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Meme Coins, Meme Stocks, & Ripple Seize Attention – Crypto News

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1 year ago

May 19, 2024

Dripp

Another week ends within the crypto realm with a plethora of attention-nabbing developments unfolding. Among these developments, meme coins, meme stocks, and Ripple have emerged as some of the hot topics, nabbing global attention.

Here’s a collection of some of the top headlines for this week:

Meme Coins Echo Buzz

Notably, the meme coin sector emerged as the talk of the crypto town this week, with PEPE and FLOKI leading the pack.

Pepe coin, a frog-themed meme token, defied the broader crypto market’s expectations this week by surging to new all-time highs. Further, in a surprising turn of events, smart money addresses, and whales have continued to amass significant amounts of the token despite its prevailing bull run, sparking optimism for its future price movements.

Another notable performer was FLOKI, a dog-themed meme coin, which also experienced an unprecedented price surge in the past week. This price rally was primarily driven by the FLOKI token-burn proposal and the listing on Revolut, positioning Floki Inu as one of the leading coins in the meme-token market.

Meme Stocks’ Sudden Rise & Fall

On the other hand, meme stocks such as GameStop (GME) & AMC’s sudden and abrupt revival following the return of Roaring Kitty’s social media account took the trading landscape by storm. Notably, meme coins rose in tandem with the rise of meme stocks, causing a stir across the global trading landscape.

However, meme stock prices soon returned to a slumping trajectory, making this week one to remember for meme-based investment products. GameStop also filed to sell up 45 million of its shares, entering into an open market pact with Jefferies LLC.

Also Read: Elon Musk Unveils Key Updates For Grok Amid OpenAI Hype

Ripple’s Lawsuit Takes New Turn

Meanwhile, the long-running U.S. SEC vs. Ripple lawsuit also gained significant traction this week. Following the filing of omnibus letter motions to seal key details such as XRP institutional sales discounts, agreement to sell, and others, Ripple CFO Jonathan Bilich filed a declaration supporting Ripple’s motion to seal the documents.

Intriguingly, amid the surfacing of this news, a whopping 280 million XRP was noted to have been moved via whales, adding a layer of intrigue to Ripple and XRP’s cryptographic venture. Simultaneously, pro-XRP lawyer Fred Rispoli, talking at the Legit Bros live stream, stated that the lawsuit could conclude by July or August this year.

Following the abovementioned developments, the XRP community appears to be in a state of frenzy.

Also Read: Cardano Addresses With $2.7B ADA Hit Break Even As ADA/BTC Bottoms Out

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