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Dogecoin Co-Founder Slams Cuban for “Running A Crypto Grift,” the Top American Investor Responds 

Lele Jima
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Dogecoin Co-Founder Slams Cuban for “Running A Crypto Grift,” the Top American Investor Responds 

Dogecoin’s Jackson Palmer levels fresh allegations against Mark Cuban and top cryptocurrency executives. 

Jackson Palmer, the co-founder of Dogecoin (DOGE), has lambasted Mark Cuban, an American investor and the CEO of the Dallas Mavericks. According to Palmer, Cuban seems like someone who has taken Kool-Aid whenever cryptocurrencies and non-fungible tokens (NFTs) are involved. Palmer made this known in an interview with Business Insider, saying: 

“Mark Cuban isn’t getting paid as a celebrity to promote this stuff. He has kind of been indoctrinated into believing that these things are the future.” 

Palmer accused Cuban as well as other top cryptocurrency influencers like Chris Dixon and Marc Andreessen of running a grift with the nascent asset class. 

He noted that these prominent figures, who have continued to promote cryptocurrencies, believe the assets would allow them to make quick gains and control a large portion of the market. 

“They actively see it as an ongoing way to extract profit. It’s not like they’ve been paid once off to promote something, it’s that they want to be the ones that are in control or have an ownership or a large stake in this kind of extractive, grifty system of cryptocurrency,” Palmer claimed. 

On the contrary, Palmer believes celebrities like Matt Damon and Kim Kardashian, who have promoted cryptocurrencies at one point or the other, got involved with crypto for transactional purposes. 

“They promote what they get paid to promote. I don’t think the actors have a moral compass when it comes to that, but it’s their job. That’s what they do. It’s not surprising to me,” he said. 

Cuban Denies the Allegation

In response to this allegation, Cuban said Palmer’s comment did not come as a surprise because critics have always said the same thing about him whenever he gets involved with new technology. 

“Sounds like the same thing that has been said about every new technology I’ve been involved in,” Cuban said in response to the allegation.  

Meanwhile, Cuban has been vocal about cryptocurrency. In an interview earlier this year, Cuban said he is heavily invested in cryptocurrencies, thus indicating how much he believes in the assets’ potential. 

Palmer’s Cynical Views About Cryptos

Palmer has always spoken against cryptos for years. Despite being involved in the creation of Dogecoin, he claimed not to have made a penny from the meme-based cryptocurrency. 

He stated that people who have launched different cryptocurrencies do not want to replace a corrupt financial system, instead, they want to be in control of an alternative capitalist system. 

 

Dogecoin Mentioned 20 Times in Recent White House Report

Mark Brennan
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Dogecoin Mentioned 20 Times in Recent White House Report

The popularity of Dogecoin is also seen in a recent White House report.


 

Dogecoin (DOGE), which originally started as a joke cryptocurrency, has continued to grow in popularity among investors and top government officials.

In a recent report, ‘Crypto Assets And Climate’ published by the White House Office of Science and Technology Policy, Dogecoin appeared a total of 20 times, suggesting that government officials are fully aware of the meme coin.

Although the report was published to curtail the impact of cryptocurrency mining on the environment, it is still commendable that Dogecoin is recognized among the top mining crypto assets with the largest market capitalization. 

“According to a published study, in 2021, U.S. electricity generation for mining crypto-assets with the largest market capitalizations (Bitcoin, Ethereum, and Dogecoin) generated GHGs at a rate of approximately 15 Mt CO2/year,” an excerpt of the report reads. 

Musk Pushed Dogecoin to Prominence

It is not surprising to see Dogecoin mentioned in the White House Office of Science and Technology Policy. The cryptocurrency has seen its popularity skyrocket since last year after Elon Musk, the CEO of Tesla, publicly pledged his support for the asset. 

The American business tycoon also launched support for Dogecoin payments across his businesses, thus giving investors the confidence to adopt the coin. These actions contributed positively toward pushing Dogecoin to prominence, thus, making it impossible for top government officials to ignore it.

