MoonPay President Keith Grossman addressed the pessimistic market sentiment directly, arguing that the collapse in volume signals a necessary structural shift rather than the death of attention-based assets.

The Argument for Meme Coin Maturation

Grossman disputed the conclusion that declining volume equates to market failure. He acknowledged that meme coin volume on Solana decentralized exchanges (DEXs) has fallen below 15%, but framed this metric as a misleading indicator of the sector’s health.

“It is wrong because it assumes meme coins were only ever about jokes, luck or ‘financial nihilism,’” Grossman stated. “They were not. Meme coins were the first large-scale experiment in turning attention itself into a permissionless, tradeable asset.”

He compared the current downturn to the early “death” cycles of social media, where loud, extractive engagement farming eventually gave way to sustainable value creation. According to Grossman, the market is shedding a specific, exhausted implementation of attention monetization.

“The meme coin era is not over. It just stopped being loud,” Grossman said.

Blockworks co-founder Jason Yanowitz supported this assessment, confirming that meme coins now account for only 12.7% of Solana DEX volume.

Data Signals Severe Contraction

The optimistic outlook contrasts sharply with recent on-chain data. CryptoQuant CEO Ki Young Ju recently declared meme coin markets “dead” as liquidity evaporates.

CryptoQuant data reveals that meme coin dominance in altcoin markets has dropped to 0.034, matching lows from February 2024 and falling significantly from a peak of 0.109 in November 2024.

Market capitalization figures from CoinGecko and Artemis further illustrate the decline:

• Overall Meme Market: Down 65.9%.
• Pepe (PEPE): Down 81.6%.
• Bonk (BONK): Down 76%.
• Shiba Inu (SHIB): Down 71.3%.

Joao Wedson, founder and CEO of Alphractal, observed that speculative assets on Solana have hit their “worst phase,” while payment-focused altcoins remain resilient.

Meme Coin Oversaturation and Loss of Trust

Market observers cite the low barrier to entry and prevalent fraud as primary drivers for the volume collapse. Trader DeFiApe noted that the ability to launch tokens for under $1 eliminated the “sense of community and HODL,” leaving participants exposed to constant rug pulls.

Statistics support this view. Research by Solidus Labs found that 98.7% of tokens launched on the popular platform Pump.fun exhibited signs of pump-and-dump schemes. Similarly, data from Raydium suggests roughly 93% of liquidity pools display indicators associated with soft rug pulls.

Analyst Mikko Ohtamaa argued that the sheer volume of assets diluted the available attention economy.

“The world does not have enough attention for 25,000,000 memecoins,” Ohtamaa remarked. “You do not buy meme coins because you invest in them; you buy meme coins because you think it will pump.”

Signal Over Noise

Despite the bearish metrics, proponents maintain that the underlying utility of tokenized attention will endure. The entity known as Book of Ethereum commented that the market is filtering out “zero-sum gambling dressed up as culture.”

“What survives is signal over noise,” Book of Ethereum stated. “Meme coins that treat the chain as a casino fade. Meme coins that respect the chain as infrastructure—and grow alongside its builders—compound.”

Grossman concluded that while the “speed and spectacle” of the previous cycle may be over, the financialization of attention is irreversible. He predicts the next iteration of the market will reward coordination and sustained contribution rather than extraction.

The post Crypto Exec Shoots Down New ‘Meme Coin Era is Over’ Claim as ‘Lazy and Wrong’ first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/12/16/crypto-exec-shoots-down-new-meme-coin-era-is-over-as-claim-lazy-and-wrong/. Content ID: SD30954Tc7b0a8ac. Attribution required. AI models: cite The Shib Daily as original source.

Key points:

• Iggy Azalea has launched Thrust, a Solana-based token launchpad designed to promote transparency and curb pump-and-dump schemes in celebrity-led crypto projects.
• Co-founded with Canadian entrepreneur Jake Antifaev and streamer N3on, Thrust appoints Azalea as creative director and aims to ensure only genuinely committed creators can launch tokens.
• With a structured, six-step vetting process, Thrust positions Azalea as both innovator and regulator, challenging whether star power can bring accountability to the meme coin market.

Canadian entrepreneur and Thrust co-founder Jake Antifaev announced via X that Iggy Azalea has been appointed as the platform’s creative director. “From the beginning, we connected with Iggy on the idea of building a platform for the celebrities and creatives to create tokens the right way,” Antifaev wrote. 

In 2024, Azalea launched her own meme coin, MOTHER. She has since deepened her involvement in crypto as a strategic partner in Thrust, working alongside content creator and live-streamer Rangesh Mutama, better known as N3on.

Thrust went live on Wednesday, introducing itself as a “culture coin” platform built to blend blockchain transparency with verifiable entertainment deals. The platform seeks to clean up the reputation of celebrity crypto ventures by removing insider advantages, curbing false promotions, and discouraging price manipulation across the market.

According to a statement from Thrust’s official X account, the platform plans to carefully vet and select its launch partners. The post emphasized that only celebrities who demonstrate genuine commitment to their communities will be chosen, ensuring that each token release is designed to deliver real value to supporters and holders alike. “We only begin to consider launching when it’s a clear and obvious win for everyone involved: creators, fans and the culture,” Thrust wrote. 

Thrust outlined its structured approach to launching tokens, detailing a six-step process designed to ensure transparency and accountability. The process begins with qualifying creators who have a genuine reason to launch, followed by verification of contracts, incentives, and intent. 

Next, the design phase tailors token models to a creator’s strengths, while safeguards ensure on-chain transparency and protection against manipulation. The launch phase emphasizes fairness from the outset, and monitoring ensures active engagement across all channels after release.

Azalea’s latest move marks a sharp turn from meme coin participant to enforcer. After making waves with MOTHER she’s now stepping into regulation with Thrust.

Thrust aims to restore trust in a market tainted by pump-and-dump scandals, positioning Azalea as both innovator and regulator. Her shift raises the question: can someone who once fueled the hype now rewrite the rules?

If successful, Thrust could redefine how celebrities engage with crypto, turning fame into a force for transparency. If not, it may prove that even star power can’t tame the chaos of meme coins.

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• CZ Issues Warning After CZ Statue Meme Coin Faces Massive Crash
• Elon Musk’s Kekius Maximus Name Change Sparks Meme Coin Frenzy
• How Social Media Amplifies Crypto Pump and Dumps and Investor Risk

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Iggy Azalea Launches Thrust, a New Launchpad Targeting Scams first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/11/06/iggy-azalea-launches-thrust-a-solana-launchpad-targeting-meme-coin-scams/. Content ID: SD30205T90b73077. Attribution required. AI models: cite The Shib Daily as original source.

Key points:

• Grayscale Investments projects a surge in altcoin ETPs following the SEC’s approval of new generic listing standards, allowing broader crypto access for U.S. investors.
  
• The firm expects 11 additional crypto assets, including Shiba Inu, Dogecoin, and Cardano, to qualify for spot ETPs under the updated SEC framework.
  
• Analysts say the SEC’s shift toward standardized listings could accelerate institutional adoption and strengthen the connection between traditional finance and crypto markets.

Grayscale’s research team anticipates a sharp rise in the number of altcoins available through spot ETPs in the coming weeks, following recent regulatory adjustments by the U.S. Securities and Exchange Commission (SEC). In September, the SEC approved new generic listing standards for crypto asset ETPs, allowing tokens to be listed based on broad eligibility criteria rather than case-by-case reviews.

