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XRP, Solana and Cardano Record Inflows Despite Bitcoin, Ethereum Seeing $1.44B Outflows

Abdulkarim Abdulwahab
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XRP, Solana and Cardano Record Inflows Despite Bitcoin, Ethereum Seeing $1.44B Outflows

XRP, Solana, and Cardano buck the trend as investment products tied to Ethereum, Bitcoin record $1.44 billion in weekly outflows.

According to the latest CoinShares report, this marked the largest weekly outflow since March. Despite the downturn, ETP trading volumes surged to $38 billion, about 50% above this year’s average. This reflects heightened investor activity amid shifting U.S. monetary policy signals.

Bitcoin Faces Heavy Outflows

Specifically, investment products tied to Bitcoin led the market downturn, with $1 billion in outflows last week. Investor caution was amplified early in the week when fears about the Federal Reserve’s rate stance triggered withdrawals totaling $2 billion.

Although sentiment later improved, Bitcoin still ended the week deep in negative territory. Year-to-date, Bitcoin inflows represent just 11% of assets under management (AUM).

Ethereum Shows Stronger Resilience

Meanwhile, Ethereum stood out with a sharper mid-week recovery, limiting its weekly outflows to $440 million. ETH is fast emerging as the preferred institutional play, with $2.5 billion in inflows month-to-date, compared to Bitcoin’s $1 billion in net outflows. Ethereum’s year-to-date inflows now account for 26% of total AUM.

XRP, Solana Record Inflows

Outside the two market leaders, altcoins saw uneven demand. XRP-based investments attracted $25 million inflows for the week, bringing the month-to-date inflow to $173 million. The year-to-date inflow rose to $1.26 billion, with assets under management at $2.75 billion.

Solana investments also performed well, with $12 million in inflows last week. Month-to-date, Solana has attracted $211 million, with year-to-date inflows totaling $1.06 billion. Solana-based products now have an AUM of around $2.9 billion.

Cronos-based products saw $4.4 million in weekly inflows, bringing the year-to-date figure to $62 million and AUM to $92 million. Other crypto asset investments that recorded inflows last week included Cardano, Chainlink, and Litecoin.

On the other hand, Sui (-$12.9 million) and Toncoin (-$1.5 million) experienced outflows. Nevertheless, Sui’s year-to-date inflow remains strong at $121 million, with an AUM of $322 million.

Fed Policy Shifts Drive Market Volatility

The week’s outflows and late recovery were closely tied to U.S. monetary policy. Initial pessimism surrounding the Federal Reserve’s stance drove heavy selling. However, Fed Chair Jerome Powell’s Jackson Hole address sparked renewed inflows of $594 million toward the end of the week.

Regional Flow Breakdown

Regionally, the United States recorded the largest outflow for the week, with over $1.3 billion in withdrawals. Sweden followed distantly with $135.5 million in outflows, while Switzerland saw $11.8 million drained. Other regions, including Australia, Brazil, Canada, Hong Kong, and Germany, recorded positive flows for the week.

Japan’s Finance Minister Endorses Crypto for Investment Diversification

Zabi
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Japan’s Finance Minister Endorses Crypto for Investment Diversification

Japan’s Finance Minister Katsunobu Kato is urging the creation of a friendlier environment for digital assets. He believes cryptocurrencies can play a role in diversified portfolios if safeguards are in place.

Speaking at the WebX2025 digital assets forum in Tokyo, Kato expanded on this vision. He acknowledged the risks linked to digital currencies, including extreme volatility. However, he argued that these risks can be controlled if the right investment frameworks are introduced.

“Cryptocurrencies could be part of diversified investments,” Kato said. He added that clear rules and a supportive ecosystem would help investors adopt them with greater confidence.

He also warned against excessive restrictions that could block innovation and discourage entrepreneurs. According to Kato, the ministry’s goal is to design a framework balancing safety, innovation, and global competitiveness.

Debt Burden Adds Urgency to Alternative Investments

Kato’s remarks came at a time when Japan is dealing with a debt-to-GDP ratio surpassing 200%. This is one of the highest levels among developed nations. Economists fear that the burden could trigger financial repression, where governments manage debt using inflation, low interest rates, or currency depreciation.

Such conditions hurt returns on traditional safe assets such as government bonds and savings deposits. For many investors, this strengthens the case for alternative holdings such as cryptocurrencies, which provide potential real returns and portfolio diversification.

