Another week ends with a number of high-profile developments unfolding in the crypto space. Amid these developments, meme coins, meme stocks, and Ripple have emerged as hot topics and garnered global attention.
Here are some of this week's top headlines.
meme coin echo buzz
Remarkably, the memecoin sector has emerged as a hot topic in crypto town this week, with PEPE and FLOKI leading the way.
Pepecoin, a frog-themed meme token, hit a new all-time high this week, defying the expectations of the entire crypto market. Moreover, in a surprising turn of events, despite the prevailing bull market, smart money addresses and whales continue to accumulate large amounts of tokens, sparking optimism about future price movements.
Another notable performer was FLOKI, a dog-themed meme coin that also experienced an unprecedented price surge last week. This price increase was primarily driven by his FLOKI token burn proposal and listing on Revolut, positioning Floki Inu as one of the leading coins in the meme token market.
The sudden rise and fall of meme stocks
Meanwhile, meme stocks such as GameStop (GME) and AMC suddenly bounced back following the resurrection of Roaring Kitty's social media accounts and took the trading environment by storm. Notably, meme coins also rose in tandem with the rise of meme stocks, sending ripples throughout the global trading environment.
However, meme stock quickly returned to a downward trajectory, making this a memorable week for meme-based investment products. GameStop also entered into an open market agreement with Jefferies LLC to sell 45 million shares of its stock.
Related article: Elon Musk announces important Grok update amidst OpenAI hype
Ripple's lawsuit takes a new turn
Meanwhile, the long-running U.S. SEC v. Ripple case also received a lot of attention this week. Following the filing of an omnibus letter motion to seal XRP institutional sales discounts, distribution agreements, and other important details, Ripple CFO Jonathan Bilic filed a declaration in support of Ripple's motion to seal the documents.
Interestingly, as this news surfaced, it was pointed out that a whopping 280 million XRP was moved via whales, adding a layer of intrigue to Ripple and XRP's crypto business. At the same time, pro-XRP attorney Fred Rispoli spoke on the Legit Brothers livestream and said the lawsuit could be concluded by July or August of this year.
Following the above developments, the XRP community seems to be in a state of frenzy.
Also read: Cardano reaches break-even point with $2.7 billion ADA as ADA/BTC bottoms