Recall that on May 8, 2021, the price of Dogecoin spiked to an all-time high of $0.73 due to the massive promotion the cryptocurrency received from top industry stakeholders like Musk and Mark Cuban. 

Despite losing over 90% of its value, Dogecoin still has an active community behind the cryptocurrency across various social media platforms.   

Although the meme-based cryptocurrency has plunged heavily, Vladimir Tenev, CEO of Robinhood, still thinks DOGE can become the currency of the internet if the right mechanism is adopted.

DOGE is currently trading at $0.063 across top cryptocurrency exchanges. 

Terra (LUNA) Pumps 200% in Hours, Takes 56th Position from 205th, While LUNC Dumps

Albert Brown
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Terra (LUNA) Pumps 200% in Hours, Takes 56th Position from 205th, While LUNC Dumps

Now it’s time for Terra (LUNA) to pump.


 

Terra LUNA (LUNA) surges by over 200% in 3 hours to record highs, jumping to 56th position of largest assets by market cap, from the previous 205th.

Terra (LUNA) is following in the footsteps of its sister asset but at a more profound scale. Following an extensive consolidation at the $1.9 level for months, LUNA surged by over 240% in 3 hours on Friday. Per data from CoinMarketCap, as of 10 AM (UTC) on Friday, LUNA was trading at the $1.97 zone. Notwithstanding, the asset rallied by over 240% to a 3-month peak of $6.84 at 1 PM (UTC).

LUNA’s outstanding surge has stunned the crypto community, especially considering current market realities. Nonetheless, LUNA would not be the first asset to stage such a stunning rally, as Terra Classic (LUNC) made similar movements that remained sustained for over a week.

This abrupt price rise raised LUNA’s market capitalization by over 200% – from a market cap of $264M to $872M – in just a few hours. This jump took the asset from its position of 205th to 56th largest asset by market capitalization, towering over prominent assets such as Huobi Token, USDD, Lido DAO, Helium, PancakeSWAP, PAX Gold, DASH, and NEXO.

LUNA’s recent run has begun to lose steam at the reporting time, but the asset remains the highest-gaining token in the past few hours. In addition, LUNA’s valuation has seen a slight reduction to $767M as of press time, bringing it down to the 57th position. 

LUNA currently trades at $6.01 at the time of reporting, up by 209% in the past 24 hours.

LUNC

Conversely, Terra Classic (LUNC) appears to have hit some hurdles in its rally, as the asset has begun shedding some of the gains picked up in the past few days. Despite the green market, LUNC has dropped by 20% in the past 24 hours, currently trading at $0.00043, raising concerns about a massive dip from this level as some market watchers made such forecasts in the past.

Notwithstanding, the asset has retained its position in the top 30 assets by valuation, sitting at 28th with a market cap of $2.82B. The rallies from LUNC and LUNA illustrate a recently increasing interest in the Terra assets. LUNAtics have particularly interested in LUNC, seeking to revive the asset. The community is looking to achieve this with the recent 1.2% tax burn proposal and the staking mechanism.

These moves have drawn attention to LUNC, and it appears the attention has spilled to LUNA. Some proponents, however, are not excited about the recent rally of Terra Classic and are advising investors against jumping on the LUNC.

Blockchain Association Director Confirms There Is No Active Legislation in US Congress to Ban Bitcoin Mining 

Lele Jima
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Blockchain Association Director Confirms There Is No Active Legislation in US Congress to Ban Bitcoin Mining 

The Director of the Blockchain Association brings an important notice to crypto stakeholders.



Ron Hammond, the Director of Government Relations at the Blockchain Association, has commented on the recently published White House report on the energy implications of cryptocurrency mining. 

According to Hammond, there is no active legislation in congress that seeks to ban the mining of bitcoin and other cryptocurrencies that utilize the Proof-of-Work (PoW) consensus algorithm. He added that even if Congress chooses to introduce a bill to ban crypto mining, policymakers would not have enough time to deliberate and vote on the legislation to pass it. 

