Is Crypto Dead? SEC Lawsuit Tanks BNB, Solana, Cardano Prices, $WSM Rises

Crypto prices were sent crashing as the SEC announced lawsuits against Binance and Coinbase for selling unregistered securities. 

Since then, industry figures such as Coinbase CEO Brian Amstrong and the YouTuber’s Coin Bureau and Crypto RUs have commented on how they see things playing out for the industry.

Following the SEC’s lawsuit announcement, crypto prices plunged, with many coins dropping as much as 30%. Proof-of-Stake cryptos were hit hardest since the SEC previously stated they are all securities. Some of the worst affected were BNB, Solana and Cardano. 

BNB is down 22% in the last seven days, meanwhile, Solana has dived 28% and Cardano 27%.

In a recent conversation with the Wall Street Journal, Coinbase CEO Brian Amstrong stated that he does not believe the SEC’s allegations are correct, referencing the Howey test and pointing out that all four pillars must be met for an asset to be deemed a security.

The Howey test is a legal test used in the United States to determine whether an asset is a security. 

The four elements of the Howey test that Armstrong referred to are where an investment is (1) an investment of money, (2) in a common enterprise, (3) with the expectation of profit, or (4) to be derived from the efforts of others.

Coin Bureau has issued multiple videos since the lawsuit came to light, breaking down the individual components of each case and what they could mean for the industry. In the video on Coinbase vs SEC, Coin Bureau’s verdict was that the SEC would be the likely winner of the case since they only need to find one crypto that Coinbase sells that classes as a security.

However, Coin Buereau also said it would be “massively bullish” for crypto if Coinbase wins its case against the SEC.

Meanwhile, Youtuber Crypto RUs has published a new video stating Bitcoin’s price potential remains strong despite the recent lawsuits. The video highlighted that Bitcoin is currently forming a bullish Wyckoff pattern and that some of the claims made by the SEC may not hold much validity.

Although Cardano is now up almost 5% in 24 hours, much of the market remains on a downward trend. However, several new and upcoming tokens remain bullish despite the wider crash.

Which Cryptos Are Still Bullish?

According to YouTuber My Financial Friend, the recent SEC narrative means there is good reason to steer clear of cryptos such as BNB, Solanda and Cardano. 

However, he also pointed out recent bullish events, such as Hong Kong pushing ahead with crypto adoption and that global macroeconomic conditions are improving amid inflation decreasing. In the video, he stated that some of the best cryptos to buy are Bitcoin and XRP.

In response to recent events, crypto trader Jacob Bury agreed that Bitcoin and XRP remain bullish. However, he also highlighted that presale and AI coins could be among the best performers looking ahead. Let’s take a look at some coins within these categories that are gaining momentum despite the wider market crash.

Wall Street Memes Raises Over $6m in Two Weeks Despite Market Turmoil

Wall Street Memes has emerged as one of the hottest tokens in recent weeks. The new meme coin project is running a presale that has been massively successful so far that investors can currently purchase it at a discounted rate from its exchange launch price.

The $WSM token is currently available at $0.0283. However, the price is set to increase incrementally throughout its presale, with its final presale round priced at $0.0337.

Wall Street Memes is a meme coin launched on 25 May and has already raised over $6 million. According to Jacob Bury, the project is “high risk, high reward”, but one of the things giving it the most potential is that it already has a thriving social media with one million followers.

Besides its recent meme coin presale, Wall Street Memes is an established online brand that posts financial and crypto memes on social media. Initially, the brand was inspired by the Wall Street Bets Reddit group, and its website says $WSM aims to “tokenise the movement”.

So far, the project has fared as a massive favourite among investors. One of the main reasons is that Elon Musk has engaged with the Wall Street Memes Twitter account on multiple occasions.

Visit Wall Street Memes Presale

AiDoge IEO Set for June 19th After Raising $14.9m

Another token that’s been gathering significant momentum despite many coins struggling is AiDoge, a meme-generation platform powered by AI technology. 

Today, AiDoge is available at a fixed price of $0.0000336. Having completed its presale recently and raised a stunning $14.9, it is the last chance for traders to buy $AI at the listing price before its IEO on leading CEXs on 19 June.

AiDoge’s presale was one of the most successful of the year. Countless crypto analysts and media outlets picked it up; Youtuber Crypto Smith even called for AiDoge to 40x after its launch.

According to Crypto Smith, the AiDoge project has the potential to reach 10% of Dogecoin’s current market cap within two years. The YouTuber highlighted the presale’s success and the $Ai ticker symbol as two main factors in his price prediction.

Another reason AiDoge is bullish is that other popular presale cryptos have exploded after their exchange launches, despite the bear market. For example, Tamadoge surged 800% within seven days of its first exchange listing, with many traders expecting similar things of $AI.

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