• The crypto market has been shaken by major coins plummeting to weekly support ranges.
• However, some cryptos are glowing in green in almost all time frames and expected to make a surprise rally.
• Five cryptos that could potentially breakout in the short term are TRX, FET, and AGIX.
Crypto Market Shakes Up
The crypto market has recently been shaken up by major coins plummeting to weekly support ranges. This has caused sentiment to remain negative as digital currency assets have lost a good percentage of their values.
Unexpected Rally Expected
Despite the current situation, some cryptos are still glowing in green in almost all time frames according to Coingecko. As macroeconomic indicators show an improving situation in certain areas, these cryptos are expected to make a surprise rally in the final days of February.
Top 5 Cryptos for Potential Breakout
Don’t wait! Here is a list of five cryptos that could potentially breakout:
- TRX (Tron)
- FET (Artificial Intelligence)
- AGIX (SingularityNET Governance Token)
TRX – Tron
TRON is thriving with 143 million accounts backed by nearly 5 billion transactions. According to CoinGecko, strong growth can be seen in almost all time frames with the biggest gains made in the monthly time frame at almost 16%. This shows that bulls are dominating the market and investors and traders should take this opportunity by focusing on breaking resistance at $0.06871.
FET – Artificial Intelligence Token
AI related tokens such as FET have also been experiencing bullish sentiment with its market capitalization reaching nearly $2 billion today due to its recent partnership with Fetch.AI and Bosch causing 10% growths on its weekly time frame. The only thing stopping any further bullish movement is its current resistance at $0.4097 which investors and traders should focus on breaking for continued growth in price.
AGIX – SingularityNET Governance Token
SingularityNET’s governance token AGIX is also on an uptrend due to its journey creating an artificial general intelligence (AGI). Data shows that AGIX is showing gains across all time frames with its biggest increase being nearly 150% on the monthly chart making it one of the top cryptos for potential breakouts this month.
• Paul Pierce has been charged by the Securities and Exchange Commission (SEC) for promoting a crypto security, EthereumMax.
• He was paid a total sum of more than $244,000 in EMAX tokens to promote the token.
• As part of his settlement with the SEC, he will pay a penalty of $1.1 million and be barred from promoting any crypto assets for the next three years.
Paul Pierce Settles with SEC Over Charges
Crypto regulations continue to deepen as regulators take action against the crypto industry. NBA Hall of Fame player Paul Pierce recently settled with the Securities and Exchange Commission (SEC) over charges of unlawfully touting digital asset EthereumMax, which is considered by the regulator to be a “crypto security”.
In 2021, Pierce promoted EthereumMax tokens without disclosing that he was doing so for profit. Reportedly, he was paid more than $244,000 in EMAX tokens for his services.
As part of his settlement with the SEC, he is required to pay a penalty of $1.1 million and abstain from promoting any crypto assets for three years. Additionally, it was found that on social media Pierce had misled investors regarding his holding position by posting screenshots indicating higher amounts than what he really owned before dumping all those tokens on the market.
Other Celebrities Involved
Pierce is not alone in this case; other celebrities such as Kim Kardashian and Floyd Mayweather Jr were also involved in promoting the EMAX project without disclosing their involvement or payment structure publicly.
The EthereumMax Lesson
The SEC Chairman Gary Gensler noted: “This case is yet another reminder to celebrities: The law requires you to disclose to the public from whom and how much you are getting paid to promote investment in securities, and you can’t lie to investors when you tout a security.”
• VAULT is a new platform on Solana that looks to be a major competitor for some of music’s biggest decentralized players.
• The platform is fresh off the heels of a $4M Series A fundraising round and was created by Nigel Eccles and Rob Jones, co-founders of FanDuel.
• VAULT takes an especially interesting mobile-friendly approach and is seemingly looking to build a ‘standard’ in the space with its ‘Digital Music Collectible’ (DMC) format.
VAULT: Major Competitor In Music’s Biggest Decentralized Space
VAULT is a new platform on Solana that looks to be a major competitor for some of music’s biggest decentralized players. The platform recently raised $4M in their Series A funding round, bringing their total raise to roughly $13M – all amidst bear market conditions.
The Power Behind VAULT
The project behind VAULT consists of two founders from FanDuel, Nigel Eccles and Rob Jones. They have experience navigating nascent industries with complicated regulatory landscapes, which could give them an edge over other platforms in the audio NFT space. Beyond the team, VAULT also has an interesting product offering – their ‘Digital Music Collectible’ (DMC) format essentially bundles up music packages to make them more appetizing than traditional album offerings or streaming services like Spotify.
Competition In Audio NFT Space
Though VAULT may not have first mover advantage, there are only few major competitors in the audio-based NFT space, like Audius (AUDIO). There hasn’t yet been one player that has established a dominant position – giving new entrants like VAULT a chance at making as splash.
Rihanna Joins The Scene
Just this week Rihanna released her own NFT, alongside Warner Music Group pairing with OpenSea – further evidence that traditional music entities are getting involved in the space as well.
Will VAULT Make An Impact?
It remains to be seen if VAUILT will be able to establish itself as an industry powerhouse when it comes to audio NFTs – but with their experience in navigating nascent markets and their unique mobile-friendly approach they certainly have potential for success.
• John E. Deaton scored a major victory for the crypto industry, the XRP community and Ripple.
• The SEC conceded that secondary sales of the LBC token are not securities.
• Following the news, the LBC price rose by up to 155%, indicating a potential Ripple win could double XRP’s price.
Yesterday, John E. Deaton scored a massive victory for the entire crypto industry, the XRP community and Ripple, in the remedies hearing in the litigation between LBRY and the U.S. Securities and Exchange Commission (SEC). As Bitcoinist reported, Deaton appeared as an amicus in the hearing and managed to elicit from the SEC, “live and on tape,” that it does not consider secondary sales of the LBC token as securities. In addition, the New Hampshire District Court judge confirmed that he would clarify in the final remedy that he does not rule on the secondary market.
This was great news for the LBC token, as the previous ruling would have jeopardized the token’s existence, independent of the LBRY company. Thus, it is no surprise that the price of LBC responded extremely bullish yesterday. After the news became public, the price rose by up to 155%. At press time, the LBC price stood at $0.024913, still recording a whopping spike of 120%.
This surge in the LBC token price may be a sign of what will happen to the XRP price if Ripple wins its case against the SEC. When the lawsuit was filed by the SEC in late December 2020, the XRP price plummeted a staggering -72% in one week, from $0.60 to $0.17. Thus, a Ripple win could potentially double the XRP price.
Nevertheless, the XRP community will have to wait as the case is still ongoing. It remains to be seen whether Ripple will be successful in its defense, and if the SEC will be forced to concede that XRP is not a security. Despite the uncertainty, the LBC token price surge may be a sign of what is yet to come.