Monat: April 2025

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Nike sued for $5 million over RTFKT NFTs: check key details

  • Plaintiffs accuse Nike of promoting unregistered securities.
  • NFTs linked to RTFKT fell from $8,000 to $16 after closure.
  • Lawsuit highlights legal uncertainty around NFTs as securities.

Nike is facing a $5 million class-action lawsuit that claims the company misled investors by promoting non-fungible tokens (NFTs) tied to its RTFKT platform before abruptly shutting it down.

Filed in Brooklyn federal court on 25 April, the lawsuit accuses Nike of orchestrating a “rug pull” by heavily marketing its sneaker-themed NFTs, encouraging investment, and then closing the platform in January 2025.

The case highlights growing tensions over the classification of NFTs as securities and comes amid a sharp downturn in NFT market value, with total sales plunging 63% year-on-year in the first quarter.

Nike accused of selling unregistered NFTs

The class-action group, led by Jagdeep Cheema, alleges that Nike used its brand recognition and marketing strength to promote NFTs that functioned as unregistered securities.

According to the lawsuit, Nike encouraged purchases by linking the value of the NFTs to the company’s ongoing promotional efforts, leading investors to expect rising asset values tied directly to the brand’s success.

The complaint argues that investors suffered “significant damages” after Nike shuttered RTFKT, destroying the tokens’ value. The suit also claims that Nike violated consumer protection and state competition laws.

It seeks $5 million in damages, citing breaches related to marketing unregistered securities and failing to safeguard investors’ interests after shutting down RTFKT.

Notably, the case highlights the legal uncertainty surrounding NFTs.

Although a United States court has yet to definitively rule on whether NFTs are securities, OpenSea, a major NFT marketplace, argued in an April 9 letter to the Securities and Exchange Commission that NFTs should not fall under securities regulation.

Despite this broader debate, the plaintiffs contend that the court does not need to settle the securities status of NFTs to rule on Nike’s alleged wrongdoing.

Nike NFT values crash after RTFKT shutdown

Nike acquired RTFKT Studios, a virtual sneaker and collectibles firm, in 2021.

Following the acquisition, Nike released the “CryptoKick” NFT collection, which initially traded at an average price of 3.5 Ether (around $8,000) when listed on OpenSea on 18 April 2022.

However, after Nike shuttered RTFKT in January 2025, the average price of these NFTs dropped dramatically.

By 21 April, Nike’s CryptoKick tokens were trading for around 0.009 Ether, or roughly $16.

The lawsuit argues that this collapse in value directly harmed investors who bought NFTs expecting future participation in RTFKT’s challenges and quests, a key component marketed as a reason to invest in the tokens.

The plaintiffs claim that the closure removed promised utility features that underpinned the NFTs’ value proposition, leaving investors without access to previously promoted opportunities for rewards and engagement.

NFT market sales fall 63% in early 2025

The downturn in Nike’s NFT values occurred alongside a broader slump in the NFT market.

Data shows that global NFT sales dropped to $1.5 billion from January to March 2025, marking a 63% fall compared to $4.1 billion in the same quarter of 2024.

This contraction reflects a growing scepticism among investors about the long-term value of NFTs, particularly projects closely tied to brand-driven hype.

Nike’s situation adds to a series of controversies that are challenging assumptions about the sustainability of digital asset markets.

While debates around the regulatory classification of NFTs continue, cases like the Nike lawsuit may test new legal arguments without waiting for formal rulings on securities law status.

The post Nike sued for $5 million over RTFKT NFTs: check key details appeared first on CoinJournal.

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SUI price eyes $4 but faces risks from upcoming event

  • SUI has soared 196% year-over-year to a 2-month high of $3.71.
  • $265M worth of SUI will unlock on May 1, introducing potential sell pressure.
  • Solid DeFi metrics and liquidity may, however, propel SUI toward $4.

SUI price has soared 196% over the past year, hitting a two-month high of $3.71 according to CoinGecko data.

This rally has coincided with a breakout from a falling wedge a week ago and the recent break out above the $3.60 resistance zone, which set the stage for further gains.

SUI price chart

Why is the SUI price rising today?

The SUI price surge has been fueled by a mix of strengthening on-chain metrics, a rebound of meme coin activity, and renewed investor optimism.

Over the past week, SUI has seen trading volumes exceed $3.6 billion and $11 billion in monthly volume as traders flock to the protocol amid a meme coin frenzy, especially on the protocol.

In addition, total value locked (TVL) on Sui-based protocols has climbed 40% in April to reach $2.217 billion, highlighting growing confidence in its DeFi ecosystem.

Notably, SUI’s breakout above the key resistance zone around $3.60 has triggered fresh buying interest that propelled prices toward $3.71.

A series of bullish signals across major technical indicators, including a positive MACD and universally bullish moving averages, have reinforced the uptrend.

However, the relative strength index reading of 78.80 signals overbought conditions that could precede a short pause, but momentum indicators remain firmly in buyers’ favour.

Investors have been drawn in by Sui’s expanding ecosystem metrics, with stablecoin market cap surging from $630 million to $880 million in recent weeks.

