Can $1000 in Cardano Make You a Millionaire If Charles Hoskinson Is Right About Crypto Beating the SEC?
The recent U.S. Securities and Exchange Commission (SEC) allegations sharply downturned prices of prominent cryptos, including Cardano (ADA).
As the value of ADA dipped by over 25% on 10 June, investors are worried about its future. While SEC remains adamant on their claim of ADA being an unregistered security, Charles Hoskinson, Cardano’s founder, recently pointed out some facts that could be ‘inconvenient’ for them.
Additionally, new tokens such as Wall Street Memes are gaining momentum despite the market uncertainty. Let’s take a look at ADA’s prospects and what coins traders are backing to defy the bear market.
What you'll learn 👉
Refuting the Allegations: The SEC’s Litigation on ADA
Following Robinhood’s decision to delist ADA, concerns have soared about ADA’s future. In response to the allegations, the Cardano Foundation has categorically denied the SEC’s charges.
Moreover, Charles Hoskinson initially responded to the SEC’s action against crypto giant Binance, labeling it a direct threat to the existence of cryptos.
He expressed concerns over the SEC’s intent to establish a financial system dominated by central bank digital currencies (CBDC) and centralized control.
Furthermore, in a candid Twitter response, Hoskinson mentioned that no ADA sales occurred in the U.S. The original financing was conducted via voucher conversions in Japan in 2017, emphasizing these ‘inconvenient facts’ for the SEC.
Input Output Global (IOG), the organization behind Cardano’s evolution, has also shed light on the necessity of regulatory transparency.
It rebuffed the SEC’s lawsuits, claiming numerous factual inaccuracies in the allegations that ADA was security. IOG’s response to SEC filings reaffirmed, “Under no circumstances is ADA a security under U.S. securities laws.”
Source: CoinMarketCap
After the 25% dip on 10 June, ADA recovered rapidly from the $0.27 support mark. The past two days marked a more than 10% rise, aiming to break the $0.3 resistance.
Moreover, according to LunarCrush, a platform that ranks cryptos based on market and social activities, Cardano held the top position amongst 5,230 coins.
The responses from Charles and the IOG have restored some confidence, as reflected by this spike in ADA’s community engagement and market relevance.
Despite the uncertainties, Cardano’s network is rapidly developing. The forthcoming Hydra upgrade is projected to boost ADA’s value further.
If Hoskinson’s comments prove true, Cardano’s value could rise exponentially, but if the SEC comes out on top the coin could be in big trouble.
This has led to traders looking for alternative tokens that have the potential to defy the current bear market.
Which Tokens Do Traders Think Could 1000x This Year?
While seasoned cryptos have been struggling, others like Wall Street Memes and AiDoge are achieving milestones.
These projects, leveraging their USPs and strong community support, could offer a high upside potential to early investors even in the current volatile market.
Wall Street Memes: Meme Token Backed By A Strong Community, Raised Over $6.5 Million
In the ongoing meme coin season, tokens like Pepe surged to offer exponential returns to early investors. Wall Street Memes ($WSM) seeks to ride this meme coin wave and offer opportunities to those who missed out on their chances with other meme coins.
$WSM is a token birthed by the creators of the Wall St Bulls NFT collection, which sold out within minutes of launch.
The project has established a solid community with over a million supporters across various social media platforms.
Thanks to this community’s strong backing, what sets $WSM apart from typical meme coins is its ability to sidestep the ‘pump and dump’ issues.
As a result, $WSM’s presale is a hit, raising more than $300k on the first day, and in less than three weeks, it has raised over $6.5 million. Consequently, anticipation is high for the token’s potential listings on platforms such as Binance.
The project has even caught the eye of Elon Musk, who has engaged with the Wall Street Memes tweets.
Moreover, the coin’s tokenomics favor its community, with a capped supply of 2 billion tokens, half set aside for presale buyers. The remaining tokens are reserved for rewarding the users and ensuring exchange liquidity.
Given its community backing and adaptability to the meme coin trend, many analysts consider $WSM the next 10x crypto.
AiDoge: Leveraging The Power of AI & Memes, Raised $14.9 Million and Ready For Exchange Listing
AiDoge stands out in the crypto space by merging the viral appeal of meme coins with the futuristic promise of artificial intelligence.
The crypto community has already taken notice, driving the project’s presale to reach its maximum limit of $14.9 million in only four weeks.
The creators behind AiDoge have chosen to remain anonymous – a common approach among other top meme coins like Shiba Inu. Its worth noting that the project has undergone a thorough audit by Certik, which instills an extra layer of trust among potential investors.
AiDoge’s flagship feature is its AI-infused meme generator, a unique tool that allows users to craft engaging memes using artificial intelligence. The most popular memes get $AI tokens as rewards, an approach that incentivizes user involvement and propels the platform’s growth.
The team tokens are also tied to a ten-year vesting schedule, reflecting a serious commitment to the project’s longevity.
A unique aspect of AiDoge is its staking option – investors can stake their $AI tokens to generate additional ones, adding another layer of appeal to the coin.
Despite the close of the presale period, AiDoge can still be bought at its current listing price of $0.0000336.
