Over the last 24 hours, there has been significant activity surrounding XRP, grabbing the attention of the entire cryptocurrency community. According to Whale Alert, a blockchain tracker, there have been multiple transactions involving 3 billion XRP tokens, valued at around $1.5 billion. This notable movement has raised concerns about its potential impact on prices.

Market Concerns

It is customary for Ripple to release about 1 billion XRP tokens through its escrow wallet at the start of each month. However, the recent unusual movement of assets has surprised observers, leading to speculation about the nature of these transactions.

Marty Party, a crypto commentator, pointed out that the transfer of 3 billion tokens accounts for 5.45% of the total circulating supply and occurred between Ripple-affiliated wallets within half an hour. Some members of the community clarified that these transfers were part of routine fund consolidations related to escrow operations. They noted that out of the 3 billion tokens, 1 billion worth $520 million were released via an escrow address.

Michael Nardolillo, a crypto analyst, explained that the majority of these movements involve internal transfers and relocking of escrow. Whenever it indicates an unknown account, he added, it usually means the bot made an error, and it was still a Ripple account.

Room For Improvement

Historically, the price of XRP has tended to fluctuate in response to the escrow releases, often influenced by market sentiment. Despite experiencing a 1% decline in the past 24 hours, XRP has remained steady around $0.5, indicating that the recent release via escrow has not significantly affected its performance.

Nevertheless, some market experts believe that the release of tokens could introduce additional selling pressure. Reports suggest that Ripple may be gearing up for its most substantial monthly XRP sell-off since 2017, with plans to unload 400 million XRP tokens, valued at $208 million, in June. While XRP continues to rank among the top ten cryptocurrencies by market capitalization, it has been one of the poorest performers among major tokens this year.

El Salvador President Nayib Bukele was inaugurated for a second term over the weekend, pledging to tackle various domestic economic challenges with the same vigor he showed in combating gang violence during his initial tenure. The nation currently holds 5,769 BTC valued at approximately $389 million in its reserves, with Bukele revealing a daily purchase of 1 Bitcoin for the country.

Safety Is Priority

El Salvador has faced significant issues with gang violence in the past, making it one of the most dangerous countries in the world. Gangs like MS-13 and Barrio 18 have been major players there, contributing to high homicide rates and widespread insecurity. However, recent efforts by the government, including those led by President Nayib Bukele, have resulted in some improvements in controlling gang-related violence.

Addressing the public via the National Palace in San Salvador, the 42-year-old leader assured that the once pervasive gang violence has significantly subsided, likening it to a curable illness rather than a terminal cancer.

Fixing The Economy

Now that security concerns have been largely mitigated, Bukele shifts his focus to the formidable task of rejuvenating the sluggish economy. Following his controversial re-election in February, where he secured over 80% of the vote amidst legal disputes, Bukele has expressed his determination to remedy the aforementioned economic issues while also ensuring that El Salvador remains at the forefront of digital innovation and true financial independence.

Despite his popularity for enhancing security in the nation of 6.3 million, his economic initiatives encounter hurdles. Notably, the ambitious Bitcoin City project, envisioned as a cryptocurrency-supported hub with tax incentives, struggles to attract investments. Furthermore, El Salvador grapples with a public debt exceeding $30 billion, equivalent to nearly 84% of its gross domestic product.

Milady Meme Coin secured $5M in a recent undisclosed stage funding led by DWF Labs. With a successful Twitter engagement, their momentum is skyrocketing.

Zizle raised $3M in Pre-Seed funding via Black Dragon Capital, setting the stage for their innovative ventures. Keep an eye on their promising developments.

Bitdeer procured a whopping $150M in strategic funding by Tether, solidifying their position in the market. Impressive metrics reflect their growing influence.

E Money Network raised $3.3M in undisclosed funding led by Animoca Brands. With notable backers and a strategic approach, their trajectory is set for success.

TRALA gained $5M in strategic funding via Animoca Brands, showcasing their commitment to disruptive solutions.

Mint Chain secured $5M in seed funding, backed by Mask Network. Their rising engagement on Twitter hints at a promising future.