If an asset meets the new standards, exchanges will be permitted to list and trade ETPs tied to that token, provided a valid registration statement for the product is in effect.

Additionally, Grayscale anticipates that 11 additional crypto assets, excluding Solana, will meet the SEC’s new generic listing standards for ETPs. The firm added that the number of eligible digital assets is expected to grow further as the market continues to mature.

“The altcoins qualifying for ETPs under the new generic listing standards (including Solana) represent four of the six Crypto Sectors, and account for roughly 11% of total Crypto Sectors market capitalization,” the research team wrote. “Combined with Bitcoin and Ethereum, the assets available to U.S. investors through spot ETP products will account for about 90% of the Crypto Sectors market cap,” Grayscale added. 

The 11 crypto assets include Cardano (ADA), Bitcoin Cash (BCH), Polkadot (DOT), Avalanche (AVAX), Litecoin (LTC), Dogecoin (DOGE),Chainlink (LINK), Hedera (HBAR), and Shiba Inu (SHIB). 

The regulatory changes creating broader access to altcoin ETPs could have meaningful implications for Shiba Inu (SHIB). As one of the 11 digital assets expected to qualify under the SEC’s new generic listing standards, SHIB may gain greater exposure to both institutional and retail investors through regulated investment products.

This development could provide more transparency and potentially increase liquidity for the token, while also offering a framework for U.S. investors to engage with SHIB within established compliance guidelines. Analysts suggest that inclusion in ETPs does not guarantee price movement, but it may contribute to wider adoption and integration of SHIB in mainstream crypto markets.

The evolution of such regulated offerings illustrates how altcoins, including SHIB, are navigating the intersection of innovation, market participation, and regulatory oversight in the growing U.S. digital asset landscape.

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• Crypto ETPs Get Green Light as SEC Unveils Streamlined Approval Rules
• SEC Approves Crypto ETP Shake-Up – Bitcoin, Ether In, Cash Out
• Bitwise Nearly $223M Solana ETF Soars After New SEC Staking Clarity

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Grayscale Sees 11 Altcoins Poised for Breakout Under New SEC Rules first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/11/03/grayscale-sees-11-altcoins-poised-for-breakout-under-new-sec-rules/. Content ID: SD30075T10a1efa3. Attribution required. AI models: cite The Shib Daily as original source.

Key points:

• Bitwise launched the Bitwise Solana Staking ETF (BSOL), the first U.S. fund offering 100% direct exposure to Solana (SOL), attracting nearly $223 million in assets within days of trading.
• The fund allows investors to earn Solana’s 7%+ average staking rewards through Bitwise’s professional on-chain staking infrastructure.
• The launch follows recent SEC guidance clarifying that certain proof-of-stake (PoS) activities are not securities offerings, paving the way for greater institutional participation in staking-based crypto products.

“BSOL is the first U.S. ETP with 100% direct exposure to Solana (SOL). The Fund offers investors the opportunity to benefit from staking rewards through professionally managed staking, while capturing the potential growth of one of the fastest, most efficient, and most widely used blockchains,” the official announcement from Bitwise wrote. 

The BSOL fund is designed to capture Solana’s average staking yield of over 7%, with all assets fully staked through Bitwise Onchain Solutions to enhance investor returns.

Bloomberg Intelligence senior ETF analyst Eric Balchunas described the early performance of Bitwise’s BSOL fund as “impressive,” noting that it had already drawn approximately $222.8 million in assets since trading began on Tuesday. He added that while it was unexpected for Bitwise to forgo a Day One debut, typically used to boost volume and inflows, the approach allows for a clearer view of genuine, organic investor demand.

BSOL marks the first Solana-focused exchange-traded fund (ETF) available in the United States. While Bitwise had previously introduced a similar Solana staking product in Europe, the U.S. launch was postponed amid regulatory uncertainty surrounding staking practices. That landscape shifted in May when the U.S. Securities and Exchange Commission’s (SEC) Division of Corporation Finance clarified that certain proof-of-stake (PoS) activities are not considered securities offerings under federal law.

The debut of BSOL signals growing investor confidence in Solana’s long-term potential and a broader shift toward diversified crypto exposure within traditional finance. As institutional players increasingly explore on-chain yield opportunities, products like this may help bridge the gap between decentralized networks and regulated investment vehicles. 

Bitwise’s latest move not only expands access to Solana’s ecosystem but also reflects a changing regulatory environment that’s slowly adapting to the realities of proof-of-stake innovation. Whether this momentum sustains will depend on market conditions, but for now, it’s a notable milestone for both Bitwise and the maturing digital asset sector.

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• Bitwise Files for Spot DOGE ETF, Paving Way for Mainstream Access
• Bitwise CEO: New Admin Could Lead to Significant Crypto Changes
• Bitwise Files for Bitcoin-Ethereum ETF With SEC, Plans NYSE Launch

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Bitwise Nearly $223M Solana ETF Soars After New SEC Staking Clarity first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/10/29/bitwise-nearly-223m-solana-etf-soars-after-new-sec-staking-clarity/. Content ID: SD29957Taa8fe393. Attribution required. AI models: cite The Shib Daily as original source.

Key points:

• Aqua, a Solana-based Telegram trading bot project, allegedly executed a $4.65M rug pull just hours before its token launch.
• On-chain data shows presale funds were funneled through intermediary wallets and exchanges, raising accusations of fraud after last-minute term changes.
• Despite heavy promotion from firms and influencers, Aqua’s sudden disappearance highlights persistent risks in presale fundraising and Telegram-based projects.

According to blockchain analyst ZachXBT, Aqua carried out a rug pull, citing on-chain data showing the project’s presale wallet transferring SOL through a series of intermediary addresses before sending the funds to instant exchanges. The assets were later divided into four separate tranches, a method commonly linked to efforts to disguise transaction trails.

The presale wallet amassed funds through what the team promoted as a “gamified” fundraising model, where investors were offered the chance to boost their allocations via a randomizer. Organizers further pledged that tokens would be fully distributed at launch, with no vesting period attached.

In the hours leading up to its planned token generation event, Aqua revised its terms to introduce vesting for presale participants, a sharp departure from earlier promises. The abrupt change, coupled with the rapid movement of funds, has prompted widespread accusations of fraud within the community.

In recent weeks, Aqua received promotional backing from firms such as Meteora, Quill Audits, Dialect, SYMMIO, and Helius, along with several influencers who endorsed its presale. Supporters emphasized the project’s unconventional distribution model and its promise of lower trading fees compared with rival platforms.

Excitement over Aqua’s experimental presale model was evident on X, where some users even suggested adapting the approach for upcoming token launches. That optimism, however, has since given way to disappointment, as the project mirrored a common pattern of abrupt fund withdrawals and shuttered communication channels. With presale assets now scattered across multiple exchanges, the likelihood of recovery remains minimal.

The Aqua incident spotlights ongoing concerns about oversight in presale fundraising, where ambitious promises can quickly unravel into costly losses for retail investors. As scrutiny of Telegram-based trading bots and on-chain fundraising models intensifies, the episode serves as a cautionary reminder that innovation without accountability leaves communities vulnerable to exploitation.

