More than $1.5 million of tokens were sold over the past three days by the Official Melania Meme (MELANIA), suggesting a programmatic selling strategy that may add downside pressure to the token.
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More than $1.5 million of tokens were sold over the past three days by the Official Melania Meme (MELANIA), suggesting a programmatic selling strategy that may add downside pressure to the token.
According to blockchain data, the team behind the Melania memecoin sold another $930,000 worth of tokens on April 28, two days after selling $630,000.
According to cryptocurrency intelligence platform Lookonchain, the selling patterns suggest dollar-cost averaging (DCA), an investment strategy that involves buying or selling a fixed quantity of an asset at predetermined times.
It flagged the activity in an April 28 post on X, writing:
“The #Melania team didn’t just add or remove liquidity to sell $MELANIA, they also employed a DCA strategy for direct sales!”
After suffering an approximately $5.8 million exploit, Solana decentralized finance (DeFi) protocol Loopscale temporarily halted its lending markets.
In a post on X on Apri 26, Loopscale co-founder Mary Gooneratne said, a hacker siphoned approximately 5.7 million USDC USDC$0.9997 and 1200 Solana SOL$151.10 from the lending protocol after taking out a “series of undercollateralized loans.”
Loopscale said in an April 26 X post, Loopscale has since “re-enabled loan repayments, top-ups, and loop closing”, but “[a]ll other app functions (including Vault withdrawals) are still temporarily restricted while we investigate and ensure mitigation of this exploit.”
Gooneratne added, that the exploit only impacted Loopscale’s USDC and SOL vaults and the losses represent around 12% of Loopscale’s total value locked (TVL).
“Our team is fully mobilized to investigate, recover funds, and ensure users are protected,” Gooneratne said.
A rule banning Securities and Exchange Commission staff from holding crypto has been asked to be removed by Coinbase to the US Office of Government Ethics
According to Cointelegraph, in a letters to OGE acting director Jamieson Greer and recently sworn-in SEC Chair Paul Atkins, Coinbase chief legal officer Paul Grewal argued that SEC staff should use cryptocurrency to better understand how it operates and the best way to regulate it. He shared these letters with X on April 25.
Grewal said in the letter to Greer, “to regulate technology, you need to understand it. To understand technology, you need to use it.”
“Permitting commission staff to hold crypto is essential to them developing the knowledge necessary to propose and adopt workable regulatory frameworks for digital securities activity,” he added.
Legal Advisory 22-04, that was issued on July 4, 2022 by the OGE, restricts the SEC staff from buying, selling, or otherwise using crypto and stablecoins because they are not “publicly traded securities” and don’t qualify for an exception, unlike stocks.