Famed Silicon Valley Angel Investor Slams Ripple’s XRP As ‘A Centrally Controlled Security’
Jason Calacanis, a prominent angel investor and internet entrepreneur, has slammed Ripple’s XRP, labeling it a “centrally controlled security.”
Calacanis suggested that the potential greenlighting of spot US-based XRP exchange-traded funds (ETFs) will make securities laws worthless. Notably, some asset managers recently received the initial nod from the U.S. Securities and Exchange Commission to list XRP ETFs on Wall Street.
XRP Is The Opposite Of Bitcoin: Jason Calacanis
According to a Feb. 17 X post by the angel investor behind ridesharing app Uber and crypto trading platform Robinhood, all cryptocurrency OGs he has talked to believe Ripple-promoted XRP is the opposite of Bitcoin (BTC).
“XRP is a centrally controlled security — is that even a question for anyone here?”
Jason Calacanis explained that the introduction of spot XRP exchange-traded funds (ETFs) could lead to full-scale “chaos” that would jeopardize the United States’ “stable and controlled” markets.
“There will be chaos in the markets as a million startups, funds, and grifters start dumping 50% of their coins on retail while slowly selling the 50% they own and control,” he opined.
According to the veteran investor, XRP should only be available to sophisticated investors who understand how “dangerous” investing in such a project is.
XRP Centralization Concerns
Ripple’s XRP Ledger has long been the subject of controversy in the cryptoverse due to its perceived centralization, with critics arguing that a handful of individuals and the XRPL Foundation wield a lot of control thus undermining the decentralized tenets championed by blockchain purists.
The XRP Ledger is undeniably more centralized with regard to the number of validators that secure its network. There are roughly 100 validators on the XRP — dramatically lower than on Bitcoin, which is powered by more than 1 million miners.
In addition, only about 35 validators are on XRPL’s default Unique Node List (UNL), meaning less than three dozen entities are responsible for keeping the network alive and reliable.
It’s worth mentioning that according to Ripple’s most recent financial disclosures, the blockchain payments firm holds some 4,485,366,320 XRP in liquid assets. It also controls approximately 38 billion XRP currently in escrow.
Meanwhile, Ripple has enthusiastically thrown its support behind the new President Donald Trump administration, with CEO Bradley Garlinghouse advocating for a U.S. digital asset reserve that would prominently feature XRP.
At press time, XRP changed hands at $2.64.
Next Cryptocurrency to Explode, 17 February — Story, Decentraland, WEMIX, IOTA
The market’s overall mood was positive from the close of October 2024 until the beginning of this year. Last month, Bitcoin (BTC) rose above its all-time high and surpassed the $100K mark. Eventually, it exceeded $103K before dropping to $96.1K as of press time today. Meanwhile, many investors have already made plenty of gains from the November/December 2024 bull run.
Determining the next cryptocurrency to explode might be challenging as most funds are attracted to pumping assets. However, this article will explore the performance of cryptocurrencies with much growth potential, especially before the year runs out. The aim is to identify coins with some potential and help investors and traders make informed decisions about each token.
Today’s article discusses the performance of potentially explosive cryptos that investors should add to their watchlist. It also includes a special mention of the presale token Solaxy. This new meme coin offers a unique blend of these two dynamics: it combines meme coins’ excitement and reward potential with the practical utility of a Layer 2 blockchain solution.
Story Protocol is making waves in the blockchain space with its Layer-1 network built to transform the massive $61 trillion intellectual property market. The platform offers a decentralized way for creators, brands, and even AI-driven projects to manage, trade, and monetize their digital assets. With Story Protocol, users can register, tokenize, and set rules for their intellectual property, making licensing and modification easier.
Shortly after listing on multiple exchanges, the project saw a significant price jump, with its token, IP, surging by 81.4% within 24 hours. Data from CoinGecko showed that on February 14, the token hit an intraday high of $2.16, giving it a market cap of $456 million. However, as of today, IP is trading at $1.73, reflecting a 39.97% weekly drop but with a 15.66% recovery in the last 24 hours.
The token made headlines as one of the top-performing assets on its launch day, especially after the official rollout of Story Protocol’s mainnet. This launch followed a six-month testnet phase and coincided with the Token Generation Event, which introduced over 1 billion IP tokens into circulation. Reports indicate that 25% of this initial supply has been unlocked, with a large portion—58.4%—allocated to ecosystem growth, community incentives, and development.
In recent updates, Transak, a Web3 payment service, announced its integration with Story Protocol. This partnership aims to simplify fiat-to-crypto transactions, making it easier for users to engage with decentralized intellectual property management. Story Protocol is positioning itself as a game-changer in the blockchain-based IP industry with continuous improvements and new collaborations.
Decentraland (MANA) is a virtual reality platform built on the Ethereum blockchain, allowing users to create, explore, and monetize digital experiences. Its decentralized governance model sets Decentraland apart, where MANA holders can vote on key platform decisions, from policy changes to virtual land auctions and content regulations.