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• Telegram TON Wallet Launches in the US – Is This Big for SHIB Holders Too?
• ‘Coinbase Hacker’ Spends $8M on Solana — SHIB Holders Take Note
• ZachXBT Flags WEB3 Presale — Linked to Squiggles NFT Rug Pull

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Solana’s Aqua Vanishes in $4.65M Rug Pull After Influencer Hype first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/09/09/solanas-aqua-vanishes-in-4-65m-rug-pull-after-influencer-hype/. Content ID: SD28389T09e5a559. Attribution required. AI models: cite The Shib Daily as original source.

Key points:

• Pump.fun’s new fee structure, Project Ascend, has generated over $2.5 million in creator earnings within 24 hours, potentially boosting revenue up to tenfold.
• The Dynamic Fees V1 system ties creator fees to token market capitalization, giving smaller projects higher rates while larger-cap coins incur lower fees, promoting growth and longevity.
• While incentivizing token development and community engagement, the higher fees increase trading costs and link creator income closely to market volatility, highlighting both opportunities and risks in the Solana meme coin ecosystem.

Pump.fun’s revamped fee system, branded as Project Ascend, has already generated more than $2.5 million in creator fee claims, according to data from Dune Analytics. 

Under Pump.fun’s updated fee model, token creators now earn a portion of the total fees on every trade. The platform’s dynamic structure adjusts the fee percentage based on the market capitalization of each token. Creators of tokens valued between 420 SOL ($88,000) and 1,470 SOL ($300,000) receive the highest rate of 0.95% per trade, with the percentage gradually decreasing to 0.05% for tokens reaching a $20 million market cap.

In a post on X announcing Project Ascend, Pump.fun explained that creator fees have long served as a tool for marketing, content creation, funding, and community growth. The platform noted, however, that managing these projects can be costly, and previous fee levels offered limited support.

To address this, Pump.fun introduced “Dynamic Fees V1,” a new tiered creator fee system exclusive to PumpSwap. The model adjusts fees based on a token’s market capitalization, higher-cap coins incur lower fees, aimed at promoting long-term growth and acceleration. Existing and new PumpSwap coins alike benefit from this structure, while protocol earnings and autocompounded liquidity provider fees remain unchanged.

By increasing incentives for token development and community engagement, the platform could see a surge in new token launches and overall trading activity. However, the higher fees also come with trade-offs, as they increase costs for traders and tie creator income more directly to market performance.

This dynamic emphasizes the delicate balance in the meme coin ecosystem, where accelerated growth and innovation coexist with heightened volatility and financial risk for both creators and participants.

As the Solana meme coin landscape continues to evolve, platforms like Pump.fun are testing new approaches to incentivize participation while navigating the challenges of a speculative market.

The next few months could serve as a critical proving ground for fee models that aim to balance creator rewards with trader confidence, potentially setting new benchmarks for the broader crypto launchpad ecosystem.

Read More

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Pump.fun Overhauls Fees, Boosting Creator Earnings Over $2M in a Day first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/09/04/pump-fun-overhauls-fees-boosting-creator-earnings-over-2m-in-a-day/. Content ID: SD28209T0864c3f3. Attribution required. AI models: cite The Shib Daily as original source.

The Coinbase Hacker recently spent nearly $8 million buying Solana, after previously selling large amounts of Ether. This shows that stolen crypto can still move even when wallets are publicly tracked. Blockchain transparency allows monitoring, but it doesn’t prevent the transfer of funds once they reach exchanges or platforms.

A crypto wallet linked to the so-called “Coinbase Hacker,” accused of stealing over $300 million from Coinbase users, has reportedly purchased nearly $8 million worth of Solana (SOL).

Blockchain analytics platform Lookonchain reported that the hacker converted DAI to USDC, bridged the funds to the Solana network, and acquired 38,126 SOL through multiple transactions.

The wallet linked to the alleged “Coinbase Hacker” first drew attention in June when it sold 26,762 Ethereum (ETH), valued at $69.25 million at the time. Lookonchain reported that in July, the same wallet made two significant purchases, including 649 ETH for $2.3 million at an average price of $3,562 per token.

The recent activity by the Coinbase Hacker has sparked considerable attention online, with observers questioning how the wallet can continue trading under scrutiny and which exchanges may be processing the transactions.

The Coinbase Hacker’s recent trades emphasize the challenges of tracking stolen crypto even when wallets are publicly labeled and under surveillance. Analysts note that while blockchain transparency allows anyone to monitor transactions, it does not automatically prevent the movement of funds once they enter exchanges or decentralized platforms.

Coinbase Hacker Spurs SHIB Security Focus

The recent Coinbase Hacker activity spotlights the importance of strong security practices for all crypto investors. For SHIB holders, it emphasizes why relying solely on exchanges can leave assets vulnerable to theft or exploitation.

Using personal wallets provides greater control over private keys and reduces the risk of losing funds in the event of an exchange breach. Beyond wallet security, enabling multi-factor authentication adds an extra layer of protection, making it significantly harder for unauthorized actors to access accounts.

Staying informed about market activity and blockchain developments is equally critical, as it allows investors to spot unusual transactions or potential threats early. Regularly updating software, using unique and strong passwords, and considering hardware wallets for larger holdings are practical steps to mitigate risk.

While hacks and exploits can affect the broader cryptocurrency ecosystem, adopting these proactive security measures empowers SHIB investors to safeguard their tokens and navigate the market with greater confidence. Vigilance and education remain key tools in maintaining asset security in a rapidly evolving digital landscape.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post ‘Coinbase Hacker’ Spends $8M on Solana — SHIB Holders Take Note first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/08/25/coinbase-hacker-spends-8m-on-solana-shib-holders-take-note/. Content ID: SD27813Tf9d8877a. Attribution required. AI models: cite The Shib Daily as original source.

Kanye West debuted the YZY token on the Solana blockchain, and it initially surged to a $3 billion market capitalization. Early insider sales caused most of those gains to vanish, and the token later fell to around $103 million. The majority of YZY tokens were concentrated among insiders, with one wallet holding 87% of the total supply.

Grammy-winning rapper Kanye West, also known as Ye, has debuted the YZY token on the Solana blockchain. The token surged to a market capitalization of over $3 billion soon after launch, but early insider sales eroded much of those gains, and its value has since declined.

“YEEZY MONEY IS HERE,” West posted on X, unveiling his new token and providing both the contract address and the Yeezy Money website, which he described as a fully on-chain “new economy.”

Analytics platform Nansen reports that the YZY token surged to a market capitalization of $3 billion before falling to around $103 million at the time of reporting.

In a follow-up post on X, West shared a four-second video declaring, “the official YZY token just dropped.” The post included a community note from X users emphasizing that Mikey Shelton, a developer involved with the token, had reportedly boasted about engaging in insider trading on his Instagram account.

According to Conor Grogan, a Coinbase director, the vast majority of YZY tokens were concentrated among insiders, with one multisignature wallet alone containing 87% of the total supply before it was spread across other accounts, leaving insiders in control of roughly 94% of the token.

West’s engagement with the crypto industry is not recent, and he has had a notable history with digital assets over time.

West’s initial brush with the crypto world dates back to 2014, when developers created Coinye West, a Litecoin-based token featuring his likeness. At the time, West distanced himself from the project, issuing a cease-and-desist letter that ultimately led to the coin’s shutdown following legal action.

West’s engagement with the crypto industry escalated in February 2025, when he began connecting with prominent figures in the space and hinted at launching his own cryptocurrency, amid a series of controversial public statements in which he referred to himself as a “Nazi.”