On the derivatives front, SUI futures open interest has risen by 3.75% to $1.54 billion, reflecting growing institutional engagement.

Long/short ratios near neutrality on a 24-hour basis and a slight bullish tilt among top Binance traders indicate balanced but optimistic sentiment.

The recent two-week rally of over 65% underscores the accelerating pace of accumulation among both retail and institutional investors.

Also, the daily decentralised exchange volumes hovering around $500 million have provided the liquidity backbone for the rally to sustain itself.

Analysts note that Sui’s market capitalisation of $12 billion positions it as one of the top 15 layer-1 blockchains by value, attracting significant scrutiny.

$265M SUI tokens set to unlock this week

On May 1, approximately 74 million SUI tokens worth $265 million—representing 2.28% of the circulating supply—are scheduled to unlock.

With only a third of the total token supply currently in circulation, the fresh influx of tokens could introduce notable selling pressure.

Historical patterns show that large-scale token unlocks often coincide with brief volatility spikes before markets realign to underlying growth metrics.

Notably, huge token unlocks often coincide with temporary price retracements as early holders seek to realise gains.

However, Sui’s robust on-chain fundamentals and deep liquidity suggest the network may absorb the additional supply without a significant downturn.

If buyers maintain control above the $3.60 support level, SUI could chart a path toward the $4 psychologically important milestone.

A seamless absorption of the unlocked tokens may see the price fluctuate between $3.30 and $3.60 before establishing a new upward trend.

Conversely, a spike in sell orders could drive SUI back toward its initial support at $3.30 or even retest the 10-day exponential moving average near $3.00.

Analysts point to rising total value locked and active DeFi participation as key buffers against distribution-induced volatility.

The recent derivative metrics, including a futures volume of $6.04 billion, also reflect deep market liquidity that can help cushion abrupt supply shocks.

I addition, the long/short positioning among retail and institutional accounts remains skewed modestly toward longs, signaling that many investors are braced for further gains.

Sui’s network utility is further underscored by daily DEX volumes that rival many more established chains, highlighting its rising role in decentralised finance.

Ultimately, the success of SUI’s push to $4 will hinge on sustained demand and the community’s confidence in the protocol’s development roadmap.

The post SUI price eyes $4 but faces risks from upcoming event appeared first on CoinJournal.

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CSPR price jumps more than 130% ahead of Casper 2.0 upgrade

  • Casper Network (CSPR) price is soaring ahead of the highly anticipated Casper 2.0 upgrade.
  • CSPR’s trading volume has spiked 2,500%, with strong futures interest.
  • Casper Network price recently broke out from a falling wedge, but RSI hints at a pullback.

CSPR price has soared 130% early Monday, hitting an intraday high of $0.027 on Crypto.com.

This remarkable rally has propelled the token to its highest level since December 9, 2024, marking a significant turnaround from its lowest point this year.

From its 2025 low, CSPR has now surged more than 180%, capturing the attention of investors and traders alike.

The token’s market capitalisation has climbed to approximately $215 million, while its 24-hour trading volume has exploded by nearly 2,500% from the previous day, reaching around $115 million.

Notably, this surge in trading activity underscores the growing interest in CSPR as it approaches a pivotal moment in its development.

Why is the Casper Network price rising?

The primary driver behind CSPR’s meteoric rise is the anticipation surrounding the upcoming Casper 2.0 upgrade, scheduled for May 6, 2025.

This upgrade promises to enhance the network’s speed, security, and overall developer experience, positioning it as a more attractive platform for enterprise and developer adoption.

In an April 22, 2025, post on X, the Casper team described the upgrade as “a leap forward for the Casper Network and a defining step toward bridging the real-world economy with Web3.”

Such bold statements have undoubtedly fueled investor enthusiasm, as they suggest a significant improvement in the network’s capabilities and potential for real-world applications.

Adding to the positive sentiment is the recent change in the project’s leadership.

According to community member Nick, the team associated with past delays and unmet promises has been replaced, ushering in a new era of stronger management and renewed focus on execution.

This shift has instilled confidence among investors, who now believe that the network is better positioned to deliver on its promises and achieve its long-term vision.

The combination of a major technological upgrade and improved leadership has created a perfect storm of bullish sentiment, propelling CSPR to new heights.

The crypto community’s reaction to these developments has been overwhelmingly positive.

CoinMarketCap’s social sentiment metric reveals that 92% of traders expect short-term gains, while the token’s social sentiment has flipped to a positive stance.

Casper Network community sentiment

Moreover, CSPR has begun trending on Google, indicating a surge in public interest and awareness.

This growing traction among investors and the broader public has further amplified the token’s upward momentum, as more people seek to capitalise on its potential.

On-chain data also supports the bullish narrative. In the past two days alone, over $1.7 million worth of CSPR has been moved off exchanges, suggesting that investors are transferring their tokens to self-custody wallets.

This trend typically indicates a reduction in immediate sell pressure, as holders are less likely to liquidate their positions quickly.

Additionally, futures open interest has hit a five-month high of $6.64 million, up from just $836,000 a month ago, according to CoinGlass.

