Following the landmark decision for Ripple alleging that some sales of XRP did not constitute securities sales, tokens included in the US Securities and Exchange Commission (SEC) lawsuits against major cryptocurrency exchanges Binance and Coinbase experienced noticeable price movements.
Some of these tokens managed to recover, while others showed a more stagnant performance when denominated in Bitcoin (BTC).
| Ticker | Price | 1W Change | YTD performance | Traded volume |
|---|---|---|---|---|
| SOLBTC | 0.0009142 | 29.33% | 51.63% | 79,052K |
| ADABTC | 0.00001143 | 21.21% | -23.08% | 46,064K |
| MATICBTC | 0.00002746 | 20.33% | -40.12% | 33.96K |
| COTIBTC | 0.00000183 | 12.96% | -43.34% | 604 |
| SANDBTC | 0.00001519 | 11.12% | -34.38% | 5,481K |
| MANABTC | 0.00001394 | 10.63% | -22.38% | 3,789K |
| AXSBTC | 0.0002112 | 10.06% | -41.98% | 4,474K |
| NEARBTC | 0.00004788 | 8.84% | -36.94% | 3,537K |
| CHZBTC | 0.00000268 | 7.20% | -55.78% | 1,532K |
| ICPBTC | 0.0001417 | 6.14% | -40.41% | 1,032K |
| ALGOBTC | 0.00000384 | 4.63% | -63.22% | 5,142K |
| DASHBTC | 0.001144 | 3.44% | -54.87% | 2,339K |
| ATOMBTC | 0.0003225 | 3.17% | -42.99% | 5,399K |
| FILBTC | 0.0001481 | 3.13% | -18.67% | 7,026K |
| FLOWBTC | 0.00002046 | 1.19% | -48.07% | 2,323K |
| NEXOBTC | 0.00002057 | 0.93% | -48.26% | 159 |
Many tokens fell more than 20% in June following the SEC lawsuits against Coinbase and Binance. However, at the time of writing, Solana (SOL) has now shown solid weekly performance with a 29.33% gain against BTC, despite a year-to-date performance of 51.63%. This figure gives SOL an edge over many other tokens after the lawsuits.
Cardano (ADA) has also shown resilience. Despite a year-to-date performance of -23.08%, the token managed an impressive 21.21% gain over the past week. Similarly, Polygon (MATIC) showed a solid weekly performance up 20.33%, even though it has shown a -40.12% performance since the start of the year.
In contrast, other tokens have struggled. For example, Flow (FLOW) has only recovered by 1.19%, reflecting a year-to-date performance of -48.07%. The Nexo token (NEXO) has also seen minimal change, with a meager 0.93% gain over the week and a performance of -48.26% since the start of the year.
Additionally, NEXO experienced shallow BTC trading volumes along with COTI over the past 24 hours, according to data from TradingView.
Bitcoin itself is up just 3.3% against the dollar this week.
As previously reported, gaming-related tokens such as CHZ, SAND, MANA, FLOW, and AXS were the hardest hit in June and experienced double-digit withdrawals, with only MANA and SAND showing signs of recovery as of going to press. However, tokens such as SOL, ADA and MATIC have shown a commendable recovery, gaining more than 20% over Bitcoin.
However, the long-term implications of these lawsuits remain uncertain, as does the impact of potential regulatory action on various tokens and exchanges.
Ultimately, the outcome of the SEC lawsuits against Binance and Coinbase will now be the next battleground in the quest for regulatory clarity surrounding the sale of digital assets.