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

Crypto Price Update

Feature News: Solana and XRP ETFs are Next?

• Backdrop: The U.S. Securities and Exchange Commission (SEC) has approved eight spot Ethereum ETFs, allowing traditional investors to buy shares tracking Ethereum’s price.
  • This follows the approval of spot Bitcoin ETFs in January, marking a significant step for cryptocurrency investment products.
• Now: Standard Chartered’s digital assets researcher predicts Solana and XRP will soon have their own exchange-traded funds (ETFs), Decrypt reported.
  • Geoffrey Kendrick, head of crypto research at Standard Chartered, believes other major digital coins will receive ETF status by 2025.
• Zoom out: XRP continues to move sideways at $0.50 to $0.5 level, while most of the major coins are all inching upward. Note that XRP was once the third or fourth largest crypto by market cap.
  • Analysts suggest a potential price mover for XRP is indeed a potential ETF announcement.

Feature News: Pepe Hits All-Time High

• Frog-themed token PEPE and cat-themed token MOG surged to record highs, with gains of 11% and 45% respectively, driven by the recent approval of spot Ethereum ETFs.
• Trading volumes for PEPE reached over $1.8 billion, significantly higher than the usual $400 million-$600 million range, while ether itself rose nearly 5% as bitcoin (BTC) dropped 1%, Coindesk reported.
• Futures data indicates a spike in open interest for PEPE and MOG, suggesting new money entering the market and potential for further price volatility.
• The long-to-short ratio for PEPE is skewed towards bears at 54%, indicating traders are betting against further price increases.
• PEPE has become one of the 20 largest tokens by market capitalization, reaching over $6 billion, with early investors seeing substantial returns from minimal initial investments.

Local News

Regulation

• Abu Dhabi has banned cryptocurrency mining on farms to preserve agricultural land integrity, imposing penalties of up to AED 10,000 for violators.
• Hong Kong’s privacy regulator, the Office of the Privacy Commissioner for Personal Data (PCPD), has ordered the Worldcoin Foundation to cease operations in the region due to violations of local privacy regulations. The PCPD found that Worldcoin collected facial and iris biometric data from over 8,000 individuals, deeming it unnecessary and excessive. 

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 stop providing centralized virtual asset trading services to Hong Kong residents by May 31.
• Optimum AI launched a text-based DeFi trading platform on WhatsApp and Telegram, allowing users to perform complex financial actions easily via text and voice commands, thus making decentralized finance more accessible. The platform leverages AI to optimize trades and supports multiple languages, aiming to democratize DeFi participation globally.

Web3 Gaming

• Web3 game developer Find Satoshi Lab (FSL) launched its third title, Stepn Go, a revamped version of the move-to-earn game Stepn, now featuring enhanced social elements. Players can earn rewards for physical movement and engage in social interactions, such as lending NFT Sneakers through The Haus feature. 
• Chirpley partnered with N3MUS, aiming to revolutionize web3 gaming promotion. The collaboration integrates Chirpley’s influencer marketing services into N3MUS’s platform, facilitating seamless game promotion for studios and fostering wider adoption of Web3 technology. This partnership is expected to enhance visibility, user engagement, and revenue generation for game studios while contributing to the sustainable growth of the $CHRP ecosystem.
• TapSwap, a new web3 clicker game on the Solana blockchain, offers users a similar experience to Notcoin on the TON blockchain, where players tap icons to generate in-game resources. Players aim to collect 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. She aims to challenge the concept of centralized custody and protect the rights of Americans to control their private keys, emphasizing the importance of property rights in decentralization and censorship resistance. 
• Fireflies.com has launched Fireflies Web3, a platform merging blockchain with social responsibility, aiming to revolutionize charitable giving. Utilizing blockchain, the platform introduces the Fireflies token for transparent and efficient support of global causes, with each transaction contributing to philanthropic endeavors. 
• OKX has partnered with JamboPhone, a web3-enabled smartphone brand, to promote web3 adoption in emerging digital economies. This collaboration targets providing easy access to the digital economy in emerging markets and expanding business operations globally.

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

Disclaimer:

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