However, he thinks the White House report is an important wake-up call for the industry to start preparing itself before such legislation is introduced before the United States Congress. 

“Just a reminder that there is no active legislation in Congress that would ban crypto-asset mining. Even if one were to be introduced today, Congress wouldn’t have enough time or the votes to pass it. Still, the White House report is an important wake-up call to the industry,” Hammond said. 

Outrage Against Crypto Mining

Several nations have kicked against cryptocurrency mining, especially Bitcoin, over the years due to the energy crisis the activity causes. Aside from power issues, crypto mining is also believed to have serious environmental implications due to its enormous energy. 

In a recent report, the White House noted that cryptocurrency mining causes greenhouse gas emissions via its heavy energy consumption. Per the report, crypto mining activities consumed between 120 billion and 240 billion kilowatts per year. 

The report suggested that cryptocurrency miners should seek help from various U.S. agencies, including the Environmental Protection Agency. Furthermore, miners have been urged to consider adopting green crypto mining, as failure to do so could see the activity banned. 

An excerpt of the report reads: 

“Should these measures prove ineffective at reducing impacts, the Administration should explore executive actions. Congress might consider legislation to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining.”  

Moves to Prevent a Blanket Bank of Crypto Mining

The possibility of seeing a bill introduced to ban cryptocurrency mining cannot be ruled out. Crypto firms are already taking key steps to prevent such a move from happening. 

Both cryptocurrency and non-governmental organizations (NGOs) have collaborated on developing carbon solutions to cushion the effect of crypto mining and other environmental threats. 

As reported by TheCryptoBasic, Chris Larsen, the Chairman of Ripple, pledged $5 million to support a campaign that could prompt Bitcoin to change its code to consume less energy. 

Cardano Retains Highest Market Share in Grayscale Smart Contract Platform Ex-Ethereum Fund

Albert Brown
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Cardano Retains Highest Market Share in Grayscale Smart Contract Platform Ex-Ethereum Fund

 

A recent report reveals that Cardano still claims the highest market share in the Grayscale Smart Contract Ex-Ethereum Fund, among other Ethereum competitors.



Grayscale Investments has ventured into the crypto industry as its attempts to provide crypto exposures to clients become a reality. One of the funds Grayscale uses to provide this exposure is the Grayscale Smart Contract Platform Ex-Ethereum (GSCPxE) Fund. While the fund exposes several Ethereum competitors, Cardano has persistently retained the highest market share.

cardano lead grayscale funds
cardano lead grayscale funds

Each share of the GSCPxE Fund provides investors unequal exposure to seven smart contract assets. According to the screenshot, the fund contains 4.3 ADA, contributing 30.44% of the entire value of the fund. This ratio is the highest of any single asset.

Additionally, the fund contains approximately 0.044 SOL which contributes 21.54% of the fund’s value. Furthermore, there is 0.12 DOT in the fund, translating to a 13.75% contribution to its value. Other smart contract assets in the fund include Polygon (MATIC), Avalanche (AVAX), Cosmos (ATOM), and Algorand (ALGO).

The updated information on the official Grayscale website shows that the GSCPxE fund currently has a value of $6.84 per share. Each share contains 4.3 ADA (30.44%), 0.044 SOL (21.54%), 0.12 DOT (13.75%), 1.04 MATIC (12.79%), 0.036 AVAX (10.01%), 0.037 ATOM (7.49%), and 0.89 ALGO (3.98%). 

Grayscale Investments launched the crypto fund in March as a means to give investors exposure to smart contract assets often considered Ethereum competitors. At launch, the fund contained 24.63% ADA and 24.27% SOL. Notwithstanding, ADA has grown to take a huge chunk of the market share, having 30.44% as of press time.

Cardano’s dominance highlights the platform’s patent hunger for growth. Despite its feats, the Cardano team is looking to upgrade the network further in the upcoming Vasil Hard Fork. The Vasil upgrade has been slated for September 22, a few days after the Ethereum Merge.