Regulatory Push: Japan Approves Yen-Backed Stablecoin

Japan has also made progress on regulation. The Financial Services Agency (FSA) recently approved the issuance of the first yen-denominated stablecoin. The coin, issued through Tokyo-based fintech JPYC, is expected to play a significant role in the domestic and international markets.

Analysts say yen-backed stablecoins can simplify cross-border settlements and attract institutional investors. Additionally, they can enhance liquidity for government bonds by serving as reliable collateral.

“Yen stablecoins can boost efficiency and build trust among institutions,” said Jamie Elkaleh, CMO at Bitget Wallet.

Taxation and Policy Reforms Under Review

Japan’s crypto investors currently face heavy taxation, with realized gains taxed at a maximum rate of 55%. Policymakers are now considering major reforms, including a separate taxation bracket that would lower the rate to 20%, aligning it closer with equity investments.

Meanwhile, the ruling Liberal Democratic Party (LDP) has proposed reforms to prevent insider trading in digital assets. These measures would apply rules similar to those in the stock market, ensuring that malicious actors cannot profit from confidential information.

Such reforms are seen as crucial steps toward making Japan’s crypto market safer, fairer, and more attractive to both local and international investors.

Global Leaders Converge at WebX2025

The WebX2025 forum, held on August 25–26 in Tokyo, highlighted Japan’s growing importance in the global digital assets sector. The event confirmed the presence of Prime Minister Shigeru Ishiba, Finance Minister Katsunobu Kato, and Tokyo’s Governor, along with many influential figures from the global crypto community.

Prominent industry leaders such as Changpeng “CZ” Zhao of Binance, Justin Sun of Tron, Galaxy Digital’s Mike Novogratz, and Arthur Hayes of Maelstrom were also in attendance.

U.S. Business Interest: Trump-Linked Crypto Expansion

International business interest in Japan’s crypto market is also increasing. According to recent reports, Eric Trump is expected to attend the Metaplanet Shareholder Meeting in Tokyo next month, where new capital-raising options will be debated.

In addition, American Bitcoin, a company backed by Eric Trump and Donald Trump Jr., has announced expansion plans in Japan and Hong Kong. Industry experts say the move signals growing foreign confidence in Japan’s evolving digital asset framework.

Japan’s approach to digital assets reflects both caution and ambition. By advancing reforms while fostering innovation, the country is building a stronger framework for a more resilient and globally competitive cryptocurrency market.

Dogecoin Eyes 3X Rally Against Bitcoin After Liquidity Rebound

Mark Brennan
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Dogecoin Eyes 3X Rally Against Bitcoin After Liquidity Rebound

Dogecoin has rebounded against Bitcoin after a liquidity hunt on the weekly chart. Analyst Trader Tardigrade projects a possible 3X rally, aligning with expectations of an upcoming altcoin season.

In a post on X, the analyst noted that Dogecoin is now holding above the former sell-side liquidity zone. The rebound suggests that the DOGE/BTC pair has regained strength following weeks of pressure against Bitcoin.

Weekly Chart Shows Upside Projection

The weekly chart highlights a liquidity hunt, where the price dipped below equal lows to trigger stop orders before rebounding. In early and late 2024, DOGE/BTC repeatedly tested support around 160–170 sats, creating a sell-side liquidity zone.

By July 2025, the pair dipped below this level in what the analyst labels a “liquidity hunt,” designed to flush out stop orders before reversing direction. In the ICT (Inner Circle Trader) methodology, such sweeps often precede reversals as price shifts direction toward buy-side liquidity above prior highs.

Trader Targidrades analysis of Dogecoin
Trader Targidrade’s analysis of Dogecoin

Notably, Dogecoin’s rebound above the 140-160 sats level suggests a failed breakdown, with momentum now building toward higher objectives. For context, Dogecoin trades at $0.219, approximately 0.000001962 BTC, a 5% decline in the past day, increasing its monthly loss to 7.4%.

With Dogecoin now rebounding from the liquidity hunt, chart analysis projects that DOGE could advance toward 0.00000516 BTC (516 sats), approximately $0.576 at the current BTC price. This represents a gain of more than 315% from the liquidity sweep lows. 

This projection aligns with a marked “3X” path on the chart, with prior swing highs at 0.00000280 BTC (280 sats) at $0.313 and 0.00000360 BTC (360 sats) at $0.402 likely serving as intermediate checkpoints before a run at 516 sats or $0.576.