Stable Jack raised $1M in angel funding, reflecting confidence in their vision. Their social media presence is also steadily gaining momentum.

Plural secured $2.3M in pre-seed funding, supported by Compound VC. With a growing community, they are poised for plenty of innovation and impact going forward.

Neynar secured $11M in Series A funding led by Haun Ventures, marking a significant milestone in their journey. Stay tuned for their groundbreaking developments.

Babylon -raised an impressive $70M in undisclosed funding by Paradigm, setting the stage for groundbreaking advancements.

NexGami gained $2.5M in seed funding by Metalpha, demonstrating investor confidence in their vision. Their Twitter following is also buzzing with excitement.

Zentry formed a strategic alliance with The Spartan Group, marking a pivotal moment in their growth trajectory. Keep an eye on their upcoming initiatives.

ARPA secured $6M in strategic funding by DeFiance Capital, signaling their commitment to innovation in the space. Their Twitter metrics indicate a strong community backing.

Smart Transactions raised $5.5M in Seed funding with support by Shima Capital. Their recent milestones are fueling anticipation for what comes next.

SCRYPT Digital teamed up with Braza Bank in a strategic move, backed by a notable $5M in funding. With growing engagement, they are poised for industry disruption.

Following a period of sideways movement, Bitcoin (BTC) witnessed its price decline on Friday, reaching a weekly low of approximately $66,600 before rebounding slightly. UNI and SHIB rank among the weakest performers within the largest cap alts, whereas LINK and PEPE stand at the opposite end of the spectrum. Other altcoins are showing sluggishness, with ETH experiencing a modest 1% increase in value and crossing the $3,800 threshold.

BTC Recovery

The beginning of the week saw bullish dominance as the primary cryptocurrency surged to a weekly high of over $70,500. However, hopes of challenging the all-time high of $73,800 were dashed as BTC plummeted by over $3,000 by Tuesday. Subsequent days saw further volatility, with BTC maintaining a range between $67,000 and $69,000, briefly attempting to surpass the latter on Thursday before being rejected, leading to a significant drop to $66,600 on Friday, its lowest price in about a week.

Bulls stepped in at this juncture, preventing further declines and causing BTC to spike by approximately $1,000, now hovering between $67,500 and $68,000. The total crypto market cap has shed about $20 billion in a day, now standing at $2.660 trillion, with BTC steadily maintaining its dominance over altcoins at 50% on CoinGecko.

Other Markets

Recent developments in the global financial landscape paint a picture of diverging interest rate trajectories. Alongside this, investors are being tempted with novel ETFs promising protection amidst market turmoil, even as the surge in loans masks various underlying risks of mounting losses due to defaults.

Meanwhile, Nvidia deciding to split its stock adds clarity to the concept of stock splits. In the midst of this, Saudi Aramco launches a bold share sale, while South Korea warns of potential capital outflows due to new taxes. Elsewhere, in South Africa, political tensions simmer as Zuma persists in his claims of voting irregularities, contrasting with the anticipated landslide victory for Narendra Modi in India.

Peru achieves its inflation target, with attention now turning to possible rate hikes. In the property market, existing home sales figures for Texas emerge amidst nationwide discontent over soaring prices. Nigeria grapples with escalating debt, prompting a pause in legislative discussions on central bank laws. In the realm of investments, concerns loom over the sustainability of the S&P 500 rally.

President Biden has vetoed legislation concerning crypto regulation that recently made its way through the House and Senate. The legislation aimed to counter guidance issued by the SEC, suggesting that specific companies should categorize crypto assets as liabilities on their balance sheets, even if they are merely holding the assets for clients.

Many, especially millennials and Gen Z, have argued that President Biden appears tone-deaf or out of touch with the youth of today due to his approach on certain policies, such as those related to student debt relief, climate change, and cryptocurrencies. 

Biden Will Not Budge

In a communication to the House of Representatives, President Biden expressed concerns that removing this guidance would impede the capacity of the SEC to enforce protections for investors. He stated that SAB 121 represents the informed technical perspectives of SEC staff regarding the accounting responsibilities of certain firms safeguarding crypto-assets.