Due to recent market conditions, the fund is not performing quite well. It has seen a 16.48% decline in the past month. Additionally, its value has reduced by up to 54% since its inception.

Renowned Terra whistleblower Warns Investors Against Jumping on LUNC Train, Forecasts an Imminent Crash

Albert Brown
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Renowned Terra whistleblower Warns Investors Against Jumping on LUNC Train, Forecasts an Imminent Crash

 

Renowned Terra whistleblower FatMan advises market participants against investing in LUNC as he sees a crash looming.


Terra Classic (LUNC) has sustained its mind-boggling run for over a week now, causing investors’ confidence in the asset to soar. As a consequence, more speculators are eventually jumping on the moving train. Notwithstanding, renowned Terra whistleblower FatMan has argued that the asset’s run will soon hit a roadblock.

FatMan mentioned this on Twitter in the late hours of Thursday. According to his tweet, many investors jumping on the LUNC craze are ignorant of market conditions and aiding in asset price action. FatMan further noted that the pump from this mass demand would most likely be unsustainable in the long run.

“Consider this a warning… An alarmingly high number of ill-informed market participants have rushed into LUNC, fuelling a speculative pump that cannot be sustained. Scarcity without utility equals futility, as SafeMoon et al. have proven,” the tweet says. FatMan then advised investors to only invest what they can afford to lose, highlighting the high probability of losses.

 

In response, a particular user mentioned that he would be shorting the asset, probably as a testament to his agreement with FatMan’s assertion. Nonetheless, FatMan advised against shorting LUNC, as well. According to him, the wise choice is to totally avoid the asset. He pointed out that he has no investments in the asset and no margin trading positions – short or long.

“It’s just; there are far too many crypto-illiterate people being misled – reducing supply only works if the quantity demanded remains steady,” he added.

FatMan’s tweet came as a response to an earlier warning from another pseudonymous analyst. The analyst who went by the moniker “lightcrypto” highlighted LUNC’s meteoric rise. However, he stated that the rally would not be sustained, and the probability of a massive drop is high, especially considering current market realities.

 

Despite these bearish forecasts, LUNC has persisted in its rally, but its momentum has decreased. Although LUNC remains the highest-gaining asset in the past week, it has shed its value by 1.7% in the past 24 hours. The asset remains the 26th largest token by market cap, with a valuation of $3.2B.

The broader crypto market is seeing a mild relief rally, with Bitcoin (BTC) and Ethereum (ETH) respectively surging by 7.6% and 4.32% in the past 24 hours as of press time. As the markets stage a brief recovery, LUNAtics expect LUNC to be carried along. 

With the date for the 1.2% burn tax proposal to go live fast approaching, some proponents see a future for LUNC, hence the increasing demand. LUNC currently has a value of $0.00052 at the time of reporting, up by 132% in the past seven days.

Stuart Alderoty Says SEC Is Trying To ‘Political Power Grab’ Crypto Market At Investor’s Expense

Mark Brennan
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Stuart Alderoty Says SEC Is Trying To ‘Political Power Grab’ Crypto Market At Investor’s Expense

 

Ripple’s general counsel has slammed the SEC again.



The Securities and Exchange Commission (SEC) and its chair, Gary Gensler, have continued to be criticized by top cryptocurrency stakeholders, especially those affiliated with Ripple. 

In a recent tweet, Stuart Alderoty, Ripple’s General Counsel, has once again slammed the Securities and Exchange Commission for its “political power grab” quest over the cryptocurrency sector. 

Gensler’s Recent Statement Stirs Alderoty

Alderoty’s comment is in response to Gensler’s speech at a recent industry conference, where the SEC Chair rejected the idea that specific rules should regulate crypto assets. 

Gensler noted that the agency would continue to apply the same rules for the traditional financial industry to the emerging market even though the crypto community is against such a move.

Additionally, Gensler said he would give Congress the necessary support to delegate more regulatory powers to the Commodity Futures Trading Commission (CFTC) over Bitcoin and other non-security tokens. 