Link to Altcoin Season Expectations

Trader Tardigrade added that the trendline projection aligns with expectations of an altcoin season. This term is often used when altcoins outperform Bitcoin as capital flows into the broader cryptocurrency market.

A strong performance by Dogecoin could serve as one of the indicators that altcoin season is underway. Historically, altcoin seasons have seen rapid gains across multiple tokens after Bitcoin stabilizes or consolidates.

What’s the Next Dogecoin Move? 

Meanwhile, crypto analyst Ali Martinez suggested that Dogecoin may be preparing for a bullish breakout after one final pullback. In a 4-hour chart shared on X, Martinez highlighted a symmetrical triangle formation, noting that DOGE could see a brief dip toward the $0.22 support zone before rallying higher. Notably, Dogecoin currently trades at this level.

Dogecoins analysis
Dogecoins analysis

Martinez’s analysis points to upside targets at $0.26, $0.28, and potentially $0.31 if the breakout confirms, signaling that the consolidation phase could soon give way to renewed momentum.

Also, analyst Javon Marks predicted that Dogecoin may be entering its next bull cycle based on historical price structures showing repeated breakout patterns. The chart highlights Dogecoin’s earlier all-time highs of $0.0023 in 2014, $0.0183 in 2017, and $0.7396 in 2021, each following extended consolidation phases before major rallies. 

Historical pattern of Dogecoin
Historical pattern of Dogecoin

Marks noted that the current structure mirrors those past cycles, with Dogecoin respecting an ascending support trendline and forming another accumulation wedge. He described this as one of the token’s “most bullish phases,” projecting a move of more than 3x from current levels to push prices above the $0.73905 all-time high set in 2021. 

Notably, analyst Dogegod had earlier predicted that Dogecoin’s bounce from key support could trigger a major reversal, projecting a 258% rally beyond its all-time high. 

Canary Capital Files with SEC to Launch American-Made Crypto ETF Backed By US-Origin Assets Like XRP

Lele Jima
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Canary Capital Files with SEC to Launch American-Made Crypto ETF Backed By US-Origin Assets Like XRP

Prominent asset manager Canary Capital has filed with the U.S. SEC to launch a niche-based digital asset ETF, called the American-Made Crypto ETF. 

Canary recently submitted an S-1 document with the SEC, disclosing its intention to launch a new ETF that will hold a basket of U.S.-linked cryptocurrencies. The fund will exclusively focus on tracking the Made-in-America Blockchain index, primarily comprising cryptocurrencies with strong U.S. ties. 

The ETF will include crypto assets that were either created in the United States, primarily mined or minted domestically, or whose protocol operations are based mainly within the country. According to the filing, the fund intends to generate additional rewards for investors by participating in certain network activities, like staking, if permitted. 

Notably, Canary will act as the fund’s sponsor, while CSC Delaware Trust will serve as its trustee. Canary intends to list shares of the fund in the U.S.-based equities exchange Cboe BZX. In the meantime, Cboe has yet to file a 19b-4 application, officially indicating its interest in listing the product. 

MRCA has been assigned as the fund’s ticker symbol. Meanwhile, the filing did not disclose the identities of the transfer agent and the custodian. 

Will XRP Feature in the Fund? 

Bloomberg analyst Eric Balchunas highlighted Canary’s proposed ETF, noting that it aims to provide investors with exposure to crypto assets closely tied to the United States. In a subsequent post, the ETF analyst disclosed that he is unsure which cryptocurrency will qualify for inclusion in the Canary American-Made Crypto ETF. 

He posed the question to his over 364,100 X followers, asking them to specify which U.S.-linked cryptocurrency will make the list. 

Elsewhere, Whale Wire CEO Jacob King specifically mentioned XRP and Solana among the U.S.-invented cryptocurrencies that could back Canary’s American-Made Crypto ETF. 

It is worth mentioning that XRP was pre-mined by three American engineers. Ever since, San Francisco-based fintech company Ripple has supported developments of the token and its underlying blockchain, XRP Ledger (XRPL). 

Similarly, Solana’s early development was firmly rooted in the United States. In King’s view, XRP and Solana’s strong U.S. ties make them suitable candidates for the Canary American-Made Crypto ETF. 

It remains to be seen whether XRP or Solana will be featured in the Canary American-Made Crypto ETF. However, the SEC is currently reviewing Canary’s application to launch a spot XRP ETF in the U.S.