Through the Congressional Review Act, he continued, this resolution led by Republicans could unduly limit the ability of the SEC to establish suitable safeguards and address future challenges. President Biden stressed that this could also undermine the broader authority of the SEC on accounting practices.

Uncertainty Looms

President Biden advocated for a regulatory framework balancing consumer protection and innovation, expressing a readiness to collaborate with Congress on comprehensive digital asset regulations. The legislation, led by Republicans, secured passage in the House with 228 votes in favor and 182 against, with 21 Democrats supporting. In the Senate, it passed 60 to 38, with eleven Democratic votes.

Unsurprisingly, the veto coincides with heightened attention on Bitcoin and crypto, including former President Donald Trump and his recent acceptance of crypto donations which occurred around the same time as the sudden reversal on Ethereum ETFs by the SEC, clearing the path for their imminent launch.

PEPE concluded its recent bullish surge with a decline of 15%. The meme cryptocurrency had a strong performance throughout May, with its price rising steeply. However, in the final days of the month, it experienced a downturn.

A Mixed Bag

According to CoinGecko, the asset started trading at approximately $0.0000061 and nearly tripled its value by reaching $0.0000170 at the beginning of this week. Following this peak on Monday, the frog-themed coin underwent a significant drop. Currently, it is trading around 0.0000143, indicating a decrease of over 15% from its high.

At one point in the last day, its price even fell below $0.0000132 before recovering somewhat, though the sustainability of this rebound remains uncertain. Despite this notable decline, investors who bought at the beginning of the month still hold substantial profits, with their holdings up over 134% during this period.

A Potential Rally

As a consequence of the recent downtrend, PEPE has shifted its position on the list of top cryptocurrencies by market capitalization. Previously competing closely with Polygon (MATIC), it now ranks as the 21st largest asset in the sector. However, the gap to Litecoin (LTC) in 20th place is not substantial, raising the possibility of PEPE re-entering the Top 20 if its rebound persists.

Although PEPE experienced setbacks in its rally, data from IntoTheBlock indicates that it remains the most profitable meme coin based on the percentage of holders with unrealized profits. With a holder profitability ratio exceeding 90%, PEPE surpasses other popular meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB). This high profitability ratio may contribute to increased likelihood of selloffs as investors seek to capitalize on their profits, potentially explaining the recent downturn in price.

The Turkish Interior Minister disclosed a significant crackdown on a crypto scamming platform in Ankara on Thursday. The operation targeted an alleged Ponzi scheme that has illicitly obtained over $1 billion in recent years.

Minister Ali Yerlikaya revealed that more than 100 individuals were apprehended in Ankara as part of operation CYBERGÖZ-42, which exposed the fraudulent activities of Smart Trade Coin STC within the country.

Another Ponzi Scheme

The scam allegedly involved enticing investors with promises of high profits and zero risks, purportedly guaranteed by the stop loss feature of the platform and advanced trading bots facilitating automatic transactions.

However, investigations revealed that the platform operated as a conventional Ponzi scheme, defrauding users of billions of dollars. Existing investors were incentivized to bring in new participants, whose investments sustained the scheme. Authorities conducted the operation across 21 provinces of Ankara, detaining 127 suspects for international fraud and money laundering. They seized assets worth 1 billion Turkish Lira, including properties, movable assets, unlicensed firearms, and various cryptocurrencies.

A Fraudulent History

Smart Trade Coin had faced allegations of fraudulent activities since 2021, with numerous complaints by Turkish investors. Despite protests and legal actions, including criminal complaints and estimated losses of $2 billion, no action had been taken.

Victims reported being coerced into taking loans and selling assets under false promises of substantial monthly profits, leading to financial ruin. In 2023, AI Multiple Research flagged Smart Trade Coin as a likely scam due to its unrealistic claims and opaque business practices. Cem Dilmegani, Head Analyst at AI Multiple, criticized the malicious marketing tactics and lack of transparency, concluding that it had operated as a scam all along.

PayPal declared that its PYUSD stablecoin is now operational on Solana (SOL), marking a notable shift with potential advantages for commercial applications. Solana, the blockchain network supporting the fifth largest cryptocurrency, SOL, seeks to rival Ethereum (ETH) by offering a faster platform for developers to craft various applications, including games and various decentralized finance (DeFi) apps.

