The first week of August has kicked off with a slowdown in global cryptocurrency market activity. Over the past seven days, the total market capitalization has dipped by over 5%, reflecting reduced trading momentum and a more cautious investor sentiment across major digital assets.
Despite the broader market cooldown, Nigeria’s retail crypto community continues to show dynamic interest. Here are the top three trending cryptocurrencies in the region based on online engagement over the last 24 hours:
CORE
Layer-1 (L1) coin CORE has emerged as one of the trending altcoins in Nigeria today. At press time, the token trades at $0.46, indicating a 3% decline over the last 24 hours.
During this period, CORE’s trading volume has declined by over 5%, pointing to waning market participation and a weakening demand trend.
When price and trading volume fall simultaneously, it signals a loss of momentum from market participants. This trend suggests that investors may be sidelining CORE due to market uncertainty or lack of confidence in its short-term gains.
Readings from the CORE/USD one-day chart show the asset struggling below a key resistance level at $0.47. If selling pressure intensifies, CORE could fall lower and slide toward its next major support floor at $0.33.
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
However, if new buying interest resurfaces, the token could reclaim upward momentum and push toward $0.55, flipping the current resistance into support.
Treasure (MAGIC)
Artificial intelligence-based token MAGIC is another altcoin trending among Nigerian traders today. Unlike many other altcoins caught in the current market slump, MAGIC has bucked the broader downtrend to post a 26% price surge in the past 24 hours. At press time, the token trades at $0.18.
Price chart readings suggest that this rally is driven by genuine buying interest rather than short-term speculation. MAGIC’s positive Balance of Power (BoP), which currently sits at 0.34, confirms this.
The BoP indicator measures the relative strength of buying versus selling pressure in the market. When BoP is in positive territory during a rally, it suggests significant bullish sentiment, a sign of a healthier upside.
If this bullish pressure persists, MAGIC could build on its current momentum and rally toward $0.21, which it last touched in early July.
However, if profit-taking kicks in, the altcoin may face a reversal, with price potentially retracing to a lower support level around $0.14.
Dogecoin (DOGE)
Top meme coin DOGE is one of the trending altcoins in Nigeria today. Since it peaked at a cycle high of $0.28 on July 21, the token has lost 10% of its value. The meme coin trades at $0.19 at press time, down 5% over the past day.
On the daily chart, the token’s falling Relative Strength Index confirms the sustained selling pressure. As of this writing, the momentum indicator is at 40.64 and declining.
The RSI indicator measures an asset’s overbought and oversold market conditions. At 41.10 and falling, DOGE’s RSI shows that the altcoin faces reduced buying pressure from investors and risks further price declines as demand wanes.
If demand leans over the next few trading sessions, DOGE could witness a deeper price correction, causing its value to plunge below $0.17.
Solana has emerged as a powerful presence in the crypto industry. Since its inception in 2020, the network has dominated the market, demonstrating remarkable levels of user engagement and practical utility, particularly in decentralized finance (DeFi). Many in the industry view it as the next natural contender to receive an ETF approval in the United States.
However, others are more cautious in their evaluations. BeInCrypto spoke with representatives from Gravity, Variant, and OKX to understand the areas where Solana is still lacking. Industry leaders referred to centralization, network reliability, and excessive regulation as points of contention for Solana’s ETF approval.
Bitcoin and Ethereum’s Precedent
The availability of exchange-traded funds (ETFs) for prominent cryptocurrencies has grown over the past year. These funds offer investors diversified investment opportunities and act as a bridge between traditional finance and the increasingly mainstream cryptocurrency market.
Meanwhile, the deadline for some filings, including Grayscale’s, was extended until October. Nonetheless, posts on X and some analytical reports suggest yesterday’s deadline as a date of interest for an initial or consolidated SEC response to several applications.
2025 Predictions and Market Expectations
The tentative approval of a Solana ETF has generated much debate across social media platforms. ETF President Nate Geraci formally predicted that 2025 would be the year of crypto ETFs and that Solana would receive its approval this year.
Per previous reports, former Trump White House Secretary Anthony Scaramucci expressed that, with a Trump reelection, Solana ETFs could gain approval during Q1 of 2025. According to his predictions, Solana would receive the SEC’s green light during the next two weeks.
Meanwhile, the prediction market Polymarket estimates an 82% chance that a Solana ETF will get approved in 2025.
According to a Polymarket poll, Solana has an 82% chance of getting an ETF approval in 2025. Source: Polymarket
Several factors make an imminent Solana ETF approval seem plausible. Less than five years after the network launched, Solana quickly became a major player in the crypto industry, attracting users for its high transaction speeds and low gas fees.
