Crypto Market News: The U.S. Securities and Exchange Commission’s (SEC) continued attack against crypto market businesses in the last few months came as yet another stumbling block at the back of a terrible year in 2022. However, the enforcement actions barely had any impact on asset prices, as the Bitcoin price grew by as much as 60% since the beginning of 2023. Yet, many market participants see the Ripple Vs SEC lawsuit as possibly the single most legal solution to the crypto regulation conundrum in the United States.

Also Read: U.S. Advisory Warns Against Storing Funds On PayPal; Is Bitcoin The Safer Bet?

Meanwhile, the XRP token holder community is awaiting the Summary Judgement in the SEC lawsuit from Judge Analisa Torres. Besides, the deadline to make public the Hinman documents is not too far with the deadline being June 13, 2023.

Ripple Win In XRP Lawsuit Will Be One Off

Nick Morgan, the former SEC senior trial counsel, applauded the support given by individual XRP token holders in the SEC lawsuit. However, he predicted that the SEC’s history suggests the agency would defend the other crypto lawsuits even if Ripple wins the XRP lawsuit. Morgan said the SEC could argue that Ripple’s win was a one-off ruling specific to that case and has nothing to do with the rest of the crypto market. This could directly impact the perceived notion that the XRP lawsuit victory could act as the perfect legal precedent for other crypto businesses to defend legally.

“In the Ripple case, I think it’s been very effective that holders of the XRP Token have tried to have their voice heard in that case.”

It may also be recalled that Ripple is going all guns blazing in the lawsuit as it announced that around $200 million have been spent so far in legal fees.

Also Read: XRP Ledger A Game Changer: HSBC On Distributed Ledger Tech

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Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at anvesh@coingape.com or twitter.com/BitcoinReddy

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Meat and cold cut company Oscar Mayer is auctioning off a pack of Dogecoin-themed hot dogs, as announced on Twitter.

BEHODL This limited-edition pack of Hot Doge Wieners that comes with the cash value of 10,000 Dogecoins There’s only one pack in existence… and it can be yours Bid it for a chance to get it at https://t.co/ZrrUxfjPPs pic.twitter.com/FHWGhpGthF

— Oscar Mayer (@oscarmayer) August 4, 2021

Hot Dogs Have Attracted $3,500 Bid

Oscar Mayer stated that the package of hot dogs was initially valued at 10,000 DOGE. It does not appear that the company plans to accept bids in Dogecoin, making its starting value equivalent to $2,000.

The item had attracted 72 bids at the time of writing, and those bidders have placed offers as high as $3,050.

The auction is part of Ebay’s Auctions for Charity. All proceeds will go toward the food bank and hunger relief organization Feeding America. Bidding will end on Saturday at 9:00 AM PST.

The company has also changed its Twitter profile picture to include a Shiba Inu dog, the mascot of the Dogecoin community.

Dogecoin Attracts Food Brands

Social media trends have become something of a trend for popular food brands this year. Beginning in April, Slim Jim began to publish several tweets about Dogecoin and eventually introduced a collectible NFT themed around the cryptocurrency.

More recently, Burger King Brazil introduced a limited run of meat-flavored dog treats themed around Dogecoin.

Snickers, Milky Way, and KFC have also acknowledged Dogecoin on Twitter, albeit without introducing any items for sale.

The trend was likely motivated by Dogecoin’s brief but rapid price surge earlier this year, as well as related hype on social media.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.