Fast And Cost-Effective

The main distinguishing feature of Solana lies in its rapid and economical transactions, facilitating quick settlements. This was one of the main points of consideration for PayPal prior to their announcement.

Citing data via blockchain analytics platform Artemis, PayPal highlighted Solana as the most utilized blockchain for stablecoin transfers, positioning it as the premier blockchain for executing tokenized transactions, particularly well-suited for PYUSD in particular.  PayPal Senior Vice President of Blockchain, Crypto, and Digital Currency, Jose Fernandez da Ponte, emphasized that enabling PYUSD on the Solana blockchain advances their objective of establishing a digital currency with a stable value tailored for commerce and payments.

Acquiring PYUSD

PYUSD, a dollar-pegged stablecoin, is collateralized by cash equivalents and short-term treasuries. Launched by PayPal last year, PYUSD is issued by Paxos Trust Co. and currently operates on Ethereum as well. Additionally, Venmo users will soon gain access to purchase PYUSD, with availability expanding gradually over the coming weeks.

The stablecoin, Ethereum-based and backed by cash equivalents and short-term treasuries, was launched by PayPal in August, with Paxos Trust Co. issuing the token. Presently, users can acquire the stablecoin through prominent exchanges such as Crypto.com, Coinbase, and Kraken.

Seems like NFTs are making a comeback, as Cristiano Ronaldo teams up with Binance to unveil a fresh collection celebrating his illustrious career. The move comes as the crypto exchange faces a plethora of legal troubles, including the indictment of former Binance CEO, Changpeng Zhao.

A Matter Of Personal Significance

The collection is being called Forever Worldwide: The Road to Saudi Arabia, this NFT assortment sheds light on pivotal locations in the journey of Ronaldo, including Madeira, Lisbon, Manchester, Madrid, Turin, Saudi Arabia, and Portugal. Each NFT in the collection features unique designs crafted by artists with personal connections to these significant places in Ronaldo's life.

Ronaldo expressed his excitement about this venture, emphasizing how each location holds profound personal significance for him. Collaborating with artists who intimately understand the essence of these locales adds a sentimental touch to the collection, ensuring that these moments remain immortalized as NFTs.

Redefining Fan Engagement

Sarah Dale, Head of Brand Partnerships at Binance, echoed what Ronaldo had to say, highlighting the collaborative effort to encapsulate his extraordinary journey. The NFT collection is poised to redefine fan engagement in sports, offering unparalleled rewards and fostering deeper connections with supporters.

The launch of the new NFT collection will unfold in two stages throughout the upcoming football season, culminating in an auction in June for a select few super rare NFTs. Ronaldo is not the only one involved with NFTs either, as his long-time rival Lionel Messi previously unveiled his first-ever NFT collection which allowed fans to own a piece of his heritage in digital form. This was known as the Messiverse, a unique, one-of-a-kind excursion into the life of the football star, featuring his first appearance on the blockchain and validated NFT collections.

A federal judge has mandated that the United States Securities and Exchange Commission (SEC) cover approximately $1.8 million in attorney and receivership fees linked to the civil case against Digital Licensing, the entity operating as Debt Box.

SEC Forced To Cover Damages

In a filing on May 28th in the U.S. District Court for the District of Utah, Judge Robert Shelby approved an order requiring the SEC to pay about $1 million for attorney fees and costs, along with $750,000 for receiver fees and costs. This directive coincided with the dismissal of the case on the same day, albeit without prejudice.

The judge referenced a ruling in March, wherein a court determined that the SEC had conducted itself in bad faith concerning a temporary restraining order to freeze all assets linked to Debt Box. Subsequently, the firm submitted documents to the court asserting inaccuracies in the information presented by the commission, prompting the potential for sanctions.

The penalties imposed on the SEC mandated the commission to shoulder all attorney fees and costs arising via the improvidently entered ex parte relief. Judge Shelby essentially affirmed that all expenses requested by the defendants were appropriate, excluding a $649 fee.

