SOL, the cryptocurrency powering the high-performance Solana layer-1 blockchain protocol, was recently been classified as a security by the SEC. This led to significant implications for its price and future outlook. However, there are other projects like AiDoge that continue to survive broader market crises.
SOL Price Surge Halts after SEC Calls Solana Token a Security
The SEC has filed lawsuits against major cryptocurrency exchanges Binance and Coinbase. It has accused them of operating as unlicensed securities exchanges within the United States. The allegations are based on the exchanges allowing US citizens to invest in cryptocurrencies like Solana, which the SEC claims are securities.
This classification as security has caused SOL’s price to plummet, with the SOL/USD pair currently trading around $19, reflecting a decrease of over 20% from its weekend highs above $22. Additionally, SOL is below its 200-Day Moving Average at $18.74, with the lower trending line acting as a support level.
The SEC’s assertion that Solana is a security could have far-reaching consequences for the cryptocurrency. If the SEC succeeds in its lawsuits against Binance and Coinbase, US crypto exchanges may be compelled to delist SOL from their platforms. Alternatively, exchanges would need to register as securities exchanges to continue offering trading in SEC-labeled securities, a prospect that may not be desirable for many.
seems the SEC thinks Solana, Cardano, Polygon, Cosmos, Algorand etc are ALL securities
this gets Coinbase, Robinhood etc involved as well
time to put the interchain bullsh*t aside and unite against the war on crypto
the SEC is unhinged and must be stopped pic.twitter.com/Win17xRJOP
— lightspeed mert | helius.dev (@0xMert_) June 5, 2023
Solana Price Analysis: What’s Next For Solana?
While the outcome of the ongoing lawsuits against Coinbase and Binance remains uncertain, exchanges may proactively delist tokens like Solana. This is because of the ambiguity surrounding their future classification. Such a move would make it more challenging for the significant US investor base to access and invest in Solana, which could negatively impact its long-term price prospects.
In addition to the regulatory concerns, SOL’s technical indicators also raise apprehensions. The support provided by the lower trendline prevents a further decline in the SOL/USD pair. However, the downward-pointing Relative Strength Index suggests that there is still room for additional drops in the near future. If a daily candle closes below the lower trendline, it may lead to a further decrease in prices. The ensuing downtrend could send SOL to the next support level standing at $16.5.
The SEC classifying Solana as a security and the lawsuits against Binance and Coinbase have introduced significant uncertainties. The outcome of these legal proceedings will have substantial implications for SOL and other affected tokens.
The potential delisting of SOL from US exchanges and technical concerns may dampen its long-term price outlook. Market participants should closely monitor the developments of alternative coins like AiDoge. This meme coin may surpass Solana in price surge amid investors’ frenzy.
AiDoge: The Memetic Marvel Gearing Up for CEX Listings Following Successful Fundraising Round
Amidst the ongoing market turbulence, AiDoge has stood out. It has emerged as a meme coin with a unique blend of humor and AI concepts. Having recently concluded its presale, it boasted an outstanding achievement of raising $14.9 million in just over a month. The project is now gearing up for its highly anticipated token launch on centralized exchanges (CEXs) on June 19.
As the crypto community eagerly awaits this event, AiDoge’s developers are providing a final opportunity for investors to acquire $AI tokens at the final stage price of $0.0000336. With its imminent entry into the market, AiDoge is poised to make a substantial impact and potentially reshape the meme coin landscape in 2023.
Inception of AiDoge
AiDoge distinguishes itself from other meme coins by combining an amusing aesthetic with the intriguing world of artificial intelligence. This unique fusion has propelled the project to global recognition, captivating the interest of investors worldwide. The successful completion of the presale, reaching its fundraising goal of $14.9 million, attests to the exceptional response from the investing community and solidifies AiDoge’s position as a promising contender in the crypto space.
Memes + AI = 🤝 Unstoppable!
Witness the power of memes and AI coming together with #AiDoge.🌟
We’re here to revolutionise the crypto world one meme at a time.😎
Grab some $AI before it’s too late!🔥
— aidogecrypto (@aidogecrypto) May 29, 2023
CEX Listings and Token Launch
The upcoming CEX listings of AiDoge’s $AI token mark a significant milestone in the project’s journey. Scheduled for June 19, this event has generated widespread excitement and anticipation among crypto enthusiasts. With the coin’s integration into established exchanges, AiDoge aims to amplify its reach and accessibility to a broader audience of investors. The timing of this launch is particularly noteworthy, as it aligns with the growing interest in meme coins and the increasing recognition of their potential value.
🗓️12 DAYS TO GO! 🚀
The #AiDoge CLAIM & LAUNCH is almost here!
Mark your calendar for June 19th! 🔥
— aidogecrypto (@aidogecrypto) June 7, 2023
Earn Crypto Rewards through Staking: AiDoge Token Introduces Exciting New Feature
Do not forget about AiDoge’s staking and rewards feature! With this exciting addition, users can stake their tokens, earn credits, and get rewarded with $AI tokens. The process is straightforward, allowing participants to earn passive income while supporting the AiDoge ecosystem. By staking their tokens, users contribute to the network’s security and stability while reaping the benefits of crypto rewards. This innovative feature adds another layer of engagement and value to the AiDoge community, attracting investors and meme enthusiasts seeking to maximize their involvement with the project.
Don’t forget about #Aidoge’s staking and rewards! 🌟
Stake, earn credits, and get rewarded with $AI tokens! It’s that simple 😎
Secure your spot today before CLAIM & LAUNCH on June 19th! 🚀
— aidogecrypto (@aidogecrypto) June 7, 2023
Potential Impact and Market Transformation
As AiDoge prepares to make its debut on CEXs, the project holds the potential to become a transformative force within the meme coin market. With its unique combination of humor and artificial intelligence, AiDoge has captured the imagination of investors and stands poised to make a lasting impact.
Wall Street Memes – Next Big Crypto
- Early Access Presale Live Now
- Established Community of Stocks & Crypto Traders
- Featured on BeInCrypto, Bitcoinist, Yahoo Finance
- Rated Best Crypto to Buy Now In Meme Coin Sector
- Team Behind OpenSea NFT Collection – Wall St Bulls
- Tweets Replied to by Elon Musk