Crypto Scoop: Crypto Forecasts Soar Amidst Major Market Developments

This week, the crypto space records notable predictions, strategic moves, and major regulatory updates. In this edition of the Crypto Scoop, we explore:

• Price predictions for top cryptocurrencies
• Cardano’s milestone update
• Solana’s expansion and security update
• Global crypto adoption initiatives
• Memecoins predictions and more. 

Cardano to Achieve Historic Milestone: Full Decentralisation and Advanced Governance

Cardano, the open-source blockchain platform, is poised to achieve its most significant milestone since its inception by becoming a fully decentralised network with an advanced governance system.
Cardano founder Charles Hoskinson announced that Cardano Node will reach version 9.0 this month, marking the beginning of a new development era known as Voltaire. This transition will occur through the implementation of the Chang fork, which is named in honour of Phil Chang, an early leader in Cardano governance who passed away in 2022.

The Chang fork will integrate the technical capabilities of CIP-1694’s on-chain governance into the mainnet, paving the way for Cardano's advanced governance system. This upgrade requires 70% of its stake pool operators (SPOs) to install the new node before the network undergoes a hard fork to fully transition into the Voltaire era.

Once the Voltaire era is launched, Cardano will boast a governance system with annual budgets, a treasury, and active input from community members. Hoskinson emphasised that this development will transform Cardano into a decentralised civilisation with millions of participants worldwide, highlighting the network's commitment to decentralised governance and community-driven decision-making.

Solana Cracks Down on Validator Sandwich Attacks and Expands with Circle’s Web3 Integration

The Solana blockchain has recently been at the centre of significant developments in terms of its security measures and its integration with new Web3 features. The Solana Foundation has taken a firm stance against malicious activities within its network by removing a group of validator operators involved in sandwich attacks from its delegation program. Sandwich attacks, a form of front-running, occur when a malicious trader places one order before a transaction and another immediately after, ensuring that retail traders receive the worst possible price while the attacker profits from the manipulated price difference.

These validators were identified through their participation in mempools, which facilitate such attacks. Solana’s validator relations lead, Tim Garcia, announced on Discord that operators engaging in these malicious activities, including participating in private mempools for sandwich attacks, will not be tolerated. Consequently, any validator found engaging in such behaviour will be permanently removed from the delegation program, and any stake from the Foundation will be withdrawn.

In addition to tightening security, Solana is also expanding its capabilities through a new integration with Circle. On June 12, Circle announced it would roll out support for the Solana blockchain across its Web3 services in two phases.

The first phase will introduce programmable wallets and a gas station feature to Solana. Programmable wallets will allow developers to automatically manage assets based on predefined rules, while the gas station feature will enable sponsored transaction fees. This means tasks that typically require manual execution, such as executing transactions when specific conditions are met, can now be automated. The second phase will extend support to non-fungible tokens (NFTs) and program interactions through Circle’s Smart Contract Platform. This integration will align Solana with other blockchains supported by Circle’s Web3 services, including Ethereum, Polygon, and Avalanche.

Memecoins Spark Conversations and Predictions in the Crypto World

Galaxy Digital CEO Michael Novogratz has hailed memecoins as the "most powerful narratives out there," describing them as a cornerstone of the cryptocurrency industry. In a post on X, Novogratz emphasised the potential fortunes to be made in memecoin investing, citing his son-in-law's success with coins like Dogecoin and Dogwifhat. However, it was noted that this enthusiastic view is not universally shared. Critics often dismiss memecoins as "silly casino chips," questioning their long-term value and utility.

Despite the scepticism, memecoins have gained traction among celebrities and influencers. Late in May, Australian model and rapper Iggy Azalea announced her own cryptocurrency, dubbed MOTHER. The token quickly rallied to an all-time high of around $0.27, reaching a market capitalisation of nearly $300 million. However, the market cap has since fallen to around $150 million.

Following Azalea, controversial internet personality Andrew Tate also entered the memecoin space, launching a token named RNT. This new edition has rapidly gained attention within the Solana community, amassing a market capitalisation of approximately $50 million shortly after its debut.

The increasing popularity of memecoins has not gone unnoticed by institutional investors. BitMEX co-founder Arthur Hayes predicted that Dogecoin, one of the most well-known memecoins, would eventually secure its own ETF. During an interview with Real Vision CEO Raoul Pal, Hayes suggested that Dogecoin's simplicity and widespread recognition make it an attractive option for new crypto investors. He believes that as the Federal Reserve and US Treasury continue to print money, the market for memecoins will only grow crazier.

Hayes argues that memecoins offer an accessible entry point for newcomers to the crypto space. "I don’t need to understand blockchain, AI, crypto, and cryptography," he said, highlighting the straightforward appeal of these digital assets.

Terraform Labs and Do Kwon Agree to $4.5 Billion Settlement with SEC

Terraform Labs and its former CEO, Do Kwon, have agreed to pay the U.S. Securities and Exchange Commission (SEC) $4.5 billion in disgorgement, prejudgment interest, and civil penalties. This settlement, which is pending approval by a New York judge, would also ban Kwon and Terraform Labs from buying or selling any crypto asset securities.

The agreement comes after a New York jury found Kwon and Terraform Labs liable for civil fraud in connection with the $40 billion collapse of the Terra ecosystem in May 2022. Kwon, currently in custody in Montenegro and awaiting a decision on his extradition to either the U.S. or South Korea to face criminal charges, was not present for the trial.

Lawyers for the SEC stated that the proposed judgment would serve as a strong deterrent against misconduct in the crypto industry. The SEC and representatives for Terraform Labs declined to comment further on the settlement.