Regulatory Overreach

The lawsuit against Debt Box in July 2023 accused the company of orchestrating an illicit $50 million crypto scheme. Given the documents presented by the company suggesting inaccuracies and misrepresentations by the commission in seeking a temporary restraining order, many in the crypto community have cited it as a case of regulatory overreach.

The commission is embroiled in ongoing legal battles with several crypto entities, including Binance, Kraken, Ripple, and Coinbase. Numerous lawmakers in the U.S. Congress have advocated for regulatory clarity at the SEC concerning digital assets through legislation such as the Financial Innovation and Technology for the 21st Century Act.

A meme coin conceived through the application of ChatGPT has seen a remarkable surge in value, obtaining a valuation of $638 million within a mere three months. Dubbed Turbo, this meme coin was crafted by digital artist Rhett Mankind, who employed GPT-4 to devise the concept, tokenomics, and smart contract. Originating with a modest budget of $69, the project has blossomed into a prominent meme coin within the crypto realm.

On May 28th, Turbo experienced an unprecedented price surge, hitting an all-time high of $0.009302, propelling its market capitalization to approximately $638 million, as per CoinGecko. Over the last three months, its market capitalization has surged to over $600 million, marking a staggering 2,262% increase.

Meme Coins Keep Coming

Mankind chronicled the development journey on X, engaging the community through polls to decide on various factors such as the name for the project and its mascot. This community-centric approach, coupled with the clever utilization of cutting-edge AI technology, has contributed to overall investor appeal.

Moreover, the triumph of Turbo mirrors a broader trend in the cryptocurrency sphere, where meme coins are rapidly gaining traction. Following a period of subdued activity, the meme coin market is now thriving, with coins like CorgiAI (CORGIAI), Turbo (TURBO), and Grok (GROK) garnering attention.

These AI-fueled meme coins have garnered significant popularity, with investors eyeing them to diversify their portfolios and potentially secure substantial returns.

A Community-Centric Approach

The enthusiasm within the meme coin sector has undoubtedly played a role in Turbo becoming a success. Its community-driven ethos, innovative AI integration, and transparent distribution model have resonated with investors. Data by Santiment indicates a surge in social volume, signaling heightened retail interest. Social metrics often peak prior to a trend reversal, underscoring the importance of monitoring such indicators.

On May 28th, Coinglass data revealed that four of the top ten tokens with the highest open interest (OI) in the crypto leverage market were meme coins.

An expanding OI suggests bullish momentum in the market, as leverage traders initiate more contracts in anticipation of price movement. Turbo is traded across multiple exchanges, including Gate.io, MEXC, and OKX, boasting robust liquidity and trading volumes. Nevertheless, investors should remain cognizant of the associated risks. The hype surrounding meme coins can wane, potentially resulting in significant losses when demand diminishes.

Financial regulators in South Korea have enacted measures preventing universities when it comes to setting up corporate accounts for cryptocurrency transactions. Consequently, universities face challenges converting crypto donations by specific crypto firms into fiat currency.

According to local news source Chosun Ilbo, authorities express concerns that corporate accounts, unlike individual ones with verified identities, could be exploited for money laundering due to the absence of personal authentication.

Tension And Friction

The Korean Financial Intelligence Unit (KoFIU) and the Ministry of Education are anticipated to maintain their stance against universities establishing corporate accounts for crypto transactions. This decision follows various requests made by multiple local universities to establish corporate accounts for cash conversion subsequent to receiving substantial cryptocurrency donations.

A senior official representing the financial authorities rationalized the decision, stating that granting universities exceptions would be unjust to other businesses. Moreover, enabling such accounts for all corporations would pose significant money laundering risks.

A Silver Lining

Local regulators and the South Korean Ministry of Education plan to discourage universities regarding the acceptance of such donations going forward. Nevertheless, they may offer support to universities already in possession of such donations.

Depending on various factors including the amount involved, there is consideration for establishing a mechanism to convert existing crypto holdings into fiat currency. This indicates a potential remedy for universities grappling with previously received cryptocurrency donations.

South Korea has also recently implemented a ban on cryptocurrency donations, affecting charities and potentially impeding their fundraising endeavors. This move comes despite the growing popularity of Bitcoin (BTC) and other digital currencies in the country.