Cardano Drops From Top 10; Ex-FTX Exec Imprisoned; AI-Created Memecoin Rocketing in Value
Summary:
The recent surge of memecoin launches has led to Cardano being bumped from the crypto top 10, with Shiba Inu surpassing it in the rankings. Ex-FTX executive, Ryan Salame received a 7.5-year prison sentence for operating an unlicensed money transmitting business and for fraudulent campaign financing. Meanwhile, a memecoin developed by ChatGPT jumped to a valuation of $638 million just over a year after its inception. The memecoin's success was attributed to its decentralized nature.
In adverse circumstances, Cardano was bumped from the top 10 cryptocurrency list due to the recent surge in memecoin creations. On May 28, Ryan Salame, an ex-FTX executive, got a 7.5-year jail term. A memecoin developed by ChatGPT reached an impressive worth of $638 million just over a year after its inception.
The uptick in memecoin interest over the recent weeks has seen Shiba Inu surpass Cardano in the top 10 cryptocurrency list based on market capitalization. Pepe (PEPE), Shiba Inu (SHIB), Dogwifhat (WIF) and more established new all-time peaks during the recent bullish memecoin run, overshadowing many major cryptocurrencies.
Once at position three during the 2020-21 bull period, Cardano (ADA) has currently slipped to the 11th place, surpassed by Shiba Inu. At present, Shiba Inu's market cap is $16.4 billion, slightly more than Cardano's $16.3 billion. Cardano is now valued at $0.45, a drastic 80% drop from its peak price of over $3.10. While Bitcoin and other altcoins have recouped most of their past losses and even setting new all-time highs, Cardano, much like Ripple (XRP), seems to be confined to a certain price range.
Ryan Salame, a previous co-CEO of FTX Digital Markets, was sentenced to 7.5 years in jail on May 28. U.S District Judge Lewis Kaplan decided on the punishment in the Southern District Court of New York. Salame was deemed guilty of conducting an illegal money transmitting business and participating in fraudulent campaign financing. He admitted guilt in September 2023.
"Salame furthered the agendas of FTX, Alameda Research, and his co-conspirators via an illegal political influence drive and unlicensed money transmitting business, enabling FTX to expand rapidly by working outside the law," stated U.S. Attorney Damian Williams.
Salame exposed FTX's deception just days prior to Sam Bankman-Fried's resignation as CEO in November 2022. In March, Bankman-Fried received a 25-year prison sentence.
A memecoin using the widely-known OpenAI chatbot ChatGPT that started with a budget of $69 achieved a staggering value of $638 million, a year after it was launched. May 28 saw the memecoin Turbo hit a fresh peak of $0.009302, resulting in its market capitalization hiking to nearly $638 million, as per CoinGecko data.
The meme token noted remarkable growth in the past three months, leaping from $27 million to over $600 million. This signals a 2262% growth in market capitalization in the last 90 days.
Turbo’s creator, digital artist Rhett Mankind, attributes the token's success to its decentralized framework. He noted on the project's official page that his lack of involvement in its operation is the reason behind its surge in popularity.
Mankind introduced the Turbo memecoin in April 2023 using innovative cues to steer the AI chatbot in creating “the next big” memecoin.
Geraint Price, Sam Bourgi, and Felix Ng contributed additional reporting.
Published At
5/29/2024 4:00:32 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.