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Shiba Inu Momentarily Soar 360% to $0.00011 in Japan as Binance Lists SHIB/JPY

Abdulkarim Abdulwahab
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Shiba Inu Momentarily Soar 360% to $0.00011 in Japan as Binance Lists SHIB/JPY

The Japanese arm of Binance has listed a new Shiba Inu trading pair, causing a momentary surge to $0.00011 in SHIB price.

On Monday, Binance Japan revealed its intention to welcome a Japanese yen-denominated trading pair for Shiba Inu on its spot platform by April 30.

Binance Japan Lists SHIB/JPY

At press time, the exchange has already opened trading for the SHIB/JPY pair. As a result of this listing, Japanese Shiba Inu enthusiasts now have the option to trade their favorite token against local currency.

Moreover, the announcement emphasized that the newly listed SHIB/JPY pair is eligible for the ongoing fee-free campaign on buying and selling transactions. As a result, maker and takers fees will not be charged during the campaign period.

Accordingly, Binance Japan urged Shiba Inu enthusiasts to leverage the new opportunity to engage in spot trading. Other JPY trading pairs Binance Japan recently listed include pairs of Solana, XRP, and Cardano.

Shiba Inu Army Reacts

KURO, a well-known Japan-based Shiba Inu community member, first called attention to Binance Japan’s new listing move. The update attracted significant engagement in the community.

In a subsequent post following the listing, Kuro presented a screenshot illustrating the heightened trading activities surrounding the SHIB/JPY pair. The post indicated that SHIB’s price momentarily hit 0.016666 against the Japanese yen. 

Shiba Inu Soared 361% after Listing 

In dollar value, 0.016666 JPY represents $0.00011, compared to Shiba Inu’s current market cap of $0.00002231.

The 0.016666 JPY price point represents an explosive 361.92% gain from the opening trading price of 0.003608 JPY. Interestingly, this surge occurred less than one hour after the SHIB/JPY listing. 

Notably, the SHIB/JPY price stabilized at 0.003741 JPY at the time of the screenshot. Moreover, the disclosure indicated that Japanese Shiba Inu enthusiasts have traded 106.39 million SHIB, valued at 421,078 JPY.

Besides, Kuro expressed conviction that 0.016666 ($0.00011) will soon become the floor price of SHIB rather than a glitchy ceiling. He noted that this price point will materialize after the Shiba Inu development team successfully onboard the global partners they have been pursuing.

Cardano Whale Transactions Surge to Levels Not Seen in 6 Months 

Lele Jima
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0
Cardano Whale Transactions Surge to Levels Not Seen in 6 Months 

Cardano continues to register a spike in whale activity as daily transactions exceeding $100,000 reach its highest amount since November 2023. 

Cardano (ADA) has been experiencing a surge in whale activities in recent times. This is reflected in recent data from top blockchain analytics platform Santiment. 

Cardano Whale Transaction Reaches Its Highest Point Since November 

On April 29, Cardano-related transactions exceeding $100K worth of ADA skyrocketed to its highest amount, surpassing the previous record registered on November 8, 2023. 

The chart attached to the tweet shows that the Cardano network saw 1,776 transactions on April 29, each valued at over $100,000, marking the highest count since November 8 (nearly six months ago). 

Whales Show Strong Interest in ADA Amid Price Dip

The development comes amid a massive slump in crypto prices, including ADA. Notably, Santiment shed light on ADA’s price dip over the past month. Santiment pointed out that ADA’s valuation had plunged 43% since March 13, when its market cap surpassed $28 billion. 

Interestingly, whales saw the price dip as an opportunity to initiate large ADA transactions. As reported earlier, crypto analytic platform IntoTheBlock also made a similar observation. 

According to IntoTheBlock, large transactions surpassing $100,000 skyrocketed to a daily average of $13.84 billion in the past week. 