CSPR open interest

The simultaneous rise in price and open interest is a classic signal of strengthening bullish sentiment, as more traders position themselves for further gains.

Funding rates have also remained positive for the last six days, meaning that traders going long are paying less than those betting against the token.

This is another clear indicator of bullish market sentiment, as it shows that the majority of traders are confident in CSPR’s upward trajectory.

The convergence of these on-chain and market metrics paints a compelling picture of a token poised for continued growth.

CSPR price analysis

From a technical perspective, CSPR’s price action has been equally impressive.

The token recently broke out of a falling wedge that had confined its price for the past five months.

Casper Network price chart

This breakout is a significant development, as it signals a potential reversal of the previous downtrend and the beginning of a new bullish phase.

The breakout was accompanied by a surge in trading volume, further validating the strength of the move.

The Moving Average Convergence Divergence (MACD) indicator has also turned upward, indicating growing bullish momentum.

The MACD lines are now trending higher, suggesting that buyers are firmly in control.

Additionally, the Aroon Up indicator is at 100%, while the Aroon Down sits at 0%, highlighting the dominance of buyers in the market.

These technical indicators collectively reinforce the bullish outlook for CSPR.

However, it’s important to note that the Relative Strength Index (RSI) has been in overbought territory for the past two days, suggesting that the token may be due for a short-term cooling period before resuming its upward trajectory.

A brief pullback could provide a healthy correction, allowing the market to reset and potentially setting the stage for a more sustainable rally.

Looking ahead, the immediate target is $0.024, which represents the December 2024 high and a critical resistance level that CSPR failed to break twice in the second half of 2024.

If the token can surpass this level, it could pave the way for a larger impulse toward $0.10 or higher.

On the downside, the local support level is at $0.0097, which could come into play if a pullback occurs.

As the May 6 upgrade approaches, all eyes will be on CSPR to see if it can sustain its momentum and achieve new milestones.

The post CSPR price jumps more than 130% ahead of Casper 2.0 upgrade appeared first on CoinJournal.

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XRP price rises 10% in a week as long-term holders reduce selling

  • New XRP addresses reach two-week high of 3,677.
  • Liveliness metric drops to 0.81, signalling reduced selling pressure.
  • RSI at 60.10 indicates strong buying momentum

XRP has recorded an impressive 10% rise over the past week, trading at $2.32 at the time of writing.

The surge comes amid a broader market recovery, as traders return and long-term holders pull back from selling.

Source: CoinMarketCap

Market data suggests fresh inflows and reduced selling pressure are key drivers behind XRP’s latest momentum.

If current trends continue, the token could soon test higher price levels, although volatility risks remain.

As major cryptocurrencies stabilise, XRP’s relative strength could position it as one of the altcoins to watch in the coming weeks.

New XRP addresses hit two-week high, boosting market activity

Data from Glassnode reveals that the number of new XRP addresses surged to a two-week high of 3,677 on 28 April.

This increase indicates rising interest from new participants, as inflows of fresh capital support XRP’s price movement.

A rise in newly created addresses often signals heightened market activity, which can add further stability to an asset’s upward trajectory.

The growing number of new addresses suggests that XRP is attracting not only existing crypto investors but also new entrants to the market, broadening its user base during this phase of recovery.

Along with this, the drop in XRP’s Liveliness metric to 0.81, the lowest since 1 December, indicates that long-term holders (LTHs) are refraining from transferring or selling their tokens.

A falling Liveliness score typically reflects increased conviction among holders, suggesting a more resilient market structure for XRP at present.

XRP holders show confidence amid reduced selling pressure

The behaviour of XRP LTHs has played a significant role in the token’s price action.

LTHs, defined as addresses holding XRP for more than 155 days, have significantly reduced their selling activity over the past week.

This reduction in selling pressure provides a supportive environment for price gains, reinforcing the asset’s bullish momentum.

Historically, lower Liveliness levels have coincided with periods of stronger price performance, as reduced token circulation often results in decreased supply pressure on the market.

The recent drop to 0.81 further underscores the growing confidence among investors that XRP could sustain its rally.

Should this trend continue, XRP’s ability to retain long-term investor interest could become a key factor driving future price performance.

XRP RSI rises to 60, eyes resistance at $2.29

Technical indicators also point to positive sentiment. XRP’s Relative Strength Index (RSI) has climbed to 60.10 on the daily chart, confirming the ongoing bullish momentum.

The RSI tracks buying and selling strength, ranging from 0 to 100. Typically, readings above 70 signal overbought conditions, while levels below 30 suggest the asset is oversold.

At 60.10, XRP remains in a strong buying phase, although not yet in the overbought territory.

If buying pressure persists and XRP breaks through its current resistance at $2.29, analysts suggest it could rally towards the $2.50 mark in the near term.

Sustained interest from new entrants combined with continued confidence from existing holders could play a pivotal role in maintaining momentum.

However, if selling activity resumes, XRP risks retracing recent gains, with a potential decline back towards the $1.99 support level.

Traders are closely monitoring these levels to gauge the next significant move.

The post XRP price rises 10% in a week as long-term holders reduce selling appeared first on CoinJournal.