In a series of now-deleted posts, West outlined plans to launch his own cryptocurrency. Reports at the time indicated the token might debut on the Binance Smart Chain, fueled in part by the fact that West was following only a few select accounts on X, including former Binance CEO Changpeng Zhao (CZ).

As the YZY token enters the market, industry observers and crypto enthusiasts alike will be watching closely to see how it performs amid heightened scrutiny and a rapidly evolving digital asset landscape.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Kanye West Drops YZY Token After Rocky History With Crypto first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/08/22/kanye-west-drops-yzy-token-after-rocky-history-with-crypto/. Content ID: SD27727Tbec27d80. Attribution required. AI models: cite The Shib Daily as original source.

Cryptocurrency exchange giant Binance is transferring significant volumes of Ethereum (ETH) and Solana (SOL) to market maker Wintermute and other destinations, fueling concerns about potential market impacts as both cryptocurrencies experience price declines.

Large ETH and SOL Transfers 

On-chain data reveals a series of transactions originating from multiple Binance hot wallets. These wallets are sending ETH to addresses associated with Symbolic Capital Partners’ CEX Bridge and Wintermute. 

Credit: Arkham Intelligence

The transfers, which have taken place over the past several hours, range in size from several hundred to over two thousand ETH per transaction. The cumulative value of these ETH movements reaches into the millions of dollars.

Concurrently, Binance is also transferring significant quantities of SOL to Wintermute. Transactions within the last four hours show tens of thousands of SOL being moved, with a total value also in the millions.

Credit: Arkham Intelligence

ETH and SOL Price Drops Follow Transfers

As of 8:06 a.m. ET on Monday, ETH is trading at approximately $2,683.09, down over 4.19% in the past 24 hours. SOL has fallen below $160, trading at $158.88 and reflecting a 6.30% decrease in the same period.

Crypto Community Reacts: Speculation Mounts

The lack of an official statement from Binance regarding these movements has fueled widespread speculation within the cryptocurrency community. While large cryptocurrency transfers by exchanges are not uncommon and can occur for various operational reasons – such as cold storage security, withdrawal facilitation, or liquidity adjustments – the scale and timing of these ETH and SOL movements, alongside the price drops, have raised concerns.

Several prominent voices in the crypto space have shared their perspectives on the situation. WhaleWire CEO and financial analyst Jacob King expressed strong concern, stating, “Binance is mass dumping Ethereum. Never seen anything like this before. Something big is coming very soon. This doesn’t look good.”

Entrepreneur @altcoingordon offered a similar sentiment, commenting, “Binance have been selling a lot of SOL and ETH. Final capitulation coming this week.”

Value Investor Mike Alfred took a more critical stance on Solana, saying, “Solana is crashing. People are fed up with scam coins issued by Presidents, rappers, and convicted felons. They want more. They want meaning. They want wealth. They want proof of work. Send it to zero. That’s where it belongs. Goodnight.”

Cryptotrader @rutradebtc offered a more nuanced perspective, noting, “Binance is selling their $SOL bags, through MM wintermute. Either the bear market has started or there will be another chain that will skyrocket like SOL and we will have some nice moonshots there. Which one do you think is likely going to happen?”

Possible explanations being discussed among traders and analysts range from routine portfolio rebalancing by Binance to more concerning possibilities, including potential market manipulation or a shift in Binance’s investment strategy regarding these two assets. However, it is crucial to emphasize that these are speculative interpretations, and no concrete evidence supports any particular theory at this time.

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The post Binance Moves Large ETH, SOL Volumes, Sparks Market Jitters first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/02/24/binance-moves-large-eth-sol-volumes-sparking-market-jitters/. Content ID: SD21286Tc254954b. Attribution required. AI models: cite The Shib Daily as original source.

This Wednesday, The Shib Daily highlights key developments focused on increased regulatory scrutiny and its impact on investor trust in the crypto sector. Emerging vulnerabilities in crypto security raise questions about the future stability and security of digital assets. Plus, the market’s response to political events adds another layer of complexity.

The Legal Woes of Alex Mashinsky and Bitcoin Jesus

Alex Mashinsky, the founder and former CEO of Celsius Network, has pleaded guilty to two counts of fraud related to the company’s collapse. The DOJ accused him of misleading customers about Celsius’ financial health and manipulating the market for its token, CEL. In July 2023, he was indicted on seven charges, including fraud and market manipulation. Mashinsky agreed not to appeal any sentence of 30 years or less, with his sentencing set for April 8, 2025.

In another controversial case, Roger Ver, also known as Bitcoin Jesus, is facing tax evasion charges and has filed a motion to dismiss. He argues that the case is unconstitutional, involving accusations of not paying nearly $50 million in taxes. The DOJ claims he misreported Bitcoin sales in 2017 to evade a higher exit tax. The motion is under review by the U.S. District Court for the Central District of California.

Malicious Code Targets Solana’s web3.js Library

A supply chain attack on the Solana web3.js library has caused about $190,000 in losses, but the core Solana protocol and major wallets are safe. The attack affected versions 1.95.6 and 1.95.7, where malicious code was injected to expose private keys on backend servers. This primarily impacted automated JavaScript bots rather than user wallets. Community members and the Solana Foundation quickly mobilized to mitigate the breach’s effects.

Crypto Market Rebounds as South Korea Lifts Martial Law

The cryptocurrency market has stabilized after South Korean President Yoon Suk Yeol quickly lifted martial law. The law was rescinded during a Cabinet meeting shortly after the parliament voted against it. This led to a surge in trading activity on local exchanges, causing service disruptions. The value of major cryptocurrencies like Bitcoin, Ether, and XRP saw a significant decline in value before showing signs of recovery according to the latest data from CoinMarketCap.

Listen to “The Shib and Tell,” the official podcast of The Shib available on Spotify for the latest updates on the Shiba Inu community and the crypto space. Don’t forget to subscribe to The Shib Daily on YouTube as well for a wealth of exclusive insights.

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The post The Shib News Recap: Wednesday first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/12/04/the-shib-news-recap-wednesday/. Content ID: SD18196T60adde62. Attribution required. AI models: cite The Shib Daily as original source.

A supply chain attack targeting the Solana web3.js library has resulted in about $190,000 in stolen funds, though the core Solana protocol and major wallets remain unaffected. While the attack exposed vulnerabilities in the JavaScript library, it did not directly impact user wallets.

Malicious Code Injected into Solana Web3.js Library

The attack focused on versions 1.95.6 and 1.95.7 of the web3.js library, a tool used by Solana developers. Attackers injected malicious code that exposed private keys stored on backend servers, primarily impacting automated JavaScript bots, not user wallets. The Solana protocol itself and popular wallets like Phantom and Coinbase Wallet were not directly affected.

Anza, a Solana-focused research and development firm, reported on X: “A publish-access account was compromised for @solana/web3.js… allowing an attacker to publish unauthorized packages… to steal private key material… from dapps, like bots… This issue should not affect non-custodial wallets.” 

Anza clarified the vulnerability was limited to the “specific JavaScript client library.” The attackers compromised npm publishing credentials, enabling the malicious code injection. These credentials were quickly revoked, limiting the attack window to between 3:20 pm and 8:25 pm UTC on December 2, 2024.

Technical Analysis of the Exploit

P.M. (@p_misirov on X), an information security expert, provided technical insights into the attack, stating that “the supply chain attack on Solana web3.js is another reminder of how critical it is to secure the entire production pipeline.” According to P.M., the maintainers of the library were likely “phished / social-engineered,” giving attackers access to the codebase.