For context, the volume of large transactions registered on Cardano over the past week represents a third of Bitcoin’s trading volume within the same period. Moreover, the figure exceeded Litecoin and Dogecoin volumes within the same timeframe by 5X and 16X, respectively. 

Commenting on the significance of Cardano’s whale activity, Santiment noted that the milestone, combined with the substantial decline in ADA’s valuation, may indicate potential price reversals in the near future. 

In the meantime, ADA has witnessed an intraday decline of 4.92% and a seven-day dip of 16.3%. The 10th-largest cryptocurrency has also plunged 33.7% over the past month. 

While many would expect investors to scamper for safety, whales have been active on Cardano, as seen in the remarkable surge in transactions exceeding $100,000. 

Dogecoin Loses $3.7 Billion in 10-days: What Next for DOGE Price ? 

Mark Brennan
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Dogecoin price tumbled as low as $0.129 on April 30, bringing its losses over the last 10-day to 20%, however recent on-chain movements observed among DOGE miners suggests more downside ahead. 

Dogecoin Sheds $3.7 Billion Market Cap in 10-days 

DOGE price trend in April 2024 has been erratic. After the global crypto market cap has sent the largest memecoin by market capitalization spiraling to a monthly low of $0.129 on April 13,  Dogecoin showed strong recovery signals in the build up to the DOGE Day anniversary on April 20.  

However, the chart above shows that the mid-April recovery was effectively short-lived as sellers seized control of the major Proof-of-Work coins in the wake of the Bitcoin halving, which had also coincided with DOGE day commemoration. 

Dogecoin (DOGE) Price Action | April 20 - April 30 2024 | Source: TradingView
Dogecoin (DOGE) Price Action | April 20 – April 30 2024 | Source: TradingView

At the time of writing on April 30, DOGE price has surrendered its mid-April gains, falling as low as $0.129 within the daily timeframe. A closer look shows that DOGE price is now down 20% in the last 10-days, wiping out over $3.7 billion from its market capitalization in the process. 

DOGE Miners Pilling on More Sell-Pressure

Looking beyond the price action, recent on-chain movements observed among Dogecoin miners suggest the downward trend could linger. 

IntoTheBlock’s miner reserves chart below monitors swings in DOGE balances held in custody of prominent Dogecoin mining firms.

Dogecoin Price vs DOGE Miners Reserves 
Dogecoin Price vs DOGE Miners Reserves

As of April 25, Dogecoin miners held a cumulative balance of 4.14 billion DOGE. But as the bearish headwind surrounded the PoW markets, the miners entered a selling frenzy. The latest data on April 30 shows a balance of 4.07 billion DOGE in the miners cumulative reserves. 

Effectively, Dogecoin miners flooded the markets 70 million DOGE in the last 5 days. The newly-offloaded coins are worth $9.5 million when valued at today’s prices. 

While $9.5 million may be insignificant relative to the daily trading volume in the Dogecoin spot market, the miners influence and systemic importance within the ecosystem means that many other stakeholders often take bearish positions once they start selling. 

Dogecoin Price Forecast: $0.10 Support at Risk 

Unsurprisingly, since the DOGE miners latest $9.5 million sell-off wave began on April 25, Dogecoin price has failed to post a green candle. If it persists, Dogecoin price stands risk of a major breakdown below $0.10. 

However, IntoTheBlock’s global in/out of money (GIOM) data suggest, DOGE could find support at the $0.12 territory in the near-term. As seen below 1.1 million existing holders had acquired 33.74 billion DOGE at the average price of $0.11. 

Those holders could prevent a breakdown below $0.10 if they make frantic covering purchases to avoid slipping into a net-loss position. 

Dogecoin (DOGE) Price Forecast | Source: IntoTheBlock
Dogecoin (DOGE) Price Forecast | Source: IntoTheBlock

On the contrary, if the Dogecoin market witnesses a demand surge, bulls could target a $0.20 retest. However, this seems far-fetched within the current landscape as early profit-taking from 232,400 holders that acquired 6.44 billion DOGE at the average price of $0.15 could trigger an instant reversal.