“From a network perspective, Solana’s performance has been remarkable, now driving nearly 50% of all global DEX volume– a dominance that fundamentally reshapes the DeFi landscape. The blockchain is not just handling unprecedented transaction volumes… it’s transforming our understanding of blockchain scalability at scale,” Lennix Lai, Global Chief Commercial Officer at OKX told BeInCrypto.
Solana has established itself as a dynamic force in the crypto industry following a successful 2024.
A Messari report detailed particular growth in Solana’s final quarter across DeFi, liquid staking, NFTs, and institutional involvement. The total value locked (TVL) in Solana’s DeFi sector increased substantially, growing by 64% to $8.6 billion, which placed it behind Ethereum as the second-largest network based on TVL.
Solana’s positive performance, coupled with Donald Trump’s reelection to the US presidency, further amplified the crypto industry’s optimism over an ETF approval.
However, some industry experts have expressed more tempered expectations.
Experts Offer Tempered Expectations
A few days before Trump assumed the presidency, Bloomberg Intelligence analyst James Seyffart said Solana ETFs may not be launched in the US until 2026. He cited the SEC’s precedent of taking a lot of time to review filings as the cause for delay.
In another post, Bloomberg Senior ETF analyst Eric Balchunas said that ETF approvals for other cryptocurrencies were more likely to occur before Solana.
“We expect a wave of cryptocurrency ETFs next year, albeit not all at once. First out is likely the BTC + ETH combo ETFs, then prob Litecoin (bc its fork of btc = commodity), then HBAR (bc not labeled security) and then XRP/Solana (which have been labeled securities in pending lawsuits),” Balchunas said.
Balchunas further explained that complex legal issues around Solana, relating to its status as a security, need to be resolved before it can gain ETF approval. Consequently, he deemed the approval of Litecoin or Hedera ETFs more likely.
Uncertainty over whether Solana classifies as a security is a major driver fueling doubts over its ETF approval.
Security Classification Concerns
Martins Benkitis, co-founder and CEO of Gravity, explained that Solana’s regulatory classification complicates its path to approval.
“It’s no secret there’s currently a lack of precedent for Layer-1 blockchains beyond Bitcoin and Ethereum in the ETF space, this suggests cautious optimism but with higher regulatory hurdles. Bitcoin, being a commodity in the SEC’s eyes, and Ethereum’s gradual transition to PoS had different legal considerations. Solana, on the other hand, faces concerns over potential classification as a security due to its token distribution and foundation’s involvement,” Benkitis told BeInCrypto.
The SEC identified Solana as a security in lawsuits against Binance and Coinbase over the past two years, although these lawsuits have since been dropped. The SEC argued that these tokens could be considered investment contracts under the Howey Test.
While some interpreted the SEC’s lawsuit withdrawal as a softening stance on Solana’s security classification, others quickly challenged this assumption.
“There is no reason to think [the] SEC has decided SOL is a non-security. That they don’t want to do discovery on a dozen tokens in the Binance case appears to be a litigation tactic, not a change in policy,” said Jake Chervinsky, Chief Legal Officer at Variant, following the Binance lawsuit withdrawal in July 2024.
Others believe that a pro-crypto administration should be enough to influence the SEC to consider Solana as a non-security. Lai disagrees.
“The changing political landscape, particularly with Trump’s victory and pro-crypto stance, could create a more constructive environment for innovative blockchain platforms like Solana. However, the technical and market structure considerations will remain crucial regardless of administration changes,” he said.
In the meantime, there are several other requirements Solana must meet.
On his part, Lai added other aspects to the list of considerations.
“While Polymarket shows high odds for 2025 approval, several critical factors suggest a more complex pathway: Solana’s technological architecture presents unique challenges with its PoS mechanism; The absence of CME futures raises liquidity and risk management concerns; Historical network downtime incidents need addressing; Centralization questions relative to BTC and ETH remain unresolved; Institutional interest hasn’t matched BTC and ETH levels despite the network driving 48% of global DEX volume; [and] the temporary nature of trending themes suggests caution in using current volumes as primary indicators,” Lai told BeInCrypto.
Concerns about centralization and scalability have long been discussed regarding Solana, even outside of discussions over an ETF approval.
Since 2021, Solana has suffered over a dozen network outages varying in severity. These outages have jeopardized the network’s reputation as stable and reliable– two strongly considered characteristics during the ETF approval process.
“From a market making standpoint, network reliability is crucial as any downtime or congestion can significantly impact trading operations and order execution,” Benkitis affirmed.
However, Solana has successfully curbed the number of outages it has experienced. Once notorious for the frequency of its shutdowns, the last time Solana experienced one was in February 2024.