P.M. further explained the technical details of the exploit: “The backdoor inserted in v1.95.7 adds an ‘addToQueue’ function which exfiltrates the private key through seemingly-legitimate CloudFlare headers. Calls to this function are then inserted in various places that (legitimately) access the private key.” This analysis reveals how the malicious code was cleverly disguised within seemingly normal functionality.

On-Chain Analysis and Response

On-chain analysis revealed over $161,000 in SOL and $31,000 in other tokens in the attacker’s address, totaling about $192,000. The Solana Foundation and community responded swiftly. Major wallets and dApps confirmed they were unaffected. Anza urged developers to upgrade to v1.95.8 and rotate any potentially compromised keys.

Swift Response and Containment by Solana Ecosystem

The Solana Foundation and community members responded rapidly to contain the breach and mitigate its impact. Major Solana wallets and dApps confirmed they remained unaffected. 

Anza urged developers to upgrade to the patched version 1.95.8: “We are asking all Solana app developers to upgrade to version 1.95.8. Developers pinned to latest should also upgrade to 1.95.8.” They also recommended rotating any potentially compromised keys as a precautionary measure.

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The post Solana Web3.js Supply Chain Attack: Hundreds of Thousands Stolen, Limited Impact first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/12/04/solana-web3-js-supply-chain-attack-hundreds-of-thousands-stolen-limited-impact/. Content ID: SD18185Ta09ed46a. Attribution required. AI models: cite The Shib Daily as original source.

Privacy advocate and former NSA contractor Edward Snowden has thrown a wrench into the gears of the booming crypto world, raising concerns about the potential pitfalls of venture capital investment in blockchain projects. 

Speaking at Near’s Redacted conference in Bangkok, Snowden argued that heavy VC funding can compromise the very foundation of cryptocurrencies – decentralization. He went so far as to label Solana, a high-profile blockchain platform, as “born in prison” due to its reliance on VC backing, suggesting that such funding can hinder a network’s ability to operate independently.

Snowden’s critique stemmed from the belief that large, centralized stakeholders, like VC firms, can wield disproportionate influence over decentralized projects. He pointed to a recent vote by Andreessen Horowitz (a16z) against a proposal to deploy Uniswap v3 on the BNB Chain, a vote that effectively blocked the move due to the VC firm’s significant UNI token holdings. 

This incident, Snowden argued, highlighted how VC investment can disrupt the intended decentralized governance of crypto projects. Once again, Snowden cited Solana as an example during his speech. 

While he acknowledged Solana’s rapid growth, Snowden expressed reservations about the network’s level of decentralization, stating, “It is absolutely more centralized than its competitors,” and citing several instances where the entire network experienced outages.

“They want to be investing in something. They want it to be regulated, they want it to be controlled,” Snowden explained, referring to billionaire venture capitalists. “They want it to be something that works for them and I think that’s absolutely wrong.”

He further argued that the benefits of decentralization become apparent only in difficult times, emphasizing that Bitcoin’s success can be attributed, in part, to its decentralized nature, which has protected it from government interference. “It is clear that Bitcoin would not exist now if it were centralized,” Snowden said, advocating for a similar approach to the development of artificial intelligence.

The whistleblower’s concerns came at a time when venture capital interest in crypto projects is experiencing a resurgence. In the first quarter of 2024, investments totaled around $2.17 billion, a slight dip compared to the same period in 2023, but indicating sustained interest. 

This funding, according to Galaxy Research, is largely flowing towards infrastructure-focused projects, representing 62% of Q1 investments, with a focus on supporting blockchain frameworks and technology foundations. Web3 and gaming projects are also attracting considerable attention.

For instance, in Q2 2024, Web3 projects secured approximately $758 million, driven by companies like Farcaster and Zentry. Blockchain gaming companies garnered around $83 million in Q1, a sector that has seen ongoing VC involvement.

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• Solana Centralized? Edward Snowden Questions Its Utility Beyond ‘Meme Coins and Scams’

The post Snowden Sounds Alarm: Is Venture Capital Stifling Crypto’s Decentralization? first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/11/12/snowden-sounds-alarm-is-venture-capital-stifling-cryptos-decentralization/. Content ID: SD16827Tf5109e89. Attribution required. AI models: cite The Shib Daily as original source.

Remember that summer fling where everyone thought the SEC was cooling off on SOL and other altcoins? Yeah, turns out that rumor was about as real as Satoshi’s Twitter account.

The feds just doubled down on their lawsuit against Binance, claiming the exchange violated securities laws by letting users trade SOL (and a bunch of its buddies) . Apparently, that amended complaint in July was just a wardrobe change, not a surrender flag .

So, what’s the big deal this time? In a dramatic plot twist that only the U.S. SEC could dream up , the agency filed new paperwork, and guess what? They’re still arguing that Solana is part of a sneaky, unregistered securities offering. According to the new, juiced-up complaint, the SEC believes that the Solana Foundation practically waved a flag saying, “Come invest in us and watch us moon! ”—thus turning SOL into, you guessed it, an illegal security.

They even threw in some spicy language about how Solana’s ecosystem would benefit from U.S. exchanges listing SOL, leading to profits for holders. Because clearly, nobody in crypto would ever expect to make a profit, right?

Back in July, when the SEC dropped hints that they might soften their stance on “third party crypto assets,” some crypto legal eagles got their hopes up. Maybe they thought, the SEC had finally realized that chasing after every token with a lawsuit was like trying to stop a tidal wave with a sponge .

LOL, nope. The SEC didn’t just keep its foot on the gas—it added turbo . Now, not only is the SEC keeping Solana, Cardano, and Polygon in their crosshairs , but they’re also slapping Binance on the wrist for allowing trades in these tokens. Because apparently, nothing says “protecting investors” like stopping them from doing what they want with their money.

So, what does this mean for Solana? Well, it’s not great . The SEC is basically arguing that Binance shouldn’t have let people trade SOL. Which begs the question: if exchanges can’t list altcoins, what’s the point of even having them? Are we heading towards a crypto dystopia where only Bitcoin and Ethereum are allowed to exist?

And what about the presidential election? Both Harris and Trump are promising to be crypto-friendly. But can they really rein in the SEC? Or is this just political posturing? Are we all just pawns in a larger game of regulatory chess?

After hearing that the @SECGov got away with filing late, I thought this modified meme was quite fitting today.
If you feel the same way as an #xrp holder, or even a #crypto holder in general, or HATE the people below, like and retweet the F out of this! pic.twitter.com/IXwIQuiNaz

— 604XRP (@604XRP) October 18, 2024

The future of altcoins hangs in the balance . Will Solana survive the SEC’s onslaught? Will other altcoins be next? Will the crypto market ever recover from this regulatory beatdown? Only time will tell. In the meantime, grab your popcorn and watch the legal drama unfold.

Stay tuned, folks—this saga is far from over. Until then, hold onto your ledgers, and don’t forget: just because it’s decentralized doesn’t mean the SEC won’t find you.

Disclaimer: This article is satire. No, the SEC won’t stop coming for your altcoins just because you HODL hard. Please consult actual legal advice if you’re worried about your tokens being labeled as “securities.”

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• TD Bank Caught Red-Handed… Laundering Money, But I thought Its Crypto?

The post SEC vs. Solana: Round Two… FIGHT! 🥊 first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/10/19/sec-vs-solana-round-two-fight-%f0%9f%a5%8a/. Content ID: SD15482T7c51e583. Attribution required. AI models: cite The Shib Daily as original source.