Ripple CTO Bashes Cardano Founder’s Reply on ETH Gate, Calls It Ridiculous 

Lele Jima
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0
Ripple CTO Bashes Cardano Founder’s Reply on ETH Gate, Calls It Ridiculous 

The dispute between Cardano founder Charles Hoskinson and Ripple CTO David Schwartz over the controversial “ETH Gate” has heated up, with Schwartz recently shading Hoskinson. 

In a recent tweet, Schwartz expressed frustration over Hoskinson’s “ridiculous reply” to concerns about the SEC’s inconsistent treatment between Ethereum (ETH) and XRP (XRP).

According to Schwartz, Hoskinson has repeatedly dismissed the idea that the SEC’s favorable regulatory stance on Ethereum impacted the agency’s stringent regulatory stance against XRP. 

Inconsistent Treatment Between ETH and XRP 

Recall that the SEC, via its former director of Corporation Finance, William Hinman, declared Ethereum a non-security in June 2018. However, the regulatory agency labeled XRP a security in a December 2020 lawsuit against Ripple.  

The SEC’s inconsistent regulatory treatment of Ethereum and XRP birthed the “ETH Gate” theory. 

On the one hand, some critics argue that the theory relates to Ethereum executives establishing relationships with internal SEC officials to create a favorable regulatory environment for ETH. However, others speculate that Ethereum also asked the SEC to attack XRP and Ripple along the way. 

Cardano Founder and Ripple CTO At Loggerheads 

Hoskinson, one of Ethereum’s eight founding members, characterized the first ETH Gate theory as favoritism rather than corruption. Additionally, he pointed out that no evidence supports allegations that the SEC was bribed to attack Ripple and XRP. 

His recent comments on the matter elicited reactions within the XRP community, with Schwartz referencing Hinman’s affiliation with Ethereum as potential evidence. 

This includes Hinman’s consistent meetings with his former employer, Simpson Thacher & Bartlett, an Ethereum-related law firm, while he was still a director at the SEC.

It is worth mentioning that Simpson Thacher paid Hinman over $9 million in profit sharing while still at the SEC. These events stoked the flames of the controversies surrounding ETH Gate.  

Nevertheless, Hoskinson still does not think these developments prove anything, as he continues to ask for evidence showing that the SEC was bribed to go after XRP. 

In response, Schwartz stated that Hoskinson has already gotten the answer he seeks but maintains that the SEC’s fair treatment of ETH has nothing to do with its harsh actions against XRP.  

Consensys Sues SEC   

While the Ripple lawsuit regarding XRP status is nearing its conclusion at the district court level, Ethereum recently sued the SEC to stop it from potentially classifying ETH as a security. 

This came after the SEC issued its fourth subpoena to Consensys, which indicates that the regulator is actively investigating whether certain Ethereum transactions constitute investment contracts. 

Besides issuing a subpoena to Consensys, the SEC served a similar warrant to other entities that have facilitated ETH-related transactions. Consequently, Consensys sued the SEC to prevent the potential classification of ETH as a security. 

Shiba Inu Ecosystem Tokens to Work Together Amid Upcoming L3 Blockchain

Abdulkarim Abdulwahab
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Shiba Inu Ecosystem Tokens to Work Together Amid Upcoming L3 Blockchain

Shiba Inu community administrator Ragnar has called the attention of SHIB enthusiasts to how ecosystem tokens will work together amid the imminent launch of a new privacy layer-3 (L3) blockchain.

In a recent post on X, Ragnar alerted community members to a post that explains the collaborative utility of ecosystem tokens, including the upcoming TREAT. The post was prepared by “Buzz,” the founder of K9 Finance DAO, a partner of Shibarium.

BONE, TREAT, and KNINE 

Notably, the privacy blockchain is being developed on Shibarium, the main layer-2 blockchain for the Shiba Inu ecosystem. Buzz first pointed out that BONE will remain the gas token on Shibarium. 

