- Asian cryptocurrency traders remain positive despite market uncertainties affecting Bitcoin and Ether due to clearer regional regulations.
- The Meme coin, GrumpyCat, may face legal confrontations due to unauthorized use of trademarks.
A Glimmer of Hope Amid Market Uncertainties
Good day from the East! The dawn of the trading day in East Asia brings about slight tremors in the Bitcoin and Ether market. Bitcoin’s value dipped by 1.9% to $26,882, whereas Ether slumped by 0.89% to $1,805. Macro-economic ambiguities continue to disturb traders, adding an element of worry about Bitcoin’s course. Nevertheless, Coinglass data reveals an unshaken confidence among Asian traders towards this asset class.
Currently, the majority of traders, at 53.62%, hold long positions, with 46% clinging to shorts. The data favoring long positions is also evident in liquidations, with short positions worth $7.3 million liquidated in the last four hours, compared to $1.57 million in longs.
Perhaps this optimism springs from the comparative clarity of regulatory frameworks in Asia versus the U.S. Singapore, Hong Kong, and Taiwan have been developing frameworks to regulate crypto, providing a semblance of certainty. While imperfect, these regulations still bolster business, painting a brighter picture compared to unpredictable “on-the-fly” practices.
Intellectual Property Rights: A Bumpy Ride for Meme Coins
GrumpyCat and Pepe, two meme coins in the pump-and-dump arena, are locking horns. Based on pre-existing memes – the GrumpyCat of the past and Pepe, a cartoon frog from the obscure Boys Club cartoon that found newfound fame online – these coins are essentially using recognizable brands created by others. Despite their portrayal as jestful projects not intended to generate revenue, the crucial problem lies in the intellectual property rights.
Both GrumpyCat and Pepe, much like well-known figures such as Charlie Brown or Homer Simpson, are the intellectual property of their respective authors. GrumpyCat, in particular, is the property of GrumpyCat LLC, which has officially trademarked GrumpyCat in the context of crypto and other merchandise according to the U.S. Patent Office.
Infringements of these rights can result in serious legal confrontations. GrumpyCat LLC has already sent out legal threats to protect its IP, served on-chain (a process sanctioned by courts in New York and the U.K). Given the substantial market caps of these meme coins, trademark and copyright issues are real concerns that can no longer be dismissed or ignored.
As the crypto world continues to grow, it’s becoming clear that its legal landscape is evolving in parallel, holding DAOs and their founders liable in ways akin to general partnerships and corporations.
Consequently, the future of meme coins may be fraught with challenges. Despite their allure and on-chain trade value nearing a billion dollars (according to CoinGecko data), legal obstacles and the prospect of accountability are likely to give meme coin teams pause. After all, even in the digital realm, someone always registers the domain name.