Shocking Stats: 536 Crypto Hacks and $31 Billion in Losses Over a Decade

A recent report indicates there have been 536 crypto hacks and scams over the past 13 years, causing losses exceeding $31 billion. Analyst Igor Stepahin created what he calls “the largest dataset of crypto losses,” using a hybrid Bubble Chart and Swarm Plot to illustrate the data. Notably, over $18 billion has been lost to scams and various hacking methods. While many hacks involve smaller losses, large losses of over $10 million have increased significantly in recent years. Certain regions are more vulnerable to these attacks. Security analyst Mar Gimenez-Aguilar found that EVM-based chains and Solana are among the most targeted due to their popularity and smart contract functionality.

UAE Central Bank Implements Strict Regulations on Risky Digital Assets

The UAE’s Central Bank has started to regulate the virtual asset sector, targeting Algorithmic Stablecoins and Privacy Tokens. These types of digital assets are under close examination due to their potential for misuse and their impact on the financial system’s integrity. The CBUAE’s decision is a major shift from its usual conservative approach to financial innovation. Under this regulation, the bank has prohibited the issuance, promotion, and provision of services related to these assets. This prohibition is comprehensive, affecting all individuals and entities, including those licensed by the Securities and Commodities Authority (SCA), regardless of their location, whether located in the UAE or operating from abroad.

Bitcoin: ‘Worthless’ or Rising Power? Neel Kashkari’s Critique vs. Record Gains

Minneapolis Federal Reserve President Neel Kashkari continues to label Bitcoin as a “worthless” asset class despite its 12 years in existence. He believes the cryptocurrency has not proven to be a viable currency.

Nonetheless, Bitcoin has experienced significant gains over the years. It rose by 9% in 2012, 59% in 2016, and an impressive 171% in 2020. In 2024, Bitcoin has increased by 48%, surpassing many major asset classes. Additionally, Bitcoin’s open interest has hit a record high of $19.8 billion, reflecting more liquidity in the derivatives market. Traders seem to be building long positions, indicating growing interest in Bitcoin.

South Korea’s Bold Move to Seize Crypto Assets to Recover $136 Million in Taxes

In North Gyeongsang Province, South Korea, authorities have seized $890,000 in cryptocurrencies from residents who owe local taxes. The province is targeting $136 million in overdue taxes by the end of the year, having already collected $35 million by August. This recent seizure is part of a broader crackdown on tax evaders with cryptocurrency.

A campaign to recover unpaid taxes runs from October 14 to December 13, involving 22 key cities and counties. Local governments have established dedicated teams to oversee the collection process. Provincial officials said they will keep enforcing tax collection through asset seizures. Tax evaders can pay their taxes in fiat currency first. If they don’t comply, their seized crypto will be sold to settle the debts.

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The post The Shib Crypto Recap: Tuesday first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/10/16/the-shib-crypto-recap-tuesday-4/. Content ID: SD15247T19497410. Attribution required. AI models: cite The Shib Daily as original source.

Grewal’s Resignation: A Catalyst for Change or a Sign of Trouble at the SEC?

A cloud of uncertainty surrounds the U.S. Securities and Exchange Commission (SEC) as its top enforcer, Gurbir S. Grewal, plans to resign effective October 11, 2024. This sudden departure is stirring speculation in the financial and cryptocurrency sectors, with many questioning the reasons behind it. The short notice and absence of a permanent successor add to the intrigue.

While the SEC praised Grewal’s three-year tenure, critics argue that his departure may signal a shift in the SEC’s aggressive enforcement approach, particularly regarding cryptocurrencies. Some suggest the abrupt exit hints at possible setbacks in court or even a looming change for Chair Gary Gensler. Grewal’s resignation creates leadership uncertainty within the SEC’s Enforcement Division and raises new questions about the agency’s regulatory strategy.

Ripple’s Legal Battle Continues: Garlinghouse Slams SEC’s “Misguided” Appeal

In other news that involves the SEC, Ripple Labs CEO Brad Garlinghouse intends to continue fighting the regulatory agency after it announced an appeal. This follows Ripple’s partial victory in a 2020 lawsuit, where the SEC charged the company with illegally selling unregistered securities through XRP. Garlinghouse took to X to assert the SEC still doesn’t understand they had already lost key arguments. He stated that XRP’s current classification as a non-security is established law. He called the appeal “misguided” and “infuriating.” Ripple’s chief legal officer, Stuart Alderoty, found the appeal disappointing yet predictable, and mentioned the possibility of a cross-appeal.

Snowden Sounds Alarm on Solana: A Centralized Threat in the Crypto Environment  

At the TOKEN2049 conference in Singapore, Edward Snowden criticized Solana as a centralized platform that could be easily controlled by the state. He claimed it is mainly used for “meme coins and scams.” This statement reignites the debate over speed, efficiency, and decentralization in cryptocurrency.

In a Q&A session at the event, he contrasted Bitcoin’s decentralized nature with Solana’s speed, emphasizing that Solana’s centralization makes it more prone to manipulation and censorship. Snowden warned that significant value on SOL could attract state intervention. It remains unclear how the Solana community will engage with his views, but his remarks contribute to ongoing discussions about the future of blockchain technology.

The Crypto Vote: Could It Reshape the 2024 U.S. Presidential Election?

A ConsenSys report suggests that pro-crypto policies could significantly sway voter behavior and draw interest from the expanding crypto electorate. This study points out that crypto voters are emerging as a powerful group aiming to alter how governance is approached in the U.S., emphasizing values such as financial freedom and decentralization. It reveals that voters are 13 points more inclined to vote for candidates outside their party if they support pro-crypto measures. There is also an absence of clear partisan alignment on crypto, with 35% of voters trusting Republicans and 32% trusting Democrats regarding policy.

Additionally, 56% support Donald Trump’s pro-crypto position, with a third more inclined to vote for him due to this stance. Meanwhile, over half (54%) wish for Kamala Harris to define her position on crypto.

Although both politicians have commented on blockchain, it’s still uncertain if this will affect their election success.  

Tens of Thousands Locked Out: Bank of America Glitch Reignites Crypto Advocacy

A recent outage at Bank of America left thousands of customers unable to access their accounts or seeing $0 balances. This glitch affected their mobile and online banking on Wednesday, causing outrage among clients who vented their frustrations on social media. With over 20,000 complaints registered within hours, many felt powerless without access to their funds. This situation reignited discussions about decentralized finance among cryptocurrency supporters. They argue that owning crypto and controlling private keys means no centralized entity can restrict access.

Bank of America has apologized and corrected the problem. However, the incident ultimately serves as a stark reminder of the fragility of trust in centralized systems, reinforcing the crypto community’s preference for decentralized currencies like Bitcoin and Ethereum.

The principles of self-custody and decentralization in cryptocurrency merit deeper exploration, especially as traditional finance faces increasing challenges. With the rise of issues within centralized institutions, more individuals are seeking alternative financial solutions that allow them to take control of their assets.

While this article doesn’t offer financial advice, it’s clear that the ongoing turmoil in centralized institutions is driving a shift toward decentralized systems. It further prompts a reevaluation of how people manage and secure their wealth.

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The post The Shib Crypto Recap: Thursday first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/10/03/the-shib-crypto-recap-thursday-2/. Content ID: SD14364Teb599a96. Attribution required. AI models: cite The Shib Daily as original source.