However, he would not support any decision that would take power away from the SEC. Recall that Gensler previously said he only considers Bitcoin as the cryptocurrency outside the SEC’s jurisdiction, thus mounting pressure on other crypto assets. 

Alderoty Lambasts Gensler

Gensler’s recent speech did not sit well with Alderoty, who described the statement as a political power grab at the expense of United States cryptocurrency investors. 

“Make no mistake, this is a political power grab (it’s not the law, and it’s not good policy), and it’s at your expense,” Alderoty said in a tweet. 

Alderoty further supported his assertion by citing a famous quote from Joseph P. Kennedy, the former United States Ambassador to the United Kingdom.

Crypto Stakeholders Criticize SEC’s Regulatory Policies

It is gradually becoming a routine to see the SEC face criticism from aggrieved cryptocurrency investors, who believe the agency’s stringent approach in the crypto space can impede the sector’s growth.

Based on the SEC’s stringent policies, crypto stakeholders have thrown their weight behind the CFTC to become the industry’s regulator. Aside from Bitcoin, the SEC is not willing to allow the CFTC to take control over other digital currencies.

Analyst Says This Chart May Be Signaling A Potential Bottom For Bitcoin

Mark Brennan
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Analyst Says This Chart May Be Signaling A Potential Bottom For Bitcoin

 

CryptoQuant analyst Maartun shares a chart indicating a potential Bitcoin bottom.



In a tweet yesterday, CryptoQuant analyst Maartun shared a Stablecoin Supply Ratio (SSR) Shock Momentum chart made by BaroVirtual, noting that the chart was showing a buy signal which could indicate a possible price bottom.

According to Maartun, ten of the 11 buy signals the chart has shown have led to huge profits in the last two years.

“This chart signals a potential bottom … SSR Shock Momentum shows a clear buying signal. In the previous two years, the indicator gave 11 buying signals, and 10 of those end-up in huge profits. 

Right now, it is again flashing a buy signal,” Maartun wrote.

 

As explained by Maartun, the SSR chart measures Bitcoin’s market cap against the market cap of all stablecoins. While the analyst concedes that the buy signal is not foolproof, he notes that it may be worth taking the risk with proper risk management based on previous performances.

It bears mentioning that Bitcoin has had a tough week, dropping below $19k for parts of Tuesday and Wednesday. According to CryptoQuant highlights this week, the lackluster price movements can be attributed to selling from old whales and miners.

As reported by CryptoQuant on Wednesday, 8-years-old 15k BTC was moved over ten days, with some making their way to exchanges. Additionally, The Crypto Basic had previously reported that miners had sold over 4k BTC as mining profitability continues to plummet and miners are forced to sell their Bitcoin rewards to improve their liquidity.

Meanwhile, in a CryptoQuant analysis released yesterday by Abram Chart, the analyst noted that there could be more downside for Bitcoin. According to the analyst, the increased supply inflow to derivative exchanges is problematic as sellers could more easily push the asset price lower with increased leverage considering the overarching macroeconomic conditions.

Bitcoin is currently trading at the $20,626.19 price point, up 7.56% in the last 24 hours.

MEXC Global Burns Over 155 Million Terra Luna Classic (LUNC) In 5 Days

Mark Brennan
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MEXC Global Burns Over 155 Million Terra Luna Classic (LUNC) In 5 Days

 

MEXC Global LUNC burn event in support of the LUNC community is off to a great start.



According to data from its blog post, MEXC has burned about 155 million LUNC in trading fees in just four days of its two-week LUNC burn event in support of the 1.2% tax proposal from the community. 

Notably, over 100 million LUNC was burnt in the last two days.

MEXC LUNC Burn Details
MEXC LUNC Burn Details

It is worth noting that MEXC first revealed its plan to support the LUNC 1.2% tax proposal on transactions in a blog post on Saturday. MEXC implements the policy by adjusting the LUNC spot trading fee to 1.2% and using the obtained fee to buy back LUNC tokens which are then sent to the Terra-provided burn wallet. 