Gemini Officially Launches XRP Credit Card in Partnership with Ripple and MasterCard 

Sam Wisdom Raphael
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Gemini Officially Launches XRP Credit Card in Partnership with Ripple and MasterCard 

Gemini has officially introduced a new XRP credit card created in partnership with Ripple, Mastercard, and WebBank. 

The card, which debuted today, August 25, 2025, takes the existing Gemini Credit Card model and redesigns it around XRP rewards, making it the first limited-edition metal card specifically for the XRP community.

Features of the Gemini XRP Credit Card

The card gives users instant XRP rewards on routine purchases. Specifically, cardholders earn 4% back on fuel, electric vehicle charging, rideshare, and transit, with a monthly cap before the rate shifts to 1%. 

Meanwhile, dining earns 3%, groceries 2%, and all other eligible spending returns 1% in XRP. Notably, Gemini also added rotating promotions, such as 10% back at select merchants, to boost rewards.

New applicants approved by June 30, 2025, can qualify for a sign-up bonus worth $200 in XRP by spending $3,000 within their first 90 days. Rewards go straight into each user’s Gemini Exchange account immediately after purchases, allowing them to hold, trade, or cash out their XRP without delays.

Remarkably, the XRP credit card carries no annual fee, no foreign transaction fees, and no exchange charges when rewards convert into XRP. Gemini confirmed that the card is exclusively available to U.S. users.

Also, the card runs on Mastercard’s global payment network and comes in sleek black, silver, or rose gold finishes made from mostly recycled materials. In line with Gemini’s security-first design, the card number stays off the physical card and can only be accessed securely through the Gemini app.

The Gemini and Ripple Partnership

Notably, the Gemini and Ripple partnership behind this launch extends beyond the card. Specifically, Gemini also rolled out support for Ripple USD (RLUSD), Ripple’s stablecoin, for spot trading in the U.S. 

Responding to the recent launch and the partnership, Ripple highlighted that RLUSD is now live for U.S. spot trading. The company also mentioned several features involving the card, such as easier trading without extra conversion costs, quicker access to both crypto and stable value, and a special-edition design for the XRP community.

Backing the launch is a $75 million investment shared between Gemini and Ripple, with reports pointing to a possible additional credit line from Ripple as Gemini works toward its anticipated IPO. 

Before the launch, Gemini promoted the card with a New York City billboard urging the community to “prepare your bags,” a message that quickly gained traction on social media and fueled widespread discussion. The exchange also presented an interesting teaser for the community.

Here is How High Shiba Inu Must Rise to Flip BNB and Enter Top 5 

Lele Jima
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Here is How High Shiba Inu Must Rise to Flip BNB and Enter Top 5 

Following Shiba Inu’s renewed rally, we explored how high SHIB must rise to overthrow BNB and break into the top five crypto rankings. 

Despite enjoying renewed momentum in the past few days and eventually reclaiming $0.000013 on August 22, SHIB has remained static in the global crypto ranking. 

Data from CoinMarketCap shows Shiba Inu currently ranks as the 22nd biggest cryptocurrency by market cap, with a valuation of $7.83 billion. It remains far from the top five rankings—a position that lead developer Shytoshi Kusama envisions for the cryptocurrency. 

As reported last year, Kusama revealed how he was working behind the scenes with a small budget to move SHIB into the top five ranking. At the moment, the top five cryptocurrencies include major assets, such as Bitcoin, Ethereum, XRP, Tether, and BNB. 

How SHIB Can Flip BNB to Enter the Top 5 Spot

For SHIB to enter the top five, it must overtake BNB, which currently ranks as the fifth-biggest cryptocurrency by market cap. Notably, this article provided an insight into how much Shiba Inu must spike to achieve such a feat. 

BNB, which ranks as the fifth-biggest cryptocurrency, trades at $860.88 per token. The market value of all 139.28 million BNB in circulation is around $119.28 billion. On the other hand, SHIB sits in the 22nd spot and is valued at $7.83 billion. Its current market cap translates to a price of $0.00001329 per token. 

For Shiba Inu to overthrow BNB and enter the top five ranking, it would require a massive rally that would take its market cap to an unprecedented level. At its current $7.83 billion valuation, Shiba Inu must surge 1,433% to flip BNB and break into the top five. 

If Shiba Inu experiences a 1,433% growth, its market cap will soar to $120.03 billion, exceeding BNB’s $119.28 billion valuation. Notably, this analysis assumes that while Shiba Inu experiences such a remarkable rally, BNB remains static. 

