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- XRP, SOL, DOGE See Major Open Interest Drop!
XRP, SOL, DOGE See Major Open Interest Drop!
OI levels are closing in on lows last seen during the FTX collapse.
Danielle du Toit
May 01, 2024
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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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