It’s been an interesting week for the crypto sector after the SEC moved to sue two heavyweight exchanges in the same week. It all started on Monday, June 5th, when the SEC announced that they were suing Binance for operating as an unlicensed broker in the United States. Following the news, BTC started to tank but quickly recovered to close the day above the price where it began as the market shook off the news.
However, the SEC onslaught continued on Tuesday, June 6th, as they announced that they would also be suing Coinbase for operating illegally as it failed to register as an exchange. The second lawsuit came as a shock to traders and started to spread uncertainty throughout the market.
As a result of the lawsuit, the heavyweight exchanges are starting to shift their operations, which is causing some fear in the market, causing analysts to warn traders that they expect some turbulence in the coming days.
With the market turbulence incoming, it’s important for you to protect your assets by taking some risk off of the table or positioning yourself in strong projects with a solid future game plan. Fortunately, we’ve found two up-and-coming projects for you to take a look at that are worth diversifying into to protect your assets during the SEC’s onslaught.
But first, let’s quickly catch up with the week’s events.
SEC Lawsuit Rampage: Binance, Coinbase, and Major Cryptocurrencies Targeted
The crypto week started off with some troubling news after the United States Securities and Exchange Commission, the US-based financial regulator, announced that they would be suing Binance for operating as an unlicensed broker – violating financial laws in the country. In total, the SEC filed more than a dozen charges against Binance and its CEO Changpend Zhao, stating that the company is showing “blatant disregard” for US law.
Today we charged Binance Holdings Ltd. (Binance); U.S.-based affiliate, BAM Trading Services Inc., which, together with Binance, operates https://t.co/swcxioZKVP; and their founder, Changpeng Zhao, with a variety of securities law violations.https://t.co/H1wgGgR5ir pic.twitter.com/IWTb7Et86H
— U.S. Securities and Exchange Commission (@SECGov) June 5, 2023
The lawsuit alleges that Binance.US and CZ have been operating as unregistered US financial institutions, misled investors about what happens with customers’ funds, inflating trading volumes, and dishonesty regarding the companies’ risk profile. The regulator described the world’s largest crypto exchange as operating an “extensive web of deception,” claiming a lack of disclosure and conflicts of interest as the heavyweight company made calculated moves to evade the law.
Although Binance initially shook off the lawsuit as an unsupported attack, the company seems to be starting to feel the pressure. On Friday, Binance.US Tweeted that it would be pausing fiat withdrawal channels with its banking partners by June 13th;
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY
— Binance.US (@BinanceUS) June 9, 2023
Furthermore, it stated that it would delist all US dollar trading pairs from next week as it looked to comply with the regulators before the lawsuit started.
The troubling thing about the lawsuit is that the SEC also targeted major cryptocurrency projects, such as ADA, ATOM, BNB, AXS, SAND, SOL, and MATIC. In total, 67 crypto assets were labeled as unlicensed securities offerings, which violates US financial regulations.
Then, the following day, the SEC also announced that they would be suing Coinbase, accusing the largest US cryptocurrency exchange of operating illegally as it failed to register as an exchange in the country. The second lawsuit in two days caused mayhem in the crypto sphere as crypto aficionados voiced their opinion regarding the lack of clarity – claiming that the SEC is well out of their depths and doesn’t understand the crypto market to regulate it properly.
Market Volatility Incoming? How to Protect Your Assets
With the SEC continuing to show its heavy hand toward the crypto markets, it’s essential that you cover your back and reduce your risk exposure in the sector. Experts suggest that investors start partially unwinding positions in the event of a potential market crash if the SEC continues to cause mayhem in the market.
One method of reducing exposure is to simply swap assets into stablecoins until the dust has settled. However, although this completely removes all risks, it also eliminates all upside potential from the table. Instead, another way to protect your assets is by looking toward lower market cap projects with a solid foundation for a promising future.
In particular, some experts suggest investing a very small portion of holdings into presale projects, as they provide closed markets that slowly rise during the fundraising – preventing any downside risk as the SEC episode unfolds.
