Analyst Says Low-Cap Ethereum-Based Altcoin Is Looking Exceptionally Strong, Updates Outlook on Aave and Pepe
A closely followed crypto analyst believes that one Ethereum (ETH) restacking protocol is starting to look extremely bullish.
Pseudonymous analyst Altcoin Sherpa tells his 226,300 followers on the social media platform X that Eigenlayer (EIGEN) may continue to surge for several factors.
“One coin/trade I haven’t seen on the timeline at all is EIGEN.
- ETH season probably coming.
- Hot new coin with former insane hype and current underpriced fully diluted valuation (current = $5.5 billion) compared to before.
- New tech.
- Everything’s up a lot but this looks exceptionally strong.”
Looking at his chart, the analyst suggests that EIGEN is printing a bullish pattern of higher high and higher low prices on the 12-hour timeframe.
EIGEN is trading for $3.15 at time of writing, up 7.6% in the last 24 hours.
Next up, the analyst says that AAVE, the native token of a top lending platform on Ethereum, might be in an uptrend after breaking through resistance at the $170 level.
“AAVE still one to focus on. I’m bidding and already filled some. This has a lot of room to run if DeFi is going to truly run.”
AAVE is trading for $181 at time of writing, up more than 4.3% in the last 24 hours.
Lastly, the analyst suggests memecoin Pepe (PEPE) may be gearing up to have another run to the upside if it can break out of resistance at the $0.00001084 level.
“PEPE is going to full send eventually. I still think higher cap memes are good bets.”
Pepe is trading for $0.00001067 at time of writing, up 7.5% in the last 24 hours.
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Nigerian Authorities Fine Two Crypto Firms $30,000
According to Nairametrics, a Nigerian local news source, the Federal High Court in Abuja has convicted two crypto firms, Egomsinachi Road Autos Limited and Chimera Log & Haulage Services Limited, for engaging in illegal USDT-to-Naira transactions.
This conviction, handed down by Justice Joyce AbdulMalik on Thursday, continues the Economic and Financial Crimes Commission’s (EFCC) aggressive enforcement against unlicensed crypto trading platforms in the country.
As part of the judgment, the court has ordered the companies to forfeit N50 million (approximately $30,000) from their accounts to the EFCC recovery account.
The case is the third conviction the Federal High Court reported for illegal crypto trading, following a similar judgment against another crypto firm, Official Gredo, just weeks earlier.
Two Crypto Firms Convicted: Is Nigeria Policy Too Strict?
According to the local source, Thursday’s proceedings were caused by Egomsinachi Road Autos Limited and Chimera Log & Haulage Services Limited’s failure to comply with regulations.
The regulation requires them to report their financial transactions to the Special Control Unit on Money Laundering (SCUML), as stipulated under Section 11(3) of the Money Laundering (Prevention & Prohibition) Act, 2022.
According to Nigerian financial regulations, both companies were found to have been conducting unlicensed USDT-to-Naira trading, an activity they are not authorized to engage in.
These companies were also accused of operating in the specialized financial sector without the necessary licensing despite not being authorized dealers in the Nigeria Autonomous Foreign Exchange Market.
During the arraignment, Chukwubuka Felix Ogumba, the director of both companies, pleaded guilty to the charges on their behalf. This plea paved the way for a plea bargain agreement with the EFCC.
In court, EFCC prosecutor Ogechi Ujam urged the judge to approve the conviction in accordance with the plea bargain arrangement.
Justice AbdulMalik confirmed the arrangement after ensuring that Ogumba had entered into it voluntarily.
Ogumba’s legal counsel, Chikaoso Ojukwu SAN, supported the plea deal and urged the court to ratify it.
As a result, each company was ordered to forfeit N25 million (about $13,000) to the Nigerian government, a sum the EFCC recovered during its investigation.
In addition to this forfeiture, the companies were fined N500,000 each, which must be paid to the federal government.
Furthermore, the court ordered that Ogumba, the convicts’ director, submit an affidavit of good behavior before the court.
The EFCC’s Ongoing Crackdown
The conviction of Egomsinachi Road Autos Limited and Chimera Log & Haulage Services Limited is part of the EFCC’s broader crackdown on illegal crypto trading in Nigeria.
These companies join a growing list of entities under investigation for unlicensed trading of USDT-to-Naira transactions.
The EFCC has identified several individuals and firms accused of using unauthorized cryptocurrency platforms to manipulate the value of the Naira and launder illicit funds.
In a similar case earlier this year, two other Nigerian crypto companies, Paparaxy Global Ventures Limited and Lemskin Technologies Limited, were ordered to refund the government N160 million (around $95,000) after being accused of engaging in illegal financial activities.
The EFCC’s investigation revealed that these companies were part of a larger network manipulating exchange rates and using crypto platforms to carry out illicit financial transactions.
This recent conviction comes as the EFCC is also working to freeze significant amounts of money linked to unauthorized foreign exchange activities.
The court has already secured orders to freeze over $325,000 held in accounts associated with individuals and businesses suspected of engaging in illegal USDT-to-Naira transactions.
— Cryptonews.com (@cryptonews) October 24, 2024
Binance executive Tigran Gambaryan has left Kuje prison and is officially out of Nigeria.#TigranGambaryan #BinanceExecutivehttps://t.co/yT0XJPtb6u
Notably, the Nigerian government has officially dropped money laundering charges against Binance executive Tigran Gambaryan, who has been detained since February and has left Nigeria after charges were dropped.
The post Nigerian Authorities Fine Two Crypto Firms $30,000 appeared first on Cryptonews.
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