XRP, SOL, DOGE See Major Open Interest Drop!

OI levels are closing in on lows last seen during the FTX collapse.

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Here's what we've got for you today:

  • XRP, SOL, DOGE Open Interest Falls a Combined 51% in the Last Month

  • Ripple CTO and Cardano Creator Clash over Future of XRP

  • CZ Sentenced to Four Months in Prison Over Binance AML Failures

  • Fantom Bets on ‘Safer Memecoins’ with Launch of $6.5M Dev Fund

Market participants are becoming disinterested, which is reflected in the drop in open interest.

  • Dogecoin saw the biggest reduction in Open Interest (OI) among the top nine cryptocurrencies by market cap, with a 64% decline.

  • Solana's OI stands at $1.51 billion after a 47% decrease, while XRP's OI has fallen 44%.

  • One crypto trader pointed out that current OI levels are nearing all-time lows, comparable to the numbers seen during the Nov. 2022 collapse of FTX.

A heated debate erupted on social media between David Schwartz and Charles Hoskinson about the controversial future of XRP.

  • The argument originated from allegations made by the XRP community that people linked to Ethereum influenced regulatory decisions against XRP.

  • Hoskinson argued that there is no evidence to support these claims that Ethereum affiliates affected regulatory outcomes when it comes to XRP.

  • David Schwartz challenged Hoskinson’s dismissals by pointing out potential conflicts of interest involving William Hinman, a former SEC official.

Prosecutors originally fought for a three-year prison term, but the judge decided on a shorter sentence after noting there was no evidence that Zhao was directly informed about illegal activities at Binance.

  • Judge Richard Jones of the U.S. District Court for the Western District of Washington sentenced Zhao on Apr. 30, with the prosecution arguing against probation.

  • Zhao's legal team advocated for probation, pointing towards his wealth as a possible vulnerability in prison.

  • Before his sentencing, Zhao apologized for his actions and acknowledged the issues in Binance's Anti-Money Laundering (AML) program.

Layer-1 blockchain Fantom is pushing the idea of "safer memecoins" by allocating $6.5 million worth of its native FTM token as a reward for developers.

  • Fantom Foundation CEO Michael Kong plans to create an environment for launching "safer memecoins" by implementing technical and non-technical measures to prevent outright scams.

  • Solana and Coinbase's Ethereum layer 2 platform, Base, have dominated recent memecoin trading, with Solana's trading volumes even surpassing Ethereum's during the peak in March.

  • However, a recent investigation revealed that as many as one in six memecoins on Base were identified as scams.



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