While MEXC has slated this event to run for two weeks alone, the exchange has expressed a willingness to continue the initiative for longer if the response from users of the exchange is positive.

Since MEXC announced its support for the proposal, other big-name crypto exchanges have also committed to supporting the LUNC community tax proposal. On Wednesday, The Crypto Basic reported that KuCoin and Gate.io had pledged support for the proposal should the community implement it. 

Notably, Gate.io says it will only be implemented in LUNC withdrawals, to the dismay of some users. Users noted that it is not what the community wants as they want the tax on all transactions, not just withdrawals.

It bears mentioning that the community is not pleased with the Binance support for LUNC tax Burn. Binance has not applied burn to off-chain transactions like trading; rather, the exchange announcement only supports on-chain transactions like deposits and withdrawals. Binance remains the platform with the largest LUNC transaction activities. As reported by The Crypto Basic on Tuesday, LUNC 24 hours trading volume on Binance peaked at over $1 billion.

For the uninitiated, the LUNC community 1.2% tax proposal is the latest burn initiative by the community to curb the excess supply of LUNC tokens following the Terra ecosystem collapse as community members envision a future where LUNC clinches the $1 price point. The community looks set to vote on the proposal come September 10, with implementation expected around September 20 if passed. 

Unsurprisingly, in the wake of these new developments, the price of the LUNC token has continued to surge. LUNC is trading at $0.0005197. Notably, after Coinmarketcap updated LUNC, the token is now among the top 30 cryptocurrencies by market cap, from 206, boasting a market cap of $3.2 billion, up 46.94%.

Top U.S. Attorney Says Mark September 19 For Major Reveals In SEC Vs. Ripple Lawsuit

Mark Brennan
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Top U.S. Attorney Says Mark September 19 For Major Reveals In SEC Vs. Ripple Lawsuit

 

Parties jointly propose to govern sealing issues relating to the upcoming summary judgment motions.



Following the series of disputes that ensued during the filing of motions to dismiss expert discoveries, both Ripple and the SEC have filed a joint proposal that will govern all sealing issues relating to the upcoming summary judgment motions. 

“On behalf of the SEC and Ripple, we respectfully seek the court’s approval of the following joint proposal to governing sealing issues relating to the upcoming summary judgment motions to be filed in this case,” the parties said. 

According to the motion, the proposal will grant quick public access to the parties’ briefs in accordance with the presumption that the public should have free access to court records. In a summary judgment, the parties intend to make redactions minimal. 

Per the proposal, after filing under seal the necessary materials for summary judgment on September 13, 2022, the parties proposed to confer two days later to identify redactions sought by each side. Once this is done, the parties will file publicly the redacted motions for summary judgment on September 19, 2022. 

Attorney Hogan Excited About September 19, 2022

This proposal to make public the limited redacted motion for summary judgment prompted excitement from the Ripple community, especially from attorney Jeremy Hogan, a partner at Hogan & Hogan law firm. 

Attorney Hogan urged Ripple enthusiasts to mark September 19, 2022, as the date the parties will reveal most of the cards they have been holding. 

“Ripple v. SEC. The endgame. It’s getting me excited (I’m weird like that),” attorney Hogan said. 

Other Proposals Made by the Parties 

Furthermore, the parties will file under seal oppositions to summary judgment motions on October 18, 2022, and on October 20, 2022, they will meet to identify possible redactions before filing the redacted versions publicly four days later. 

The parties proposed to file under seal summary judgment reply briefs on November 15, 2022. In addition, both the SEC and Ripple would meet to identify redactions sought by each side on November 17, 2022, and file publicly the redacted summary reply briefs on November 21, 2022. 

The parties are also proposing to file a lengthy motion to seal all materials relating to the summary judgment, as well as proposed redactions, on December 9, 2022. 

On December 22, 2022, the parties will file an opposition to omnibus motions to seal. 

 

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