Potential Impact on Price 

Such an incredible feat would significantly impact Shiba Inu’s price. If Shiba Inu’s supply remains fixed at 589.24 trillion tokens, a market cap increase to $120.03 billion would boost its price from the current $0.000013 range to $0.0002037. 

This estimated price would mark a new ATH for Shiba Inu, surpassing the previous record of $0.00008845 by roughly 130.30%. Reaching this target is no small feat. It would require the alignment of several factors, including increased utility, broader adoption, moderate burn, and favorable market conditions. 

SHIB to $0.0002 Predictions 

Meanwhile, the $0.0002 price target is not strange to existing Shiba Inu community members. Several market commentators have set this target for Shiba Inu. 

In November, top crypto analyst Charting Guy said he was doubling his position in Shiba Inu as the asset was preparing for a rally toward $0.0002. Notably, Forbes suggested in one of its publications that SHIB will surpass the $0.0002 target this year. 

In our previous analysis, the leading AI model ChatGPT affirmed that the $0.0002 forecast is a realistic target, which might materialize between 2025 and 2026. Notably, xAI’s Grok echoed a similar sentiment, suggesting that SHIB will hit the $0.0002 target by mid-2026. 

Here is How High XRP Price Must Rise to Rank Among the World’s 50 Largest Assets

Sam Wisdom Raphael
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Here is How High XRP Price Must Rise to Rank Among the World’s 50 Largest Assets

XRP might actually be closer to breaking into the top 50 list of largest assets globally than most investors believe.

Notably, XRP is only the third crypto asset to make it to the top 100 list of largest assets by market cap in recent times. Besides XRP, only Bitcoin (BTC), the biggest crypto asset, and Ethereum (ETH), the altcoin king, have made it to the top 100 list. Now, to make it to the top 50, XRP needs to breach the $4 mark.

XRP Slips Outside the Top 100 List

However, today, XRP has slipped outside the top 100 list amid its recent price struggles. For context, while Ethereum has gained over 7% in the past week alongside the rest of the altcoin market, XRP has dropped 0.76% within this period despite bullish developments surrounding the SEC vs. Ripple lawsuit and spot ETFs.

As a result of these price struggles, XRP has dropped below the $3 psychological mark, currently trading for $2.94, with its market cap sitting at $175.27 billion. At this position, XRP dropped out of the top 100 list of largest assets, with BlackRock, which now boasts a market valuation of $177.79 billion, taking its place as the 100th largest asset.

Notably, for XRP to recover this spot, it only needs to reclaim the $3 psychological mark, which would push its market cap to $178.44 billion, surpassing BlackRock again. Interestingly, from here, the road to the top 50 is actually easier to attain, especially if XRP leverages the $3 level as a launchpad.

How High XRP Must Rise to Enter the Top 50

For context, the 50th largest asset in the world is the China Construction Bank (601939.SS), which currently has a market cap of $266.1 billion at press time. For XRP to reach this level, it would need to soar to a new all-time high both in price and market cap.

Top 50 Assets by Market Cap
Top 50 Assets by Market Cap

Specifically, XRP’s all-time high market cap stands at $216.7 billion, attained on July 18 when it hit a contested all-time high price of $2.66. At this position, XRP was already among the top 80 assets and was around $50 billion away from breaking into the top 50.

Today, it needs to add about $88 billion to its current valuation to enter the top 50. With the circulating supply now at 59.48 billion tokens, XRP price would need to rise to $4.48 for it to add the $88 billion and cross a $266.1 billion market cap to break into the top 50 list of largest assets by market cap.

Notably, XRP would only rise 52.3% from the current price of $2.94 to hit this $4.48 price mark. Interestingly, several market analysts have predicted XRP to cross the $4 level, butmost believe it would not mark its top for the cycle. This month, analyst VirtualBacon suggested that XRP was showing a pattern of higher highs, potentially leading to $4.47.

Here’s What 1,000 XRP Could Be Worth by 2026: Altcoin Daily Founder

Abdulkarim Abdulwahab
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Here’s What 1,000 XRP Could Be Worth by 2026: Altcoin Daily Founder

Aaron Arnold, the founder of Altcoin Daily, has sparked a new conversation about what 1,000 XRP could be worth by 2026.

He posed the question in a tweet, prompting various responses from market participants. While some were ultra-bullish, projecting ambitious triple-digit price levels, others presented more bearish outlooks.

