Grayscale has officially filed an S-3 form with the U.S. SEC to register its Digital Large Cap Fund as an exchange-traded fund (ETF). This fund holds major cryptocurrencies, including Bitcoin, Ethereum, XRP, Solana, and Cardano. If approved, the ETF could open the door for greater institutional investment in crypto, making regulated exposure easier for big players. While regulatory approval is still pending, this move marks another step toward mainstream crypto adoption in traditional finance.
Shiba Inu price secured a hotspot on crypto traders’ and investors’ radars this Thursday by showcasing the potential for massive gains ahead. Primarily against the backdrop of a whopping 60,000% surge in the SHIB burn rate and bullish price pattern formations, the meme coin is signaling an imminent rally. Notably, SHIB price is currently trading at the $0.000014 level, whilst numerous renowned market analysts have predicted that a bull run is right over the horizon.
A recent X post by crypto market trader and analyst ‘World Of Charts’ revealed that Shiba Inu price is eyeing 2x gains ahead. This bullish prediction is attributed to the meme coin showcasing the potential for a price rally with recent formations. As per the analyst, the coin’s price is currently trading in a descending channel range. A sustained breakout above the upper trendline in this formation cements the chances of a bull run.
Source: ‘World Of Charts,’ X
For context, a descending channel pattern is a bearish formation characterized by two parallel trendlines sloping downward. Nevertheless, the analyst believes that 2x gains are possible, given that a sustained breakout above the upper trendline holds. This bullish projection promptly echoed a huge market buzz, with the latest burn statistics further bolstering investor sentiments.
Burn Rate Shoots Up 60,000% As Over 1B Coins Destroyed
According to Shibburn’s data on March 27, the SHIB burn rate surged by a whopping 57,291.91% intraday. Over 1 billion coins were permanently removed from the asset’s circulating supply in the past 24 hours.
Source: Shibburn site
As an upshot, bullish market sentiments surrounding the meme coin‘s price gained additional weight. Crypto market traders and investors anticipate bolstered SHIB price trajectories due to the constant hits to the supply, mirroring the law of supply and demand.
Shiba Inu Price Overview
Overall, the latest market stats have ushered in a remarkable bullish sentiment about the meme crypto’s future price aspects.
However, Shiba Inu coin’s price is currently down 1% from yesterday and trading at $0.00001446. Its intraday low and high were $0.00001408 and $0.00001561, respectively. Notably, the meme token is up nearly 13% over the week. The broader bullish action, coupled with recent burn metrics and price chart formations, further indicates that a rally is possible in the long term.
Meanwhile, another renowned market trader, Javon Marks, took the stage amid these bullish developments to project a bullish outlook for price. Javon conveyed that the token’s price is starting to return with signs of strength. A potential rally to the $0.000081 price target also awaits, per the analyst.
Trump Media & Technology Group (TMTG), the company behind Truth Social, is calling on US regulators to take a closer look at what it claims is suspicious trading activity involving its DJT stock. In a public letter to the SEC’s acting chairman, the company alleged that a UK-based firm, Qube, may be shorting DJT stock without properly disclosing its positions. TMTG believes this kind of trading could be damaging to its stock and wants regulators to step in.
What Exactly Is Trump Media Accusing Qube Of?
According to TMTG, Qube disclosed in Germany that it held a short position of six million DJT shares, worth over $100 million. But the issue, as Trump Media sees it, is that Qube didn’t make the same kind of disclosure to US regulators or in other major jurisdictions. The firm also claims Qube’s position has since nearly doubled to 11 million shares. If true, this would mean Qube is betting heavily against the stock, and without full transparency, raising concerns of potential market manipulation.
Large-scale short selling, especially without disclosure, can put serious downward pressure on a stock. Trump Media believes this may be playing a role in the poor performance of DJT stock, which has dropped 35% this year.
While the short-selling concerns are getting attention, they come at a time when TMTG is already facing bigger issues. The company is struggling financially, closing last year with less than $4 million in revenue while racking up over $400 million in losses. The stock’s fall isn’t just about short sellers, but it also reflects the company’s deeper challenges, including ongoing investigations around possible misuse of its Truth Social platform.
Despite the financial struggles, Trump Media continues to push into the crypto space. It recently partnered with Crypto.com for a future ETF project and received a boost in attention after market maker DWF Labs invested $25 million in World Liberty Financial, a DeFi platform linked to the Trump brand.
Bottom Line
While TMTG’s claims about Qube raise fair questions, it’s likely just one part of the bigger picture. The company is under heavy pressure from investors, regulators, and the market itself. Whether the SEC acts on this request or not, Trump Media will still need to prove it can build a sustainable business, both in tech and now in crypto.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
The post Trump Media Demands SEC Probe into Alleged DJT Stock Manipulation appeared first on Coinpedia Fintech News
Trump Media & Technology Group (TMTG), the company behind Truth Social, is calling on US regulators to take a closer look at what it claims is suspicious trading activity involving its DJT stock. In a public letter to the SEC’s acting chairman, the company alleged that a UK-based firm, Qube, may be shorting DJT stock …
The SEC has yet again cracked down on crypto fraud. The agency has charged the man behind PGI Global, Ramil Palafox, for running a massive $198 million scam through his company, PGI Global, which falsely claimed to be a crypto and forex trading platform.
As per the SEC’s press release, from January 2020 through October 2021, Palafox promised investors massive returns through ‘membership packages’ and also offered them multi-level marketing-like referral incentives in order to encourage them to recruit new investors.
Over $57 Million Investor Funds Misused
Palafox misappropriated over $57 million in investor funds to fund his lavish lifestyle like buying Lamborghinis, items from luxury retailers and for other personal expenses. Further, he also used up the left investor money to pay other investors their returns and referral bonuses, like a classic Ponzi scheme, until it collapsed in 2021.
“As alleged in our complaint, Palafox attracted investors with the allure of guaranteed profits from sophisticated crypto asset and foreign exchange trading, but instead of trading, Palafox bought himself and his family cars, watches, and homes using millions of dollars of investor funds,” said Scott Thompson, Associate Director of the SEC’s Philadelphia Regional Office.
Laura D’Allaird, Chief of the Commission’s new Cyber and Emerging Technologies Unit added that Palafox fooled investors by pretending to be a crypto expert with advanced AI trading technology.
SEC Seeks Penalties and Recovery of Funds
The SEC has charged Palafox with violating anti-fraud and securities laws, seeking permanent bans, the return of ill-gotten gains, and civil penalties. Palafox also faces criminal charges filed by the U.S. Attorney’s Office for the Eastern District of Virginia.
These actions show the SEC’s ongoing efforts to hold individuals and companies accountable for fraudulent activities in the crypto sector. Regulators are increasingly targeting deceptive practices, from Ponzi schemes to illegal staking services, indicating that the crypto space will be held to the same legal standards as traditional financial markets.
The post Crypto News: SEC Exposes Fake Crypto Trading Platform That Cost Investors $198 Million appeared first on Coinpedia Fintech News
The SEC has yet again cracked down on crypto fraud. The agency has charged the man behind PGI Global, Ramil Palafox, for running a massive $198 million scam through his company, PGI Global, which falsely claimed to be a crypto and forex trading platform. As per the SEC’s press release, from January 2020 through October …