Accordingly, he highlighted that Shibarium operates as a proof-of-stake network, where validators play a crucial role. Validators receive BONE tokens as a reward for contributing computing power. 

Besides, BONE holders have the opportunity to delegate to validators, aiding in network security while also earning yield.

On the other hand, Buzz explained that the TREAT token can be likened to an additional “tip” for transactions on Shibarium L2, enhancing their privacy.

Notably, TREAT is not yet launched. However, following its official unveiling, TREAT will be a multi-functional asset for the Shiba Inu ecosystem, particularly for the L3 privacy chain under development.

The Crypto Basic called attention to all the disclosed utilities of TREAT in a separate report last month.

Additionally, Buzz highlighted that the KNINE token operates the staking infrastructure for Shibarium. The K9 Finance founder further mentioned that KNINE serves as a governance token and facilitates stake-to-earn opportunities from validators utilizing the K9 DAO infrastructure.

Notably, KNINE launched last month, soaring by over 700% a week after its debut.

Delegated Token “knBONE”

Furthermore, Buzz explained that the “knBONE” token is delegated to a validator utilizing the K9 infrastructure. The token represents BONE in a 1:1 ratio.

Buzz noted that knBONE can only be minted when an individual delegates and locks their BONE. Upon redemption of BONE, the corresponding knBONE is extinguished and there are never fractional reserves.

Moreover, he emphasized that knBONE enables users to delegate to a validator, enhance network security, earn yield, and obtain a receipt token in return that can be utilized across all aspects of Shibarium.

More Details on knBONE Staking

In response to Buzz’s post, community member Couch Adventures raised a pertinent question. He asked what happens if he stakes 1000 knBONE and swaps it for a token, and that token’s value decreases, and he swaps it back to knBONE. 

The community member is concerned about the possibility of receiving fewer knBONE tokens in such a scenario.

Buzz affirmed that upon executing the trade, they would receive fewer knBONE tokens in return. However, he added that someone else would earn the shortage, as the original staked tokens remain unchanged.

Here Are Top EIGEN Claimers with Tron Founder Leading

Mark Brennan
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Here Are Top EIGEN Claimers with Tron Founder Leading

Spot On Chain analysis shows top claimers of EIGEN tokens in EigenLayer’s Season 1 as community concerns over distribution fairness surge.

Recent analysis by Spot On Chain, detail insights into the distribution of EIGEN tokens for season one, highlighting significant activity within the EigenLayer ecosystem.

 

Notably, the crypto community eagerly anticipates more developments from EigenLayer, and Spot On Chain’s report has shed light on who the top beneficiaries were in the initial distribution phase.

Top Beneficiaries of EIGEN Distribution

The analysis shows that a select group of addresses claimed a substantial amount of EIGEN tokens, used to stake in EigenLayer’s restaking protocol. The top claimant was identified as an address associated with a prominent figure in the crypto space, Justin Sun, Tron CEO, claiming over 3.5 million EIGEN. This address had restacked 104,001 ETH, 57,826 ETH, and 51,500 ETH, equivalent to approximately $684.7 million.

EIGEN
Image Source: https://twitter.com/spotonchain/status/1785129297562452347

Following closely, the second largest claim was made by the address 0x4b25e4, which claimed around 2.4 million EIGEN. The third top claimer, associated with the address 0xca264a, claimed 1,346,851 EIGEN. Using the address 0xe2008b, the fourth top claimer claimed 553,106 EIGEN.

Season 1’s Distribution Strategy

EigenLayer allocated 5% of the initial $EIGEN supply to its stakers for the first season, which was split into two phases. A major portion, 90%, of these tokens were scheduled for distribution in Phase 1, with the remaining 10% set for release approximately a month later. This strategic distribution was aimed at maximizing early participation and securing the network.