Meanwhile, developers designed Solana’s upcoming Firedancer validator client to improve network stability and transaction processing. Its distinct codebase offers greater resilience against widespread outages and will enhance Solana’s performance.
Yet, Solana must also mitigate centralization concerns to improve its chances of obtaining ETF approval.
Centralization Concerns
Solana’s validator node requirements, which demand significant hardware investments, can create barriers to entry. These obstacles can potentially concentrate power within the network among those capable of affording the necessary infrastructure.
In turn, the protocol’s limited number of validators compared to other networks raises concerns over centralization. For context, while Solana currently has around 2,000 active validators, Ethereum passed the one million benchmark last year—the largest number recorded by any blockchain network.
Though Solana’s hardware reliance speeds up the network, it also raises decentralization concerns. Benkitis factored this aspect into his evaluation of an ETF approval.
Its currently underdeveloped futures market infrastructure further complicates Solana’s viability as an ETF candidate.
Its filings were unprecedented because the network did not have a previously established futures market. This factor was crucial in determining an ETF approval for Bitcoin and Ethereum.
“The lack of CME futures and institutional frameworks comparable to BTC/ETH could influence [the SEC’s] evaluation,” Lai said.
He added that the proliferation of meme tokens minted on Solana could present themselves as a potential roadblock.
“Market reactions reflect Solana’s emergence as the primary driver of this cycle, with DEX volumes exceeding $100 billion and dominating major aggregators. However, I believe the temporary nature of trending themes suggests continued volatility. While technological advancement and growing institutional adoption may provide stronger foundations, we need to maintain perspective on the cyclical nature of crypto trends,” Lai said.
This more recent development in Solana’s attraction also brings its set of downsides.
Meme Coin Influence and Regulatory Concerns
The expanding meme coin market on Solana partially explains its popularity. Platforms like Pump.fun allow anyone to launch their tokens, and this design has even led to celebrities launching their tokens on the platform.
More recently, political figures like Donald Trump and Argentine president Javier Milei have also launched meme tokens on Solana platforms. Yet, these activities have proven to be high-risk. In many cases, meme coin investments have caused smaller retailers millions of dollars in losses.
Benkitis said that the SEC might frown upon the speculative nature of these trading activities.
“While an ETF approval could unlock liquidity opportunities, the market’s heavy dependence on speculative sentiment calls for a measured and cautious approach,” he said.
With so many considerations, approving a Solana ETF in 2025 is far from guaranteed. The SEC’s eventual decision will be a defining moment for the network and the broader crypto industry.
HBAR, the native token of Hedera, has been experiencing a steady uptrend recently, attracting the attention of investors. The price surge has contributed to increased trading activity, but for traders, especially those holding short positions, this could lead to significant liquidations.
While the altcoin is expected to continue its rise, the situation may become challenging for those who bet against it.
HBAR Traders Are In Danger
The Chaikin Money Flow (CMF) indicator shows strong inflows into HBAR, signaling that investor sentiment is bullish. The CMF has bounced above the zero line for the first time since December 2024, showing strong demand.
The inflows indicate that investors continue to pour money into the asset, bolstering the price movement. With the CMF turning positive, the likelihood of sustained growth for HBAR increases, as long as the broader market maintains its bullish tone.
The liquidation map for HBAR, which tracks short positions, indicates that traders betting against the asset could face significant losses if the price continues to rise. HBAR’s current price sits at $0.19, not far from the key resistance level of $0.22. If HBAR breaches this resistance, approximately $70 million worth of short positions could be liquidated, leading to further upward pressure. This scenario highlights the intense battle between bullish investors and bearish traders.
Short traders who bet against HBAR are now at risk, as the broader market sentiment pushes the altcoin higher. The increasing momentum fueled by the strong inflows will likely catch many short positions off guard, forcing them to liquidate. If this liquidation occurs, it could lead to a sharp rise in the price of HBAR, further solidifying its bullish outlook.
HBAR is currently trading at $0.194, just below the significant resistance level of $0.200. The altcoin has shown consistent growth over the past month, and with the current positive market sentiment, it is likely to continue rising. A successful break above $0.200 could confirm the bullish momentum and open the path for further gains.
Should HBAR manage to flip $0.200 into support, a rise to $0.220 would likely follow, triggering the $70 million in short liquidations. This would create additional upward pressure, accelerating HBAR’s price move and potentially pushing it higher in the short term.
However, if HBAR fails to maintain its upward trajectory and falls below the uptrend line, the price could slip under the $0.182 support level. Such a decline would likely bring HBAR to around $0.167, invalidating the current bullish outlook. Therefore, traders should closely monitor these key levels to determine the next steps for HBAR’s price action.