Of course, with thousands of presale projects to choose from, you can’t just put your money anywhere. Fortunately, we’ve found two promising projects worth diversifying into with the market turbulence incoming.
Wall Street Memes – The Latest Memecoin Sensation Representing the Internet’s Triumph Over Capitalism
The first promising project worth diversifying into is Wall Street Memes, the newest memecoin sensation starting to develop a cult-like following after attracting over one million followers across its social media platforms. The project is currently hosting a presale for its native token, WSM, and has already raised over $5.5 million in fundraising – in under two weeks from going live.
Wall Street Memes is crypto’s representation of the internet’s triumph over capitalism. It’s an extension of the internet’s movement against greedy bankers on Wall Street, which led to the downfall of billion-dollar institutions after the GameStop fiasco of 2021. Back then, the little guy challenged the giants on Wall Street to their own game and sent the bankers crumbling down.
Now, that same movement that caused an uproar in 2021 is back to tokenize the movement through the WSM token, allowing people to engage in the speculation with an additional dose of humor to go alongside it. The mix of internet culture, meme-based humor, and finance have analysts believing this token can provide substantial returns once it launches on tier-1 exchanges – with some expecting over 100x gains.
Like most memecoins, such as PEPE, DOGE, and SHIB, WSM has no utility. Instead, the strength of the project lies in the robust community behind it, and they’re definitely flocking to the presale to show their support for the project.
The community is growing quickly because it’s also connected to Wall Street Bulls – an NFT collection that sold 420 unique NFTs in 2021 in just 32 minutes. Now, that same community is joining Wall Street Memes to stick it to the man and make a mockery out of the traditional financial system while retaining the opportunity for them to participate in crypto investments.
One reason why investors are so eager to get positioned as early as possible in the presale is due to the fact that its large community pretty much guarantees it a listing on all of the tier-1 major exchanges in the industry. As a result, analysts predict that heavyweights sued by the SEC – Coinbase and Biannce – will also add the token to their exchanges to take advantage of the huge expected trading volume.
Introducing $WSM – yep, we’ve gone and done it.
The community token that’s flipping the Wall Street Memes game upside down!
Let’s make some serious waves together,… pic.twitter.com/fH2TMGmglZ
— Wall Street Memes (@wallstmemes) May 27, 2023
The presale for WSM is currently on fire, raising a total of $5.5 million in under a fortnight. The presale is currently sitting in the eleventh stage, selling the WSM token for $0.028. However, it’s important to note that the presale uses a rising pricing strategy, meaning that the cost of WSM will increase during each subsequent presale stage. Therefore, getting invested as early as possible is essential to take advantage of the lower prices and leave the presale with higher unrealized returns once it hits exchanges.
AiDoge – Blending the Industry’s Two Hottest Trends Into One Project
The next token worth diversifying a small amount of your holdings into is AiDoge, a revolutionary AI-powered meme-to-earn platform. Described as the greatest meme generation platform in the world, AiDoge allows users to come and create viral memes and earn rewards for their efforts.
The project is on a mission to merge meme culture with artificial intelligence – two of the hottest trends in crypto – to create a groundbreaking AI meme rewards platform. It offers an innovative meme generation solution that leverages advanced AI algorithms, user-friendly prompts, and a token-based credit system to revolutionize the meme creation process and cultivate a thriving crypto economy.
The extremely user-friendly platform allows users to generate memes using simple text-based prompts. Instead of needing artistic experience, users must write short descriptions of the memes they want to generate. The AI will then use the description to generate the ready-to-publish meme in a matter of seconds.
Once a meme has been generated, it’s sent straight to the Public Wall for users to upvote. Memes that reach the top of the Public Wall each month earn rewards for their efforts in $Ai tokens, the native token behind the platform. This community-driven approach incentivizes users to utilize the AI to its fullest potential and be extremely creative when thinking up memes.
The presale for AiDoge has reached its anticipated funding goal. However, you can still purchase the token at presale prices before it’s listed on tier-1 exchanges, scheduled for June 19th.