token. In December, the SEC charged Ripple CEO Brad Garlinghouse and co-founder Chris Larsen with conducting an “unregistered, ongoing digital asset securities offering” for their XRP sales. In response to the lawsuit, many crypto exchanges announced they would suspend the trading of XRP, or delist the token entirely. Global money transfer service MoneyGram has also terminated its partnership with Ripple.
The exchanges that have halted trading for XRP or delisted it include Coinbase, OKCoin, Bittrex, Bitstamp, Binance.US, Crypto.com, iTrustCapital, eToro, Genesis, Nexo, Wirex, Ziglu, CEX, STEX, Abra, Blockchain.com, and Coingate. Other crypto firms have deferred taking action against the token. For example, Uphold said it will not delist XRP until the SEC lawsuit is resolved, while Indonesia crypto exchange Indodax said the token “has a risk of being delisted.”
Crypto exchanges – you know what you need to do – relist XRP ‼️@coinbase @BittrexExchange @Bitstamp @OKCoin @BinanceUS @cryptocom @wirexapp @NexoFinance @eToro @cex_io @blockchain @CoinGatecom #xrp #relistxrp @Ripple pic.twitter.com/4VZl0Wuxe0
— XRP_Cro (@stedas) March 22, 2021
More than 6,000 XRP holders lost a motion filed on their behalf in the SEC case against Ripple to insert themselves as third-party defendants. The motion to intervene argued that the interests of the XRP token holders were not being adequately represented in the lawsuit against Ripple and its executives.
At the time of publication, the price of XRP is $0.58, having risen 16% in the last 24 hours.
Bitcoin Dumps 16% on Elon Musk’s Massive U-turn
At the time of press, Bitcoin prices had lost 10% on the day and were trading at $43,300. Ironically this is very close to the price BTC hit after Tesla announced its $1.5 billion purchase of the asset in February.
Bitcoin was trading at just over $50K at the beginning of the weekend, however, by early trading on the Asian session on Monday morning, it had lost a further 16% dumping as low as $42K briefly.
Since its all-time high on April 14, BTC has corrected 35% making this the fifth and largest correction of the current market cycle. Things are now in danger of heading into a full bear market if BTC fails to hold above $40K.
The massive downturn appears to have been instigated by one man and the implication that his company may have sold its BTC holdings.
Musk’s Massive Bitcoin U-turn
On Sunday, anonymous crypto commentator ‘CryptoWhale’ suggested that Tesla had sold its Bitcoin holdings to which Elon Musk simply replied “indeed”.
What followed was a massive Twitter brawl where Musk grew increasingly riled and repeatedly took swipes at Bitcoin, the crypto community in general, and even prior allies such as MicroStrategy CEO Michael Saylor.
With wild commentary like comparing crypto to PayPal while still shilling Dogecoin, it seems that Elon Musk has lost all credibility in crypto circles at least.
The Tesla CEO appears to have done a massive u-turn after investing in Bitcoin, then allowing it to be used for payments for vehicles. He has now single-handedly caused the entire crypto market to crash.
It’s worth noting, however, that Musk clarified that Tesla hasn’t sold any of the bitcoins they hold yet, debunking some speculation going in the community.
Gold investor and perpetual Bitcoin detractor Peter Schiff couldn’t resist sticking the boot in as markets tumbled.
If a single @elonmusk tweet can have so much influence over the price of #Bitcoin how can anyone seriously consider it to be money? How can Bitcoin be a safe-haven asset if a one-word tweet puts it at risk? It should be clear by now that buying Bitcoin is gambling, not investing.
— Peter Schiff (@PeterSchiff) May 17, 2021
Schiff does have a valid point that a single tweet (or flurry of angry ones) should not have such an impact on markets as a whole. However, what Schiff failed to point out was that any investment is effectively gambling – the only thing that changes between assets is the risk factor.
Bitcoin’s fear and greed index has plunged to its lowest levels since the weeks following the massive pandemic-induced market crash in March 2020 that sent BTC prices tumbling back to $5,000.
Fomo Lab Partners with PVLACE of 808 MAFIA and Gunboi to drop ‘For the Culture’ Collection
[PRESS RELEASE – Please Read Disclaimer]
London, United Kingdom, 17th May 2021 – Fomo Lab partners with PVLACE of 808 MAFIA and GUNBOI to drop their “FOR THE CULTURE” collection on Fomo Lab’s own NFT platform, The Avenue. This collection will contain 387 intrinsically rare collectibles of music in the form of “mystery boxes”, by PVLACE and GUNBOI, multi-platinum, billboard chart topping, industry-leading producers who have made music for some of the biggest names in hip-hop history, including; Wiz Khalifa, Migos, Future, and many more. The “For The Culture” collection will be launched on The Avenue from the 31st of May.