PureFi, a ZK privacy-based compliance infrastructure provider for institutional grade DeFi projects like Panther protocol, Astra DAO and RAILGUN has launched the integration of its advanced AML/KYC framework directly into Uniswap V4’s smart contract. This upgrade addresses critical security gaps by enforcing regulatory compliance at the protocol level, ensuring all transactions undergo verification before execution—effectively closing loopholes exploited by malicious actors.
Protocol-Level Compliance: Closing Security Gaps at the Core
Unlike traditional security solutions that apply compliance measures solely at the front-end, PureFi’s technology embeds verification into the blockchain’s core logic. This ensures compliance persists even when users bypass interfaces and interact directly with smart contracts, the same method used in the recent Bybit hack when the Lazarus Group was able to swap 8000 mETH using Uniswap. PureFi was created with the aim of enabling tailored, rules-based compliance without compromising the core values of decentralization and privacy.
“Combating on-chain criminality is absolutely essential to not only ensuring privacy sets like RAILGUN can safely grow, it’s also vital to the sustainability of DeFi. PureFi is leading the way in real time analytics to keep you and your funds safe on-chain.” –Railgun Team
Bridging Compliance with Decentralization: PureFi’s Uniswap V4 Integration
Built on Uniswap V4, PureFi Dex demonstrates how decentralized exchanges (DEXs) can align with regulatory standards without compromising decentralization. Its architecture includes:
Custom Compliance Routers: Replacing standard Uniswap interfaces with protocol-specific routers.
Level Based Verification: A dynamic system scaling checks based on transaction volume:
Low-volume: Basic identity and sanctions screening.
Mid-volume: Enhanced liveness checks and source-of-funds validation.
High-volume: Comprehensive KYC, risk-based wallet scoring, and real-time monitoring.
“We’re not enforcing compliance on DeFi. We’re giving protocols the tools to interact with new user groups — especially institutions — in a secure, privacy-preserving way. And we’re doing it in a way that anticipates future regulation, while respecting today’s decentralization ethos.” – Slava Demchuk, CEO, PureFi Protocol
PureFi vs. Predicate: The Competitive Edge in DeFi Compliance
PureFi’s framework outperforms alternatives like Predicate through:
Centralized Issuer Reliability: A unified issuer service powered by AMLBot’s compliance engine and integrated KYC/KYT providers ensures consistency. Predicate’s reliance on multiple third-party Operators introduces fragmentation risks.
Hybrid Transaction Security: Combining co-signed transactions with user-managed whitelists reduces delays for institutional traders while maintaining compliance. Whitelisted addresses engaging in suspicious activity are revoked instantly.
Unified KYC/AML Workflow: Unlike Predicate’s disjointed compliance tools, PureFi integrates both checks into a single system.
Features: Enabling Secure, Privacy-Preserving, and Compliant DeFi
Rule-Based and Customizable
PureFi’s system isn’t about enforcing blanket KYC — it’s about enabling contextual compliance. Protocols and institutions can define flexible rules (e.g., based on transaction volume or risk profiles) and adapt over time. Since global DeFi regulation is still evolving, we mirrored existing CeFi compliance frameworks to provide a usable starting point and future customise the rule-based approach based on the regulations and market demand.
PureFi Is Built On SSI Concept
Our initial design was based on the Self-Sovereign Identity (SSI) principle — putting control in the user’s hands. However, due to practical and legal constraints (like GDPR, which does not recognize users as data controllers in a VASP context), we developed a more robust, on-chain identity system that preserves decentralization while meeting compliance needs. When regulations mature to allow a truly decentralized SSI setup, our infrastructure is ready to support it.
Zero-Knowledge Proofs at the Core
Privacy is not an afterthought — it’s fundamental. PureFi uses ZK proofs so that once a user is verified, no personal data is revealed to third parties or the DeFi protocol itself. The system simply checks whether a user meets a predefined rule — nothing more, nothing less.
A Blueprint for Future Regulation-Ready DeFi
PureFi Dex is currently operational for UFI/BNB trading pair, offering a blueprint for secure, regulation-ready DeFi platforms.Its modular design allows seamless updates to compliance rules via off-chain configuration, eliminating the need for smart-contract redeployment as regulations evolve.
About PureFi
PureFi specializes in blockchain-native compliance solutions, enabling DeFi protocols, institutions, and traders to meet global regulatory standards without sacrificing decentralization. PureFi DEX enables fully compliant DeFi swaps and liquidity management for Hedge funds, trading desks and institutions.
Rule-Based and Customizable