Currently, MANA is priced at $0.3355, reflecting a 3.90% gain over the past week. While market sentiment remains bearish, the Fear & Greed Index stands at a neutral 51, showing signs of improvement compared to last week when fear dominated the market.
Over the past month, MANA has shown remarkable stability, closing 23 of the last 30 days in positive territory—an impressive 77% success rate. Its strong liquidity also makes it an attractive option for traders. At its current price of around $0.34, MANA is eyeing resistance levels at $0.425, $0.610, $1.460, and $2.550. If the bullish momentum continues, these price targets could come into play in the coming weeks. However, market conditions remain unpredictable, and investors should stay alert to potential price swings.
With the next bull market expected to boost Solana-based tokens, Solaxy (SOLX) is emerging as a project to watch. Having already secured over $21 million in its presale, Solaxy is positioning itself alongside well-known projects like Pepe Unchained and Wall Street Pepe.
Although it has not yet gained widespread attention, market trends could soon shift in its favor as investors look for the next big opportunity following recent high-profile launches. Investors participating in the presale can benefit by staking their tokens at a discounted ICO price. Staking is already live and offers an impressive 192% APY, though this rate will decrease as more tokens enter the staking pool.
Over 6 billion $SOLX tokens have been staked so far. The project’s tokenomics also stand out, as no $SOLX tokens have been set aside for the team. This “fair launch” approach ensures the project remains community-driven and aligns its goals with investors’ interests.
Solaxy’s long-term success will likely depend on Solana’s growth, making it a project worth monitoring. Investors looking for the next big opportunity should keep a close watch as the project prepares for its official launch.
Buying $SOLX is straightforward. Investors can swap ETH, USDT, BNB, or SOL with additional options for card payments and in-app purchases via Best Wallet. After the presale, $SOLX will be listed on a decentralized exchange (DEX), with the potential for centralized exchange (CEX) listings later. Speculation around the token’s price potential continues to build as its launch nears.
Join the SOLX Presale
WEMIX has been gaining traction, recording a 17.41% increase in the past week. Its rising market cap and trading volume signal strong short-term growth. However, the token still trades 42.07% below its 200-day Simple Moving Average (SMA). With a 14-day Relative Strength Index (RSI) of 68.17, WEMIX currently sits in neutral territory, suggesting the possibility of sideways movement. The overall market sentiment remains neutral, as reflected by the Fear & Greed Index score of 51.
As a key component of the WEMIX3.0 blockchain, the token supports a thriving Web3 ecosystem. The network is built with compatibility with Ethereum Virtual Machine (EVM). It runs on a stake-based proof of authority (SPoA) consensus mechanism, ensuring quick and secure transactions. Governance is handled by 40 Node Council Partners (NCP), making WEMIX essential for gas fees and network operations.
The WEMIX ecosystem offers several platforms that enhance its Web3 environment. WEMIX Play is a gaming platform that integrates play-and-earn features. At the same time, NILE uses decentralized governance to oversee various projects. Additionally, WEMIX.Fi provides decentralized finance (DeFi) services with low fees and high speeds. The network also includes WEMIX$, a fully collateral-backed stablecoin that helps maintain stability.
Users can manage assets through the WEMIX Wallet, while WEMIX Explorer offers insights into blockchain activity. However, a recent pause in WEMIX.Due to concerns about WEMIX$’s liquidation processes, Fi’s lending and borrowing services have raised some uncertainties. The community eagerly awaits further updates on this matter.
With its expanding ecosystem and steady market performance, WEMIX continues to attract attention. While the token’s long-term trajectory remains uncertain, its current developments position it as a key player in the Web3 space.
The IOTA ecosystem has recently seen several exciting developments. The IOTA Foundation has partnered with Lukka, a blockchain analytics and compliance solutions provider, making Lukka the exclusive supplier of compliance-related tools within the IOTA network.
Additionally, Ankr has introduced a significant upgrade by integrating IOTA EVM into its Web3 API service. This enhancement allows developers to build decentralized applications (dApps) more efficiently and offers seamless connectivity through Ankr’s RPC endpoints. With this integration, developers can now interact with IOTA EVM nodes without setting up their infrastructure.
IOTA is also gaining traction in the Web3 sector and digital economies across Africa. The Trade Logistics Info Pipeline (TLIP), an initiative backed by the World Economic Forum (WEF), Trademark Africa, the Tony Blair Institute for Global Change, and the Institute of Export and International Trade, highlights IOTA’s increasing role in global trade and digital transformation.
Moreover, IOTA recently announced key updates to the Rebased network. This upgrade significantly improves scalability, efficiency, and decentralization, reinforcing IOTA’s position as one of the fastest and most cost-effective decentralized networks available.
Despite these positive advancements, IOTA’s native token has faced market struggles. As of February 17, its price dipped slightly by 0.03% to $0.2343, and trading volume dropped 5.46% to $27.17 million over the last 24 hours. However, as these developments take effect, many expect IOTA’s token to perform better in the coming weeks.