Yet another week comes to a close in the world of cryptocurrency, with a multitude of noteworthy occurrences. Meme currencies, meme stocks, and Ripple are recent inventions that have gained widespread notice.
Here is a roundup of some of this week’s most important headlines:
Echo Buzz Meme Coins
Notably, PEPE and FLOKI are leading the meme currency pack, and this week, they have become the topic of the crypto community.
This week, the frog-themed meme token Pepe coin exceeded expectations in the broader crypto market by rising to all-time highs. Furthermore, despite the current bull run, innovative money addresses and whales have, in an unexpected turn of events, continued accumulating substantial amounts of the coin, giving rise to confidence about its future price movements.
The dog-themed meme coin FLOKI, another standout performer, also saw an unheard-of price increase in the last week. The FLOKI token-burn plan and the listing on Revolut, which established Floki Inu as one of the top coins in the meme-token market, were the main drivers of this price increase.
The Abrupt Rise and Fall of Meme Stocks
However, after Roaring Kitty’s social media account reappeared, meme stocks like GameStop (GME) and AMC’s unexpected comeback rocked the financial scene. Notably, the growth of meme currencies coincided with the rise of meme stocks, creating a stir in the trading world.
But soon after, meme stock values started to decline again, making this a memorable week for meme-based investment products. In addition, GameStop filed to sell 45 million of its shares and partnered with Jefferies LLC on the open market.
The Case of Ripple Takes a New Turn
Meanwhile, this week saw a notable uptick in interest in the ongoing U.S. SEC vs. Ripple litigation. After an omnibus letter petitions to seal important information, including the agreement to sell, XRP institutional sales discounts, and other information, Ripple CFO Jonathan Bilich submitted a declaration endorsing Ripple’s move to seal the documents.
In the wake of this announcement, whales reported 280 million XRP to have been transferred, which raised further questions about Ripple and XRP’s crypto endeavour. Concurrently, pro-XRP attorney Fred Rispoli said during the Legit Bros live stream that the case might be resolved by July or August this year.
The XRP community seems to be in a frenzy after the happenings above.