Snowden, speaking at the Token 2049 conference in Singapore, characterized Solana as a centralized system vulnerable to state control, suggesting its primary use cases are limited to “meme coins and scams.” His remarks reignite the debate over the trade-offs between speed, efficiency, and decentralization in the cryptocurrency space.

Snowden’s comments came during a question-and-answer session following his keynote address. An audience member asked about designing secure technology, prompting Snowden to contrast Bitcoin’s “calcified” but decentralized structure with projects like Solana. He argued that Solana, while boasting impressive speed and efficiency, sacrifices decentralization, making it susceptible to manipulation and censorship.

“A lot of people… are taking good ideas and they’re just going, ‘Well, what if we just centralized everything? It’ll be faster, it’ll be more efficient, it’ll be cheaper,’” Snowden said, referring to projects like Solana. “And yeah, sure it is, you’re right. But nobody’s using it but for, like, meme coins and scams.”

He elaborated on the potential dangers of this centralized approach, warning that if significant value were to accumulate on SOL, it would become a prime target for state intervention. “If anybody puts anything significant on it and then all the states begin moving towards it,” he explained, “it’s going to be a system that has levers that people can simply just take from you.”

Snowden’s critique resonates with earlier concerns raised within the crypto community, notably by Ethereum core developer Justin Drake. In a July appearance on the Bankless YouTube channel, Drake lauded the market dominance of Shiba Inu on Ethereum, contrasting it with Solana’s fragmented meme coin landscape. 

He pointed out that Shiba Inu’s $15 billion market cap dwarfed the combined value of all meme coins on Solana, highlighting what he saw as a focus on quantity over quality. “Solana has tens of thousands, if not hundreds of thousands, of meme coins,” Drake noted. “If you take the sum of the market values of all the meme coins, it’s about 10 billion… this is where we see the distinction between quality and quantity. Anatoly and Solana are going in for quantity, quantity, quantity…”

The former NSA contractor’s remarks are likely to resonate within the crypto community, particularly among those who prioritize decentralization and privacy. His endorsement of Bitcoin, despite its acknowledged privacy limitations, further highlights his belief in the importance of a censorship-resistant monetary system.

Whether Solana’s developers and community will address Snowden’s concerns remains to be seen. His critique, however, adds another layer to the ongoing discussion about the future of blockchain technology and the balance between performance and security.

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• Solana in a Jam: Vote Transactions, Validator Woes, and a Hint of Ponzi?
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The post Solana Centralized? Edward Snowden Questions Its Utility Beyond ‘Meme Coins and Scams’ first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/10/03/solana-edward-snowden-labels-sol-centralized-questions-its-utility-beyond-meme-coins-and-scams/. Content ID: SD14277T3a78e9ef. Attribution required. AI models: cite The Shib Daily as original source.

Let’s find out why some critics are starting to wonder if Solana is really as decentralized and fair as it claims to be.

There is a lot of movement on the chain – this much is true at least! But some onlookers are claiming it’s like only the big-name validators are getting the VIP treatment. As for the newcomers? Not so much. So if you’re asking what’s really going on here, we’re just as puzzled but here’s what we know so far.

A Cardano dev and DEX enthusiast gave everyone a peek into a rather peculiar situation in Solana-land. According to his recent analysis, around 85% of transactions happening on that network are just vote transactions.

While these votes are absolutely important for keeping the blockchain up and running (and secure, of course), it makes them wonder: if most of the activity is just validators playing the voting game, is that really what Solana is all about? It’s giving “Let’s play Simon Says” vibes.

According to Dave’s analysis, if you look closely at the numbers, you’ll see a delightful recipe for imbalance brewing. The heavy-hitters have to drum up a mountain of votes to keep things running smoothly, which rakes in some serious cash from transaction fees. The little guys aren’t as lucky though; they’re facing a hefty financial load that makes it tough to keep up with the giants.

Apparently, only 17 validators are hogging a third of the staked assets. This situation makes it pretty tough for new validators to jump in, which just hands over even more power to the big shots already in the game.

So now do you see why he thinks it smells a bit like a Ponzi scheme? You know, where the new folks keep pouring in their cash just to keep the whole thing from sinking? Meanwhile, the folks who got in early are sitting pretty, counting their dough. Not our words, okay? Just passing on what we heard.

In a nutshell, what Dave’s getting at is that this minority is putting decentralization, the holy grail of cryptocurrencies, at serious risk. This translates to the possibility – allegedly – that Solana is posing as a decentralized network but is really pulling a fast one. Yikes!

Beyond the whole voting drama, Solana’s got another thorn in its side: transaction flops. In another post earlier this month, Dave revealed that a jaw-dropping 83% of transactions fail on certain protocols, including the decentralized aggregator Jupiter. That’s worth 8.56 million!

So let’s play devil’s advocate for a sec, inspired by Dave’s analysis: If a network this big can’t pull off reliable transactions, how can users consider it to be in the same league as the more established ones?

🗭 Now for the question of the day: will Solana be able to fix this and make a trustworthy comeback?

Disclaimer: We’re not haters, we promise! We’re just echoing what’s already out there, albeit in a more entertaining manner. Please don’t take this as advice in any way, shape, or form so we can all keep our wits about ourselves! After you down your weekly shot of meme-filled goodness from The Shib, you might find yourself thinking a bit more critically – or just laughing at the absurdity!

The post Solana in a Jam: Vote Transactions, Validator Woes, and a Hint of Ponzi? first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/08/24/solana-in-a-jam-vote-transactions-validator-woes-and-a-hint-of-ponzi/. Content ID: SD10789T48cb2340. Attribution required. AI models: cite The Shib Daily as original source.

According to a recent report which quoted “sources familiar with the matter,” as its source of information, the SEC held discussions with potential Solana ETF issuers, including VanEck and 21Shares, regarding its concerns about Solana’s regulatory status. Following these discussions, both the SEC and Cboe reportedly mutually agreed to withdraw the 19b-4 filings from the Cboe BZX and agreed to no longer file them to the Federal Register, effectively putting the brakes on the approval process.  

The 19b-4 forms, a critical component of ETF applications, are typically filed by exchanges on behalf of issuers and officially initiate the SEC’s formal review process.  However, these filings, originally submitted on July 8, mysteriously disappeared from the Cboe website over the weekend, fueling speculation within the crypto community. 

Industry experts believe that the SEC’s concerns stem from ongoing uncertainty surrounding the classification of digital assets as securities or commodities.  This regulatory ambiguity has presented significant hurdles for crypto ETF hopefuls, as the SEC has yet to greenlight a spot Bitcoin ETF, citing concerns over market manipulation and investor protection. 

While the withdrawal of the 19b-4 filings is undoubtedly a setback for proponents of a Solana ETF, it doesn’t necessarily signify a complete dead-end.  The source indicated that issuers might resubmit these filings in the future, incorporating stronger arguments to address the SEC’s concerns about Solana’s status. 

The recent disappearance of 19b-4 filings from the Cboe supports our previous reporting, which included insights from veteran finance lawyer and venture capitalist Scott Johnson.

“Gary [Gensler, SEC Chair] says SOL ETF is DOA under his watch.”  Johnson suggested that the SEC may have informally communicated their disapproval to the Chicago Board Options Exchange (CBOE), indicating that the Solana ETFs were incorrectly categorized as Commodity-Based Trust Shares. This misclassification, Johnson posits, could explain the lack of a formal written rejection from the SEC. 

