The price of the meme-inspired cryptocurrency Dogecoin (DOGE) has surged after Tesla and SpaceX CEO, Elon Musk, tweeted out that the “bird is free,” referring to his successful acquisition of the microblogging platform Twitter.

Crypto lobbying organization Blockchain Association has filed for permission to support Ripple as a friend of the court in its ongoing defense against the U.S. Securities and Exchange Commission (SEC).

A majority of the members of Maker’s decentralized autonomous organization (DAO) have voted in favor of introducing eight Maker Improvement Proposals (MIP), which bring in MetaDAOs and activate a new vault to generate more revenue for the protocol.

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Top stories in the Crypto Roundup today:

• Dogecoin Surges on Elon Musk’s Twitter Acquisition
• Blockchain Association Supports Ripple Against SEC Case
• MakerDAO to be Divided Into Smaller Governance Entities
• Crypto Exchanges’ Average Volume Per Grade
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Dogecoin Surges on Elon Musk’s Twitter Acquisition

The price of the meme-inspired cryptocurrency Dogecoin (DOGE) has surged after Tesla and SpaceX CEO, Elon Musk, tweeted out that the “bird is free,” referring to his successful acquisition of the microblogging platform Twitter.

Dogecoin’s price doubled in value after Musk’s acquisition, before enduring a small correction. Over the last 30 days the cryptocurrency’s price is up nearly 90%, significantly outperforming the rest of the market.

Search interest for Dogecoin exploded in 2020 before the cryptocurrency’s price exploded more than 10,000% during the 2021 bull run. The surge started as investors from the WallStreetBets subreddit attempted to get DOGE to trade at $1.

The fire was also  fueled by various celebrities, including Elon Musk, who joked about the cryptocurrency on social media. Musk’s support for DOGE has grown over time, with his company Tesla accepting DOGE payments on its website for specific products.

Musk has explained his support, saying DOGE “felt like the people’s crypto,” after saying he spoke to people on the production lines at Tesla and those building rockets and SpacEX and found that many owned DOGE.

The Twitter acquisition has notably also impacted other meme-inspired cryptocurrencies, including Shiba Inu and Dogechain.

Blockchain Association Supports Ripple Against SEC Case

Crypto lobbying organization Blockchain Association has filed for permission to support Ripple as a friend of the court in its ongoing defense against the U.S. Securities and Exchange Commission (SEC).

The SEC sued Ripple and two of its executives at the end of 2020, alleging they sold unregistered securities when they issued $1.3 billion worth of XRP tokens. Ripple denies XRP is a security.

The case has gone through a number of procedural motions, and the parties have recently filed motions for a summary judgment. The Blockchain Association has now asked the court overseeing the case permission to join it. Its motion for leave reads:

"The SEC’s extremely broad interpretation of the securities laws would have devastating effects on the industry (and even outside the industry).”

The brief itself argues that the court should look at the token’s specific purpose while saying the SEC “unlawfully” looked at secondary sales as proof that the company was violating federal securities laws.

MakerDAO to be Divided Into Smaller Governance Entities

A majority of the members of Maker’s decentralized autonomous organization (DAO) have voted in favor of introducing eight Maker Improvement Proposals (MIP), which bring in MetaDAOs and activate a new vault to generate more revenue for the protocol.

The move will mark the project’s largest restructuring in its history, but has created two opposing factions with MakerDAO: the MetaDAOists and the Constitutionalists.

The MetaDAOists are in favor of the Endgame plan, which is supported by Maker co-founder Rune Christensen, while the Constitutionalists oppose it. The Endgame plan is meant to make the protocol resilient to blacklisting.

Before being executed on-chain, each of the MIPs will be subject to further votes. MIP83 will begin implementing MetaDAOs, preparing the MakerDAO to be divided into smaller governance entities.

Each MetaDAO would have its own native governance token distinct from MKR, according to the proposal. Among the MIPs was also MIP84, which if approved, would effectively set aside excess DAI to purchase staked Ethereum (stETH), a token representing Ethereum earning yield while staked on the network.

Crypto Exchanges’ Average Volume Per Grade

CryptoCompare’s latest Exchange Benchmark found that the market share of Top-Tier exchanges marginally increased from 91% in the six-month period between September 2021 and February 2022 (based on the April 2022 rankings) to 92% in the six-month period between March 2022 and August 2022 (based on the new rankings).

Learn more about CryptoCompare’s methodology and what makes up a Top-Tier exchange through our latest Exchange Benchmark report.

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Press Release

State of the Crypto by Top Tier Exchange Volume

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