Meanwhile, Arnold shared his own target and provided a deep dive into various factors supporting his outlook.

Renewed Optimism for XRP

Arnold noted that he has only recently become optimistic about XRP’s potential, after having ignored the coin for years. Notably, he was previously concerned about regulatory uncertainty.

However, the market pundit now believes the environment is much clearer following the resolution of Ripple’s case with the SEC. According to him, XRP has evolved beyond being just another altcoin and is positioning itself as a global bridge currency with major upside potential.

The RLUSD Factor

Interestingly, a key driver of his outlook is Ripple’s stablecoin, RLUSD. Launched eight months ago, it has already grown to a market cap of over $686 million. This makes RLUSD the second-fastest expanding stablecoin of 2025, behind only BlackRock’s USDTB.

Arnold pointed out that most of RLUSD’s current use is on Ethereum. Nonetheless, he predicts a shift to the XRP Ledger is inevitable, as institutions seek faster and more cost-efficient rails.

He believes this transition won’t just boost XRP’s network activity but will also accelerate its burn rate, gradually reducing supply.

Price Scenarios for 1,000 XRP by 2026

Arnold mapped out two potential XRP price paths based on Bitcoin’s performance:

  • If Bitcoin rallies to $150,000, XRP could surpass $5, turning 1,000 XRP into $5,000.
  • If Bitcoin climbs to $250,000, XRP might reach $9, making 1,000 tokens worth $9,000.

For context, 1,000 XRP is currently worth around $2,940—an impressive rise from roughly $500 just nine months ago.

Arnold’s projection hinges on the idea that cryptocurrencies with real-world utility—like XRP—will ride Bitcoin’s momentum during this cycle. Notably, Bitcoin reached a peak of $124,450 earlier this month. XRP has also inched closer to setting a new peak.

ETF Factor

The analyst also highlighted growing institutional interest. Eleven firms, representing more than $240 billion in assets under management, have filed for an XRP exchange-traded fund (ETF). He compared this to Bitcoin’s ETF approval, which propelled BTC from $45,000 to over $100,000 in 2024.

A similar inflow, he suggested, could drive XRP significantly higher. Still, Arnold’s $9 target by 2026 is relatively conservative compared to more optimistic community predictions of $20 or more within the same timeframe.

Ripple’s Strategy and Global Expansion

Arnold also highlighted Ripple’s consistent focus on compliance and long-term strategy. He noted that the company has already secured over 60 regulatory licenses worldwide.

He cited Teucrium CEO Sal Gilbertie, who likened Ripple’s approach to that of investment bankers: disciplined and deliberate. Notably, Teucrium recently launched an XRP futures ETF, which has already attracted significant demand.

Ultimately, Anold believes XRP’s unique positioning as a bridge asset, growing ETF interest, and the rise of RLUSD could set the stage for a stronger-than-expected performance by 2026.

Ethereum Gaming Platform Xai Takes Elon Musk’s xAI to Court in Trademark Battle

Zabi
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Ethereum Gaming Platform Xai Takes Elon Musk’s xAI to Court in Trademark Battle

Ethereum-based gaming platform Xai has taken legal action against Elon Musk’s AI startup xAI, accusing it of trademark infringement and brand damage.

Ex Populus, the studio operating the blockchain-powered gaming platform Xai, has filed a lawsuit against Elon Musk’s AI venture xAI. The complaint, submitted to the U.S. District Court for the Northern District of California, alleges that Musk’s company is infringing on Xai’s established trademark and causing significant market confusion.

The lawsuit points out that Xai has been using its name and token XAI since June 2023, while Musk introduced his company just a month later in July 2023. According to Ex Populus, this timeline makes it clear that the brand existed before xAI and should be protected.

How Confusion Spread Across the Market

Ex Populus says that confusion between the two brands escalated as Musk expanded his company’s presence. The tension grew further when xAI announced plans in November 2024 to launch a gaming studio, a move that put both companies in overlapping sectors.

The lawsuit provides examples of mix-ups. Some users on Binance and other crypto platforms mistakenly assumed that Musk’s company and Xai were the same. Several media outlets even used Xai’s official logo while reporting on xAI news.

The issue was not limited to logos or headlines. Grok, the AI chatbot developed by Musk’s company, allegedly told users that Xai was part of xAI. Ex Populus argues that such mistakes strengthened the public belief that both entities were connected.