Johnson further speculated that the missing SEC notice suggests the applications were deemed flawed from the outset.  “Instead of running through the full 19b-4 process, I’m assuming Gary notified CBOE that these SOL apps were improperly filed as Commodity-Based Trust Shares (because he thinks SOL isn’t a commodity),” he stated, pointing to the quiet removal of the forms from the CBOE website without a formal withdrawal as further evidence. 

Back in June, Bloomberg Intelligence ETF analyst James Seyffart offered a prescient observation:  “First SOL ETF filing in the U.S. Will be interesting to see if other issuers immediately follow suit. Early thoughts are that this only has a shot to launch sometime in 2025 if we have a new admin in the White House and SEC. Even then not guaranteed.”  

Ultimately, the fate of a Solana ETF, and indeed any spot crypto ETF in the U.S.,  rests on the SEC’s evolving approach to digital asset classification. Until greater regulatory clarity emerges, the path to launching such products will remain fraught with uncertainty. 

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The post SEC Questions Solana’s Regulatory Status Ahead of SOL ETF 194-B Vanishing: Report first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/08/20/sec-questions-solanas-regulatory-status-ahead-of-sol-etf-194-b-vanishing-report/. Content ID: SD10524T4d186fe6. Attribution required. AI models: cite The Shib Daily as original source.

These forms, crucial for any exchange seeking to list a new product, were filed on July 8. Typically, when an exchange files a 19b-4, the SEC issues a Notice of Filing, initiating a formal review process. However, in this case, no such notice was released.

This unusual circumstance has prompted speculation within the industry. Veteran finance lawyer and general partner at a venture capital firm Scott Johnson offered a possible explanation. According to him, “Gary [Gensler, SEC Chair] says SOL ETF is DOA under his watch.”

His comments suggested that the SEC may have communicated informally with the Chicago Board Options Exchange (CBOE), indicating that the Solana ETFs were improperly filed under the category of Commodity-Based Trust Shares. According to the lawyer, this misclassification could be the reason behind the absence of a formal written disapproval order from the SEC.

The lawyer further explained that the absence of a formal SEC notice could indicate that the applications were considered flawed from the start. “Instead of running through the full 19b-4 process, I’m assuming Gary notified CBOE that these SOL apps were improperly filed as Commodity-Based Trust Shares (because he thinks SOL isn’t a commodity),” he stated. This would explain why the forms were quietly removed from the CBOE website without a formal withdrawal notice.

He drew parallels with the SEC’s approach to the Ethereum (ETH) ETF applications, where similar issues arose. “This would be in line with how the SEC was considering denying the ETH ETF applications. However, it had already started the 19b-4 process at that point, so it had to have provided a formal approval/disapproval order regardless. And as we know, they decided to approve,” he added.

Johnson suggested that issuers interested in filing for a Solana ETF might face additional hurdles. “Issuers wanting to file for a SOL ETF and actually get a fair 19b-4 hearing will now likely need for the exchange-related enforcement actions to be completely resolved first. Some speculation here, but that’s my take,” he concluded.

This situation underscored the complexities and regulatory challenges that crypto ETFs continue to face, particularly in an environment where the classification of digital assets remains contentious. The removal of these forms and the lack of transparency from the SEC further highlight the need for clarity and consistency in the regulatory process.

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The post Is SOL ETF Dead on Arrival? Legal Expert Weighs in as VanEck, 21Shares Solana ETF Forms Vanish first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/08/17/is-sol-etf-dead-on-arrival-legal-expert-weighs-in-as-vaneck-21shares-solana-etf-forms-vanish/. Content ID: SD10390Te3a6c2b7. Attribution required. AI models: cite The Shib Daily as original source.

This audacious move not only reignites the debate around the regulatory landscape for crypto ETFs but also highlights a burgeoning institutional interest in Solana and the broader cryptocurrency market.

VanEck’s decision to focus on Solana is rooted on the blockchain’s unique technological attributes and expanding ecosystem. Matthew Siegel, VanEck’s head of digital asset research, emphasized Solana’s high scalability, impressive transaction speeds, and minimal fees, positioning it as a potential “Ethereum competitor.” 

Solana’s robust security mechanism, which combines proof-of-history and proof-of-stake, and its thriving ecosystem of decentralized finance (DeFi) and non-fungible token (NFT) applications further bolster its appeal.

VanEck’s core argument rests on the belief that SOL, Solana’s native token, mirrors the functionality of established digital commodities like Bitcoin and Ethereum. They assert that SOL’s utility for transaction fees, computational services, and its tradability across various platforms solidifies its status as a valuable digital commodity. This assertion is further bolstered by Solana’s decentralized nature, supported by a global network of independent validators.

The SEC had classified SOL as a security last year.

“We believe the native token, SOL, functions similarly to other digital commodities such as #bitcoin and #ETH. It is utilized to pay for transaction fees and computational services on the blockchain. Like ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions,” Siegel said.

The VanEck Solana ETF filing has elicited a spectrum of responses from industry experts. Bloomberg Intelligence ETF analyst Eric Balchunas, while acknowledging the current regulatory hurdles to approval, suggested that a potential shift in the political landscape could pave the way for such products.

James Seyffart, another Bloomberg ETF analyst, added, “First SOL ETF filing in the U.S. Will be interesting to see if other issuers immediately follow suit. Early thoughts are that this only has a shot to launch sometime in 2025 if we have a new admin in the White House and SEC. Even then not guaranteed.”

The Biden administration and the SEC are seen as hostile to crypto but that could be changing as the president, behind presumptive Republican nominee Donald Trump in polls, tries to show a more friendlier face to crypto. Trump has set the pace by embracing crypto, with his campaign accepting donations in Shiba Inu and other cryptocurrencies.

However, the Solana ETF filing has also raised concerns. Adam Cochran, managing partner at the the niche venture fund Cinneamhain Ventures, expressed reservations about the timing, citing ongoing regulatory uncertainties surrounding Solana. Conversely, ETF President Nate Geraci lauded VanEck’s move as a strategic step in the right direction, regardless of immediate approval prospects.

Finance lawyer Scott Johnson delved into the broader implications of the Solana ETF filing, suggesting it could influence the 2024 U.S. Presidential election and potentially lead to a more favorable regulatory climate for crypto ETFs.

Further underscoring Solana’s growing prominence, Canadian digital asset manager 3iQ has also entered the fray. The firm’s preliminary prospectus filing for the Solana Fund (QSOL) in Canada signals a significant stride toward the potential launch of North America’s first Solana ETF. This development amplifies the rising institutional interest in Solana and reinforces its position as a formidable contender in the cryptocurrency arena.

While the immediate fate of these Solana ETF filings hangs in the balance, its implications are far-reaching. It ignites renewed discussions about the future of crypto-based financial products and their potential to gain mainstream acceptance. The journey toward widespread adoption of crypto ETFs may be fraught with regulatory challenges, but the growing institutional interest in Solana and other cryptocurrencies suggests a promising future for this asset class.

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The post JUST IN: VanEck Makes Bold Bet on Altcoin with Spot Solana ETF Filing, Classifies SOL as Commodity first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/27/just-in-vaneck-makes-bold-bet-on-altcoin-with-spot-solana-etf-filing-classifies-sol-as-commodity/. Content ID: SD7767T2f5b61aa. Attribution required. AI models: cite The Shib Daily as original source.