Per their recent blog post, EigenLayer plans to allocate a total of 15% of the $EIGEN supply across future seasons. These future distributions will take into account the level of ecosystem participation both before and after the initial snapshot on March 15, 2024. The platform also outlined how $EIGEN tokens could be staked in conjunction with Ethereum to bolster the security and functionality of the EigenLayer and other associated value-securing services (AVSs).

Shiba Inu Partner Shares New Update Regarding Its Liquid Staking dApp 

Lele Jima
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Shiba Inu Partner Shares New Update Regarding Its Liquid Staking dApp 

Shiba Inu partner K9 Finance has shared the first sneak peek into the mobile version of its liquid staking app, dubbed Bone Crusher. 

K9 made the move via an X post yesterday, emphasizing that Bone Crusher will allow mobile users to access its staking platform on the go. 

In the tweet, K9 attached a video illustration showing potential users how to stake Bone ShibaSwap (BONE) and earn passive validator rewards, as well as its liquidity tokens, knBONE. 

K9 Mobile App Design 

The Bone Crusher decentralized application (dApp) boasts a user-friendly mobile interface with visually appealing graphics.

On the dApp’s homepage, you can find different options such as Stake, Unstake, Claim, Rewards, and FAQ (Frequently Asked Questions). The dApp is also equipped with a menu button, which can be used to access other options like Real Yield Staking and Farming. 

How to Use K9 Mobile dApp 

As reported earlier, K9 will release the Bone Crusher dApp later this year. In anticipation of the dApp, K9’s video showcased the steps mobile users can follow to use the dApp. 

After opening the dApp on your mobile device, you are required to click the “connect wallet” button at the top right-hand corner of your screen. Choose your preferred wallet from the list or click “Wallet Connect” to access other hidden apps on your device. 

After selecting your wallet, follow the on-screen prompt to connect the wallet to the K9 liquid staking and derivative platform. Once successful, ensure the dApp is on the “Stake” window, then enter the amount of BONE you wish to stake, and click the “Stake” button below to execute the transaction. 

Click the “Unstake” button at the top of the screen to withdraw knBONE. The system will process your withdrawal request within 3 – 4 days. Once the withdrawal request is approved, you can claim your knBONE rewards via the “Claim” window. 

Bone Crusher to Launch Next Quarter  

The Crypto Basic reported earlier that Bone Crusher would go live on the Shibarium mainnet in Q3 2024, following successful testing of the dApp by the end of this quarter. 

Bone Crusher’s V2 launch will occur in Q4 2024, marking an extensively tested liquid staking product on Shiba Inu’s blockchain. Earlier this month, K9 co-founder Buzz shared the first sneak peek of the dApp’s PC version while explaining the dynamic staking model. 

The importance of Bone Crusher cannot be overemphasized, as it would tremendously boost Shibarium’s total value locked (TVL), which currently stands at $2.51 million. 

Here Are Top 5 Altcoins under $0.1 to Buy in May

Abdulkarim Abdulwahab
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Here Are Top 5 Altcoins under $0.1 to Buy in May

This article identifies five recommended altcoins for investment as the bearish April month winds down.

The altcoin market faced a significant obstacle in April, with their prices hitting lower lows amid Bitcoin’s price instability. Now, with the month edging closer to an end, the crypto community anticipates a bull rally in May, especially following the Bitcoin halving ten days ago.

Amid this optimism, altcoin prices have continued to slide as Bitcoin shows sporadic signs of recovery followed by further declines. Nonetheless, market watchers eye a potential turnaround next month. In anticipation of this shift, The Crypto Basic has pinpointed five altcoins under $0.1 deemed promising for investment.

Shiba Inu 

At press time, Shiba Inu sells for $0.00002397, having lost 21% of its value in the last 30 days. Shiba Inu merited this list given its position as the second most valuable meme coin and its strong potential to replicate past success. 

Yesterday, The Crypto Basic uncovered that Shiba Inu’s price could soar by over 350% to enter the $0.0001 range next month. This projection emerged from Shiba Inu’s trajectory in 2021, in which it rallied by four-fold in May. 