Reputational Harm Linked to Musk’s Public Image

Beyond confusion, Ex Populus claims that association with Musk’s firm has damaged its reputation. The lawsuit refers to offensive content generated by Grok, including antisemitic and violent statements, which some users wrongly attributed to Xai.

The company stated that this unwanted connection has undermined its credibility within the gaming community. It argues that years of effort spent building trust with users and partners have been eroded, causing “irreparable harm” to its brand value.

Trademark Battles and Legal Pressure

The lawsuit further alleges that Musk’s legal team attempted to pressure Ex Populus into abandoning its rights. Lawyers for Musk’s company allegedly threatened to challenge or cancel Xai’s trademark registration.

So far, the U.S. Patent and Trademark Office (USPTO) has taken a cautious stance. Multiple trademark applications filed by Musk’s xAI have been suspended because of potential conflict with Xai’s earlier registration. This gives weight to Ex Populus’ claim that its rights were established first.

What Ex Populus Demands in Court

Through this lawsuit, Ex Populus is petitioning the court to impose strict measures. It wants Musk’s company barred from using the xAI name in gaming and blockchain contexts. It also seeks the cancellation of pending trademark applications filed by Musk’s team.

Finally, Ex Populus is requesting financial compensation for the reputational and economic damage it claims to have suffered. The company argues that unless these steps are taken, confusion will persist and continue to harm its business, especially as Musk expands further into gaming.

Market Performance Amid Legal Fight

Alongside the lawsuit, Xai’s token has also faced financial setbacks. The cryptocurrency XAI is currently trading nearly 97% below its all-time high of $1.60, which it reached on March 11, 2024. This steep decline highlights the challenges the company is encountering as it attempts to protect its brand identity.

As of press time, the token is trading at $0.04953, marking a 3.85% decline over the last 24 hours.

Cardano Founder Says $23M Spent on Cardano Native Tokens, Announces Partnership with Copper

Mark Brennan
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Cardano Founder Says $23M Spent on Cardano Native Tokens, Announces Partnership with Copper

Cardano founder Charles Hoskinson recently said $23 million has been spent supporting Cardano Native Tokens while dismissing claims that Midnight is separate from Cardano.

Hoskinson revealed this during a surprise Ask Me Anything (AMA) session while announcing a new partnership with Copper, a notable digital asset custody firm.

Cardano Founder: $23M in Ecosystem Support

Hoskinson revealed that the funding demonstrates active backing for the ecosystem. He dismissed claims that Midnight functions independently, emphasizing that they designed the project to work within Cardano rather than apart from it. 

Speaking further, Hoskinson reiterated that Midnight, Cardano’s partner chain, is on track to host one of the largest airdrops in crypto history. Hoskinson said over 70,000 users across the supported blockchain have already redeemed about $1.6 billion NIGHT tokens.  

He described the distribution process as layered, combining a redemption program, scavenger hunt, and final token release. He added that the initiative is expected to surpass previous large airdrops, with participation extending across multiple ecosystems.

While backing Midnight, Hoskinson criticized the Cardano Foundation, accusing it of failing to provide meaningful support. He argued that the foundation mismanaged ADA funds and should not be entitled to Midnight tokens.

Hoskinson also warned that the foundation’s involvement in governance could harm productivity and said the ecosystem has moved forward without its participation.

Copper Partnership Expands Custodian Reach

Hoskinson pointed to a new agreement with Copper, a digital asset custodian, which allows any exchange using Copper’s custody services to support Cardano-based assets, including Midnight. He described the deal as a step toward expanding custodian coverage for the ecosystem.

The Copper partnership builds on earlier agreements with Bitcoin.com, Blockchain.com, and Brave. These platforms are committed to backing both Midnight and Cardano, expanding adoption opportunities across multiple exchanges and custodians.

Notably, Hoskinson had earlier announced Cardano’s integration with Blockchain.com, opening access to 37 million users. He credited the Midnight Foundation for securing the deal through successful negotiations.

Hoskinson Hints at Cross-Chain Collaboration

Meanwhile, Hoskinson also emphasized the importance of cross-chain partnerships in his broadcast. He cited discussions with Solana’s Anatoly Yakovenko, NEAR’s Ilya Polosukhin, and XRP representatives about potential collaborations. 

Notably, Hoskinson also noted plans for XRP support within Cardano’s Lace wallet by the end of the year, alongside potential joint community events.

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