Sam will testify at his own FTX trial and we take a look at which altcoins are rising fastest

As from this afternoon, we are once again invited to hear from Sam Bankman-Fried, his team of lawyers and the many former friends of Sam who are now testifying against him at the FTX trial in New York.

Meanwhile Bitcoin is becoming world news due to the 20% bull run we saw last week. But there are of course also many altcoins that are rising much faster than the largest digital currency itself. We quickly look at Chainlink and Pepe.

SBF testimony

Now that so many of his former ‘friends’ have already testified against him, and the burden of proof against Sam Bankman-Fried is really great, it seems to be a possibility that the main defendant in this trial will take the witness stand himself.

JUST IN : SAM BANKMAN FRIED WILL TESTIFY AT HIS FRAUD TRIAL pic.twitter.com/hIUYWpE6ZU

— GURGAVIN (@gurgavin) October 25, 2023

After a break, the FTX process resumes its course today and the biggest question that remains is whether we will hear Sam himself (normally yes). Together with his team of lawyers, he would then be able to tell a story that explains how his company got into trouble (and that it was not all his fault of course) in order to avoid a long prison sentence.

SAM BANKMAN-FRIED MIGHT RISK TESTIFYING IN CRIMINAL TRIAL (Reuters)

Sam Bankman-Fried has little to lose by bucking conventional wisdom and taking the stand at his criminal fraud trial, following weeks of testimony that he stole billions of dollars from unwitting customers of… pic.twitter.com/k84MTprOov

— FXHedge (@Fxhedgers) October 25, 2023

“It’s not irrational to testify, if you think you are going down because the evidence is so overwhelming,” defense attorney Ilene Jaroslaw explained.

Problem for Sam is that the prosecutor gets a chance to question him as well of course, so there is a risk there. But experts think that as Sam is currently looking at a very long sentence, there is a good chance that we will indeed see him on the witness stand.

Chainlink and Pepe

While Bitcoin is having a fantastic week due to rumors of a possible ETF approval for one of the many Wall Street companies that filed such an application, some altcoins are of course going higher much faster. This is because they have a smaller market capitalization (and usually a lower price too). Let’s take a quick look at two of them: Chainlink and Pepe.

When DeFi coins first hit the news in the summer of 2020, Chainlink was often found in the top 20 of CoinMarketcap. 2021 was a mediocre year for the Link Marines (the group of hardcore fans of Chainlink on social media), and 2022 wasn’t exactly great either (although it started well).

However, in the last week, trading volume and price have increased rapidly for Chainlink. In the last seven days, the price of this digital coin went up by a whopping 50%.

Secondly we take a quick look at Pepe, which can easily be called the most famous memecoin of 2023 so far.

In memecoin terms, 2020 and 2021 were the years of Dogecoin and 2022 that of Shiba Inu. 2023 is probably becoming the year of Pepe. We will not comment on whether buying it is a wise choice, but Pepe once again proves this week that the currency is extremely volatile and can rise very sharply when the market rises.

In the last seven days, the price of Pepe went up by as much as 90%.

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