Mark Young, a Solana investor, has filed a class action lawsuit against the Solana Foundation, CEO Antoly Yakovenko, co-founder Kyle Samani, and others alleging that he had sold the Solana cryptocurrency (SOL) without a security statement and that he had promoted the cryptocurrency it. although they are unregistered securities, as per various media sources.
“Solana Labs had its first SOL token sale at a‘ Dutch Auction ’held in March 2020, which was equivalent to an Initial Coin Offering (ICO). Since April 2020, funded from proceeds made through the ICO, Defendant has spent a lot of money on securities promotion SOL throughout the U.S. This promotional effort takes SOL securities from a relatively obscure crypto asset to one of the top crypto assets in the world, ”read the lawsuit filing document.
The global crypto market capitalization fell 1.69 percent to $ 1.24 trillion at 8.50 am. However, global crypto volume rose 35.54 percent to $ 85.95 billion, according to Coinmarketcap data.
Bitcoin (BTC), the world’s oldest cryptocurrency, sold at $ 21,561.64, down 1.9 percent in the last 24 hours. Ethereum (ETH) fell 2.84 percent to $ 1,214.37.
Among other significant coins, Cardano (ADA) was down by 2.75 percent at $ 0.4708, Algorand (ALGO) was trading with a loss of 1.52 percent at $ 0.3179, Solana (SOL) was trading with a loss of 0.53 percent at $ 38.26, Polkadot (DOT) was down 3.3 percent at $ 7.09, and Binance Coin (BNB) was down 0.42 percent at $ 242.17.
Most gainer today is Quant (QNT), which is up by 15.78 percent at $ 73.69. The highest loser was TerraClassicUSD (USTC), which was down 8.2 percent at $ 0.04788.
Price Meme Coin and DeFi
Dogecoin (DOGE) fell 3.24 percent to $ 0.06927. The volume to market capitalization ratio is 0.04473. Rival Shiba Inu (SHIB) was down 1.2 percent at $ 0.00001115.
Dogelon Mars (ELON) lost 2.27 percent to trade at $ 0.0000003302, Floki Inu (FLOKI) lost 2.77 percent to $ 0.000006565, and Samoyed Coin (SAMO) lost 5.91 percent to $ 0.009014 .
On the DeFi segment, YFI (yearn.finance) was down 4.29 percent at $ 6,393.46, and Terra Classic (LUNC) traded with a 5.13 percent loss at $ 0.000108. Avalanche (AVAX) was down 4.11 percent at $ 19.77, Uniswap (UNI) traded with a 3.03 percent gain at $ 6.02, and Aave (AAVE) was down 1.54 percent at $ 72.27.