Moreover, numerous market analysts have proposed that Shiba Inu may likely repeat its 2021 history in this emerging bull season.

VeChain (VET)

VeChain (VET) hovers around $0.03895 at the time of reporting, bearing a 15% decline in its 30-day performance. VET emerges as a worthy investment asset based on the recommendation of multiple market observers.

For instance, analyst EGRAG has repeatedly emphasized VET’s potential to attain $1 in this bull market. In his view, VET is significantly undervalued to the extent that it could potentially set retail investors financially free when it ultimately explodes. 

One of EGRAG’s most ambitious outlooks for VeChain is for the asset to soar as much as 6,061% to $2.4. Other analysts like Ali Martinez have expressed comparable bullish targets for VET in their analyses.

Besides its technicals, VeChain’s utility in the $18 trillion supply chain market is among the factors influencing the bullish forecasts.

SKALE (SKL)

While Shiba Inu and VeChain are large-cap cryptocurrencies, SKALE (SKL) emerges as a notable low-cap altcoin under $0.1. SKL trades at $0.0842, having relinquished over 31.46% of its gains over the past month to the bears. 

SKL was among the notable performers of this season’s earlier phase bull run, growing by 342% from a low of $0.0282 before the bears set in this month. Three days ago, renowned market veteran Michaël van de Poppe spotlighted SKL among tokens that could expand three-fold against Bitcoin “with the lowest amount of risk.”

Rubic (RBC)

Similarly, analyst Ali Martinez identified RBC as a coin worth considering going into May 2024. In an analysis, Martinez argued that RBC was shaping an ascending triangle pattern on its 3-day chart.

He noted that a close above $0.0445 could trigger a significant 70% surge, potentially propelling the asset to $0.0767.

“Buy in before the breakout. Stake the coins, and gains can multiply as the bullish target approaches,” Martinez recommended.

BONK 

The prominent Solana meme coin, BONK, once again surprised the crypto market with a massive comeback. Four days ago, it soared from the April 13 low of $0.00001257 to as high as $0.00002946.

This trajectory marks an explosive 134% gain during a period of significant bearish volatility. Interestingly, BONK continues to maintain most of the gains, despite Bitcoin’s influence this week, with its value sitting at $0.00002435 at last check.

Here are New Shiba Inu Support and Resistance Levels to Watch as Shib Crosses Pivotal Swap Zone

Sam Wisdom Raphael
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Here are New Shiba Inu Support and Resistance Levels to Watch as Shib Crosses Pivotal Swap Zone

Shiba Inu (SHIB) recently crossed a designated swap zone amid the downturn, presenting new support and resistance levels to watch on the 1-hour timeframe.

With the crypto market currently in a free fall, Shiba Inu has witnessed a major downturn that has breached important support levels. One of the most crucial support points to give in was the 50-day EMA at $0.00002484, which the bears conquered on April 28.

Shiba Inu Slips Below Swap Zone

As this month edges close to an end, SHIB is already down 22%, with the market downtrend showing no signs of stopping. Most recently, TradingView chartist and market analyst Ahvaz called attention to this persistent drop, confirming that Shiba Inu has now slipped below a pivotal area marked as the swap zone.

SHIB found support at this swap zone, which ranges from $0.00002496 to $0.00002588, from April 21, following the recovery campaign that saw it gain by 14.43% on April 20, the day of the latest Bitcoin halving. However, as the bears retook control, Shiba Inu has now relinquished most of these gains, eventually breaching below the swap zone.

This drop fully occurred over the weekend, when SHIB collapsed below the $0.000025 psychological support on Saturday. Shiba Inu aimed to slip back into the swap zone the next day, but met a roadblock at the $0.00002496 region, which had flipped from support to resistance.

