Meme Coins Avoid SEC Scrutiny: Will DOGE, SHIB, PEPE Rise?

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Meme Coins Avoid SEC Scrutiny: Will DOGE, SHIB, PEPE Rise?
  • On Tuesday, the SEC filed a lawsuit against the US crypto giant Coinbase for breaking securities law.
  • In addition to this, the SEC also named various cryptos being traded as securities, but no meme coins were mentioned.
  • The prices of DOGE and PEPE increased over the past 24 hours of trading, but SHIB experienced a slight price drop.

The Securities and Exchange Commission (SEC) recently set their sights on the US crypto giant Coinbase. The lawsuit was filed on Tuesday in the Southern District of New York, and it accused Coinbase and its parent company, CGI, of breaking securities law by acting as an unregistered broker for its main crypto trading platform.

In addition to this, the SEC named 13 crypto tokens that are allegedly being sold as investment contracts or securities. The cryptos in question included some big names in the industry like Solana (SOL), Axie Infinity (AXS), Polygon (MATIC), and The Sandbox (SAND). It is worth taking note, however, that meme coins were absent from this list.

The community believes that it is thus only logical to assume that this could have a positive effect on the prices of well-known meme coins like Shiba Inu (SHIB), Dogecoin (DOGE), and Pepe (PEPE). Nevertheless, CoinMarketCap indicated that SHIB was trading in the red after it saw a slight price drop of 0.01% over the past 24 hours of trading, leaving SHIB’s price at $0.000008028.

Daily chart for SHIB/USD (Source: TradingView)

From a technical perspective, SHIB’s 9-EMA line is positioned below its 20-EMA line. This could suggest that the meme coin is in a short-term bearish cycle that could result in further price drops. On the other hand, the price of DOGE was able to climb by more than 4% over the past day, leaving its price trading at $0.0693.

Daily chart for DOGE/USD (Source: TradingView)

DOGE’s price rise was, however, not enough to pull its weekly performance out of the red zone as DOGE was down 3.09% over the past 7 days at press time. DOGE is, unfortunately, in the same boat as SHIB with its 9-EMA line positioned bearishly below its 20-EMA line.

Meanwhile, PEPE was able to earn itself a spot on CoinMarketCap’s trending list after the meme coin saw a price increase of 14.79%. As a result, PEPE was trading hands at $0.000001142.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.