Web3 🌒 Saturday Roundup: Crypto AUM hits $31.7B, Yuga Labs wins $1.6M in NFT copyright lawsuit, Floki launches TokenFi crypto tokenization platform, DOGE eyes $0.081 milestone
1/ 💵 CCData: Crypto AUM hits $31.7B, SOL-based products up 74%.
2/ 💸 Yuga Labs wins $1.6M in NFT copyright lawsuit vs Ryder Ripps.
3/ ✅ Floki launches TokenFi, a crypto tokenization platform.
4/ 🧐 DOGE $0.081 Next Milestone?
For further details, let's keep reading! 👇
Welcome to today's Web3 news update!
The cryptocurrency market is constantly evolving, with new developments and partnerships being announced all the time. In this blog post, let's discover recent new stories in the crypto and blockchain space.
Stay tuned for more updates on the developments in the rapidly evolving world of crypto!
1/ CCData: Crypto AUM hits $31.7B, SOL-based products up 74%. 💵
Crypto assets under management (AUM) jumped 6.74% to $31.7 billion in October, the first monthly increase since July. This is likely due to mounting expectations that the U.S. Securities and Exchange Commission (SEC) will approve several exchange-traded funds (ETFs) that invest in bitcoin (BTC) early next year.
Bitcoin-based products increased their market share to 73.3%, while ether-based products saw their share decline to 20.1%. Solana's SOL (SOL) cryptocurrency experienced the steepest AUM growth, adding 74.1%.
The rise in crypto assets under management is a positive sign for the industry, and suggests that institutional investors are becoming more comfortable with cryptocurrencies.
Omkar Godbole
2/ Yuga Labs wins $1.6M in NFT copyright lawsuit vs Ryder Ripps. 💸
In a recent ruling, a federal judge has ordered Ryder Ripps and Jeremy Cahen to pay $1.6 million in damages to Yuga Labs for copyright infringement. The judge ruled that Ripps and Cahen had infringed on Yuga Labs' trademarks and copyrights by copying their NFT art.
The ruling is a victory for Yuga Labs and sets a precedent for other NFT creators who are facing copyright infringement lawsuits. It also sends a message that NFT creators have the same rights as traditional artists and that their work is protected by law.
Rypps and Cahen have said that they intend to appeal the ruling, but the outcome of the case is likely to have a significant impact on the NFT industry.
3/ Floki launches TokenFi, a crypto tokenization platform. ✅
Floki has launched TokenFi, a crypto and asset tokenization platform, on October 27, 2023. The platform aims to simplify the tokenization process and become the leader in the industry.
TokenFi has a total supply of 10 billion tokens, which is equally split between BSC and ETH. The initial market cap is $50,000, with 10% of the initial supply dedicated to Liquidity Pools on PancakeSwap and Uniswap.
FlokiFi has several new products in the advanced stage of development on Testnet, which are tentatively scheduled to go live in the fourth quarter of 2023.
4/ DOGE $0.081 Next Milestone? 🧐
Dogecoin has shown remarkable resilience in recent days, maintaining a 27% increase over the past week. Analyst Rekt Capital believes that a weekly close above $0.07163 could signal a major breakout for DOGE.
The current rally in DOGE's price seems to be independent of Elon Musk, suggesting that it is being driven by broader market sentiment. Trading volume has also increased parabolically to $1.1 billion, dispelling any doubts about DOGE's resilience.
If DOGE can maintain its current trajectory, it appears to be on course to retest the $0.081 price level, which would represent its highest price point since July 25.
Brian Johnson
Conclusion:
Overall, the crypto industry is showing positive signs in October, with increasing institutional investment, legal victories for NFT creators, and new product launches. Dogecoin is also showing strong momentum, suggesting that a breakout could be imminent.
Disclaimer: The information provided in this blog post is based on external sources. Please do your own research and due diligence before making any investment or financial decisions based on the content shared here.
