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The crypto market has seen a huge crash over the last week as the SEC filed a lawsuit against Binance and Coinbase while naming a number of major tokens as securities.
One such token is Cardano, which subsequently saw significant losses, with the token now down over 27% in the last week, although it’s now rebounded slightly, being up 3.3% in the last 24 hours.
Despite ADA, BNB, and other major tokens tanking, several new coins continue to display bullish momentum. These include the new meme coin Wall Street Memes token, which has raised $6 million in record time during its presale.
Let’s take a look at Cardano’s prospects amid the SEC’s crackdown and also how Wall Street Memes and other tokens are resisting the market’s current bearishness.
Can ADA Recover?
Cardano remains one of the most volatile tokens, even by the standards of the crypto market. The token has faced extremely bearish sentiments over the past week after the SEC labeled it as unregistered security in its lawsuit against Binance and Coinbase.
However, after plummeting over 20% yesterday, ADA has made a slight resurgence, rising 3% in the past 24 hours.
Experts believe that the ADA price rose as the crypto community came to terms with SEC’s hawkish actions. As several Cardano lawyers and experts have noted, the SEC does not have the power to unilaterally deem Cardano to be a security. It would have to prove its assertion in a long and tedious legal battle. Cardano development company IOG has also dismissed the SEC’s allegation.
The SEC vs XRP lawsuit has prepared the crypto market to not overreact to the top regulatory body’s actions. In fact, experts note that the chances of an outright XRP victory are much more likely than an outright SEC victory.
Furthermore, bulls are expecting interference from the US Congress before the lawsuit reaches any conclusion. SEC chairperson Gary Gensler has already had several tense testimonies with Congress where several lawmakers accused him of regulation through enforcement. Several bills in both chambers of Congress seek to reduce SEC’s authority and provide legal clarity on this matter.
Investors are also praising the fast-paced development of the Cardano network. The upcoming Hydra upgrade is expected to provide a significant boost to the token prices. Mike Alfred stated on Twitter that he was investing in 1m ADA tokens, indicating significant belief among some investors in Cardano’s long term potential.
All eyes now turn to the major interest rate decision by the Federal Reserve next week. If the Fed pivots from its hawkish stance, the ADA price could continue to rebound. However, the current uncertainty following the SEC’s decision makes it difficult to make concrete predictions on ADA’s prospects.
This has led many traders to turn to new and upcoming tokens, including Wall Street Memes and yPredict.
New Token Wall Street Memes Hits $6m Despite Market Crash - Best Crypto to Buy Now?
Despite the current bear market, the Wall Street Memes token is one of few coins showing strong momentum. Investors are extremely bullish on the newly launched token as it has raised $6 million in less than three weeks.
A large community and an experienced developer team can make a significant difference in a token’s long-term prospects, especially in the bear market. Fortunately, the $WSM token is backed by the Wall Street Memes group, the internet's trendiest trading community.
The group has an incredible track record of upending the traditional financial landscape, which received global fame in 2021 during the historic GameStop short squeeze. It has built a loyal customer base in the Web3 space as well. The group sold out its Wall St Bulls NFT collection in 32 minutes, netting a cool $2.5 million.
Meme coin enthusiasts have been clamoring for the next 100x meme token after Dogecoin and Pepe buckled under heavy bearish sentiments. If its explosive presale and strong community backing are any indication, the Wall Street Memes token can become the next great meme coin phenomenon.
Despite its global popularity, the project has employed extremely community-driven tokenomics to further boost user adoption. The entire $WSM supply is available to the community, with no cuts for the team or any private sale. 50% of the token supply is up for grabs in the presale itself, with 30% reserved for cool community rewards.
The project has also announced a generous $50k airdrop in which 5 lucky degens will earn $10k worth of WSM tokens each.
The Wall Street Memes group is looking to challenge the might of wealthy financial institutions in the crypto space. Interest investors can become a part of this movement by purchasing $WSM tokens through bank cards or by swapping ETH or USDT tokens.
Visit Wall Street Memes Presale
Next-Gen AI Trading Platform yPredict Aims to Help Traders Navigate Market Volatility, Token Raises $2 Million
With the crypto market prone to endless price swings, retail investors are now looking for futuristic tools that can help them navigate market volatility. This demand is being reflected in the yPredict presale as the token has raised $2.2 million in record time.
The yPredict ecosystem uses the power of artificial intelligence and predictive trading to give an unbeatable edge to market participants. The platform has a wide variety of tools for traders of all levels of experience.
For example, all $YPRED holders can access accurate price predictions for thousands of crypto assets and securities through the yPredict Predictions platform. Similarly, the yPredict Analytics tool uses advanced pattern recognition, sentiment analysis and transaction data analysis to offer valuable market insights to users.
The yPredict Marketplace is the company’s flagship product and it enables AI/ML experts to publish accurate and vetted predictive data models. Traders can subscribe to these models and utilize them to make informed decisions in real-time. Pro traders can use the Terminal trading engine to execute trades at blazing-fast speed.
The $YPRED token may also have one of the most lucrative reward structures to boost user adoption. Investors can earn as much as 45% APY through quarterly staking rewards. Furthermore, the token is the default payment option of all yPredict services, which means heavy discounts for all platform users.
Investors can jump on the yPredict bandwagon by purchasing $YPRED tokens through bank cards. They can also acquire the token by swapping ETH, USDT or MATIC tokens.
DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.
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Alex Brown
View source version on newsdirect.com: https://newsdirect.com/news/could-cardano-price-go-to-zero-after-sec-deems-it-a-security-582816037