The landscape of entertainment media is evolving, and the PVLACE’s NFT team are the first to ever integrate hip-hop culture with crypto culture in a gamified fashion by including 3D avatar characters each paired to 1 of 1 production composed by top industry producers. They have produced music for the biggest names in the music industry, including Young Thug, whose most recent album, Slime Language 2, debuted at number one on the “Billboard Albums Hot 100”, and are now working closely with Fomo Lab to release their collection making it accessible to more audiences.
The “For The Culture” collection is set to include 387 unique NFT’s varying from exclusive items to exclusive avatars, all of which will include exclusive music and instrumental compositions. The essence of this collection is that the producers are selling the full rights to the music through NFTs, as the most seamless way to transfer rights. The music on each NFT will range between two to five minutes long, along with one-of-a-kind avatars of celebrities, and of items.
Tchakalla Romeo (aka Gunboi), the music producer, said “Every collectible is an homage to how we felt when we were younger and Fomo Lab understands and believes in that, too. This culture is meant to be a comprehensive examination of hip-hop in all forms.”
The CEO and co-founder of Fomo Lab, Pixasso stated, “We are very excited for this collection to launch, as it also really resonates with all of us at Fomo Lab being hip-hop fans ourselves. The fans will love it too, it is also a seamless way to change ownership to be more in line with the content creators vision. We have a lot of really cool NFTs coming to The Avenue, but we’re thrilled this is our first one.”
Each NFT will be sold at an even price of 2 BNB (no more than $1,400 USD), where in the traditional music industry market it would sell for over $20,000 USD. This is because they believe that hip-hop was always “for the people”, in line with their vision, their goal is to make these memorabilia accessible to everyone, while expanding the ecosystem. The music in each NFT is made by the same creators who produced music for top major label artists such as Future, Migos, Chris Brown, Young Thug, Lil Baby, Juice WRLD, and Wiz Khalifa, among many others, ensuring the worth of these NFTs to be extremely valuable.
About Fomo Lab
Fomo Lab is the leading platform revolutionizing the way non-fungible tokens (NFTs) are used. The platform can be used for storing, curating, and exchanging one-of-a-kind digital collectibles and NFTs built on the Binance Smart Chain (BSC). The native token, $FOMO, will be used as the platform’s payment method, also used to reward buyers and sellers on all transactions. The platform is centred around the theme of celebrities, artists, musicians, athletes, other forms of talent, auctioning physical and digital assets with a mission to pioneer mainstream adoption. For more information about Fomo Lab, visit https://fomolab.io/.
Unlike Dogecoin, Catecoin Gives a New Meaning to Meme Coins with Real Use case
In the present-day connected world, memes have become an integral part of our pop culture. While one can’t put a monetary value on the entertainment they provide, its creators can definitely be encouraged and rewarded for their contribution towards a lively internet.
Catecoin, the first decentralized meme-based token is trying to do just by incentivizing content creators as well as consumers. The project is the first of its kind to implement DeFi features in the content space. Fueled by the CATE token, the project offers a platform for user-generated content, quite similar to 9GAG but on a blockchain, along with content farming and staking features.
How does it work?
Using the Catecoin ecosystem is as simple as using any social network platform. Content creators can submit their creations to the Catecoin Meme Platform and once published they will start earning CATE rewards as the community likes or comments on that content. Even platform users who interact with the posts will receive rewards for their comments and likes.
Meanwhile, the posts are evaluated based on the received reactions. Any post with 500 or more likes from the community will become eligible for a transformation into an NFT and get listed on the NFT market. Catecoin refers to this entire process as Content Farming and has set aside 35% of CATE supply for this alone.
CATE is the utility token of the Binance Smart Chain-based Catecoin project. Apart from value exchange, these tokens also control the accessibility of the platform. Users should hold a minimum of 10,000 CATE to interact with any posts on the platform. Similarly, content creators will have to maintain a balance of 100,000 CATE to be able to submit their works to the platform.
While each like or comment will result in both content creators and consumers receiving 0.1 CATE each, the community can also earn additional returns by just holding the tokens. The platform shares one percent of each transaction made on the network with CATE holders, and at the same time burns the same amount to regulate supply.
Once a meme gets converted to NFT and lists on the NFT market, anyone can purchase it and start receiving any rewards the asset may generate in the future.
Get some CATE, it is simple
In just a few simple steps, one can become part of the Catecoin community early on. CATE is listed on PancakeSwap and users can acquire the tokens against BNB payment. Buying CATE will require users to download and set up Trust Wallet and MetaMask accounts and hold some BNB in their wallets. They can then visit PancakeSwap, make payment in BNB to the Catecoin token 0x118f073796821da3e9901061b05c0b36377b877e and receive the tokens in their connected wallet.
— CateCoin (@cateclub) May 13, 2021
What Makes CATE Different?
The flood of meme coins into the crypto market started long ago, and Dogecoin is the prime example. Many of these coins have a virtually unlimited supply and no real use cases. On the other hand, CATE has a definite supply of 100 trillion and a deflationary mechanism that reduces the supply by 0.5%-1% per transaction while providing a real-world use case – encouraging meme creators to monetize their content. The model adopted by Catecoin makes it the most sustainable meme project out there.
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