As President Donald Trump’s exclusive gala dinner for top TRUMP coin holders approaches on May 22, analysis of the official winners list reveals a notable dominance of non-US investors. According to reports from CNBC and Bloomberg, the leaderboard of 220 invitees is heavily populated by wallet addresses linked to exchanges that don’t service US customers many top holders are international investors. Trump coin leaderboard shows non-US holder dominance The official TRUMP token leaderboard reveals the top 10 holders control enormous quantities of the meme coin. Many holders even use pseudonymous usernames that offer little insight into their real identities. According to the website, the top holder Sun with a VIP designation controls 1,432,003,302 TRUMP tokens. The second-largest holder, listed as “MeCo,” holds 1,391,538.19 tokens, while the sixth-ranked “Woo” possesses an even 1,000,001 tokens. Other top-10 holders include “CASE” (400,000 tokens), “GAnt” (500,034.299 tokens), and “REKT” (443,686.993 tokens). Source: Trump MEME… Read More at Coingape.com
Ripple has gone ahead with one of the biggest RLUSD tokens burn since introducing the stablecoin. The crypto has already achieved various milestones and is growing in terms of user adoption. So, this step could mark a significant point towards increasing its demand. Here’s why.
Why Ripple Burnt 12 Million RLUSD Tokens?
According to the Ripple stablecoin tracker’s X post, the blockchain-based digital payment network has burned 12 million RLUSD stablecoin tokens on Tuesday. The on-chain stats confirm that at 11:05 UTC on April 22, the firm went ahead with sending the token to a burn wallet, which would remove their existence from the ecosystem forever.
Notably, such practices are made to reduce the excess supply of the token, creating scarcity, eventually boosting the demand. Another important point to note is that the transaction also focused on introducing cross-chain liquidity, as explained by the experts.
XRPL dUNL validator, Vet, reveals that the individual who requested the burning had moved the RLUSD from one blockchain to another. As a result, the supply of the tokens reduced on the XRP Ledger and increased on the Ethereum blockchain.
This acted as a liquidity bridge without affecting the circulation of the tokens. Interestingly, the RLUD Treasury minted 12 million (equal to the burning amount) within seconds after that.
RLUSD Trading Volume Rose 200% Past Tokens Burning
Similar to most top stablecoins, RLUSD is also pegged to the dollar at a 1:1 ratio. Interestingly, its adoption has been constantly growing since various top exchanges listed the token. Recently, Ripple stablecoin got listed on the Aave V3 Ethereum Core Market, gaining additional investor attention.
Amid that and the RLUSD tokens burning, its trading volume is up by more than 200%, currently at $102.96 million. In addition, its market capitalization stands at $294.07M, with 294.04M RLUSD in circulation. Interestingly, under the impact of this and the recovery of the crypto market, the XRP price is soaring.
Notably, Ripple Labs’ integration of RLUSD stablecoin with the payment network highlights the digital asset among users. Experts anticipate that RLUSD will occupy 50% of the stablecoin market capitalization and many other milestones in the near future.
Nasdaq-listed Classover Holdings (NASDAQ: KIDZ) announced a massive $550 million SOL purchase with the goal of building its own Solana treasury reserve. As per reports, the firm has entered into an agreement with Solana Growth Ventures LLC with a $500 million securities purchase agreement via senior secured convertible notes. Soon after, the KIDZ stock saw a massive 40% upside on Monday. Classover Holdings Partners With Solana Growth Ventures As part of the initial closing, edtech firm Classover announced the signing of an $11 million convertible note financing agreement, a major stepping stone to build its SOL reserve. This financial agreement will allow noteholders to convert their holdings into Classover’s Class B common stock at a 200% premium over the stock’s closing price, just before the closing date. The move comes as the edtech firm navigates liquidity challenges. According to InvestingPro data, the company’s current ratio of just 0.02 highlights significant… Read More at Coingape.com
The struggling Ethereum price has one key catalyst that may propel it to rocket above the psychological barrier of $2000 and beyond. This catalyst is that the Securities and Exchange Commission (SEC) may soon allow staking in spot ETH ETFs, a move that may attract more inflows from Wall Street investors. This article explores whether ETH price will hit $2k if this approval happens tomorrow.
Ethereum Price May Hit $2000 if SEC Approves ETH ETF Staking
The SEC, under Gary Gensler, approved several spot ETH ETFs in September last year. These funds have not been as successful as initially expected. Data shows that these funds have only attracted $2.47 billion in assets, bringing the total assets to $6.2 billion.
In contrast, Bitcoin ETFs have attracted over $38 billion in inflows, with BlackRock’s IBIT having $58 billion in assets. Granted, these ETFs are over 8 months older than Ethereum ones, but this trends shows that they may never catch up. This sluggish growth explains why the Ethereum price continues to underperform.
One reason for the underperformance is that Gensler rejected Ethereum ETFs with staking features. This means that ETF holders only make price-related returns. In contrast, Ethereum investors earn an annual return of at least 3%, which is higher than that of many dividend-focused ETFs.
This could change soon under Paul Atkins. The SEC met with Grayscale recently and discussed allowing this staking. Such a move would likely result in increased inflows, leading to a higher ETH price, potentially to $2,000 and above. Indeed, data show that spot Ethereum ETFs have experienced inflows over the last three days. CBOE has already applied for staking in Fidelity’s ETH ETF.
ETH Price Technical Analysis: Could Hit $2,000 and Above
The daily chart reveals that Ethereum price rose from the year-to-date low of $1,376 to the current $1,822. This rebound was notable as the coin jumped above the upper line of the falling wedge chart pattern. A wedge often leads to more gains, especially when the two trendlines are about to converge.
ETH price has jumped above the 25-day Exponential Moving Average, another positive signal. The Relative Strength Index has jumped above the neutral point at 50, and is pointing upwards.
These technicals suggest that the value of ETH will continue to rise as buyers target the crucial level at $2,000. This rebound will be confirmed once it moves from the current consolidation phase. A clear breakout to $2,000 will bring the next ETH price target to $2,140, the lowest level in August last year.
Ethereum price chart
However, a bearish ETH price forecast can be made. Indeed, a Polymarket poll shows that many traders are betting that it will drop to $1,000. Also, the Average Directional Index indicator has tilted downwards, signaling a potential downside.