New SHIB Resistance and Support Levels

The new week introduced fresh bearish pressure, leading to a further drop below the swap zone as SHIB slumped to the $0.000023 region for the first time in over a week. One of the new support levels created amid this downturn rests at $0.00002310, serving as robust defense against any drops to the April 18 lows at $0.00002231.

If the $0.00002310 defense falls, the bulls can hedge against steeper declines by holding firm the support between $0.00002214 and $0.00002260, which represents Ahvaz’s stop loss territory. Market bulls would need to defend this to avoid a drop to the April 19 low at $0.00002082.

Overall, Shiba Inu has a firm but minimal defense system stationed around the $0.000021 level, where over 46,180 addresses procured 40.8 trillion SHIB tokens between $0.000019 and $0.000022, per IntoTheBlock data. Breaking below this point would result in drops underneath the structurally crucial $0.000020 level.

On the flip side, with its price currently at $0.00002400, Shiba Inu must breach the Fibonacci 0.5 resistance at $0.00002454 to have a chance at recovery. A push above this point would bring SHIB face to face with the 20-day EMA ($0.00002510) and back into the swap zone.

Should the bulls ride on the growing accumulation trend to break this resistance, Ahvaz already sets an ultimate target of $0.00003284, which aligns with previous targets set by other market watchers around the $0.00003 level. Bullish sentiments surrounding ecosystem developments could play a role in this upswing.

In Latest Ripple Vs SEC Update, SEC Wants Court to Deny Ripple’s Motion to Strike

Lele Jima
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0
In Latest Ripple Vs SEC Update, SEC Wants Court to Deny Ripple’s Motion to Strike

The SEC has filed a motion opposing the request from Ripple to strike Andrea Fox’s declaration.

According to an update shared by seasoned defense lawyer James K. Filan, the Securities and Exchange Commission (SEC) has filed its opposition to Ripple’s motion to strike. The SEC submitted the motion yesterday in accordance with the court’s recent scheduling order. 

Ripple Asks Court to Strike Fox Declaration 

Last week, Ripple filed a motion asking the court to disregard the testimony and supporting evidence submitted by the SEC in support of its opening remedies brief. The testimony was issued by top SEC accountant Andrea Fox, who provided an arithmetic report on Ripple’s financial records. 

At the time, Ripple characterized Fox as an expert witness, and not a summary witness as claimed by the SEC. As a result, the crypto payments company contended that the SEC should have tendered her declaration during the discovery phase of the remedies litigation. 

While the SEC claimed that Fox is a summary witness, Ripple argued that summary witnesses are not allowed to offer new information after the close of discovery. Hence, Ripple asked Magistrate Sarah Netburn to strike Andrea Fox’s expert materials. 

SEC Counters Ripple

In its latest filing, the SEC asked the court to deny Ripple’s request, emphasizing that the company mischaracterized Fox as an expert witness instead of a summary witness. 

As a summary witness, the regulatory agency argued that Fox did not issue her testimony based on specialized experience nor render any opinions in the report. According to the SEC, the report only streamlined the presentation of Ripple’s audited financial record to Judge Analisa Torres using basic arithmetic operations. 

Furthermore, the regulatory agency also noted that Fox only followed the instructions of its legal counsel and did not provide an opinion on whether institutional clients suffered pecuniary harm on their XRP purchase. 

Relevance of Both Arguments 

It is worth noting that the issue of whether Fox is a summary or expert witness is imperative to the case. The findings will determine whether or not the court would strike Fox’s declaration. 

If the court considers Fox an expert witness, it could rule against the SEC for not complying with discovery requirements and tendering the report during the discovery to enable Ripple respond or counter the argument. However, if declared a summary witness, it is up to the court to determine whether Fox offered new information, which could significantly affect the outcome of the remedies litigation. 

Meanwhile, Ripple will file its reply to the SEC’s opposition on May 2, 2024. This reply will address the points raised by the SEC in its opposition and present counterarguments. The company is expected to counter the SEC’s argument regarding Fox’s classification as an expert or summary witness, and whether she offered new information.

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