---
title: What's Driving Token Prices? May 24, 2023
description: Join Arca's Director of Research, Katie Talati, to learn about what is driving EVMOS, DASH, FIL, & XRP token prices in the digital asset ecosystem.
image: https://www.ar.ca/hubfs/WDTP%20Thumbnail.jpg
---

[![email-sig-logowhite](https://www.ar.ca/hs-fs/hubfs/email-sig-logowhite.png?width=102&height=96&name=email-sig-logowhite.png "email-sig-logowhite")](https://www.ar.ca/)

[![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3)

**

** **

[![Arca](https://www.ar.ca/hs-fs/hubfs/arca_square_576x576.png?width=60&height=30&name=arca_square_576x576.png "Arca")](https://www.ar.ca/)

[![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3)

**

** **

Search

**Menu**

** **

[![Data Room](https://no-cache.hubspot.com/cta/default/4536350/72e2934a-0f70-4634-897e-b99fd4807a9b.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/72e2934a-0f70-4634-897e-b99fd4807a9b)

[![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3)

![](https://www.ar.ca/hubfs/Whats-Driving-Token-Prices-Header.jpg)

[Investing Themes](https://www.ar.ca/blog/tag/investing-themes) |

# What's Driving Token Prices? May 24, 2023

[![Katie Talati](https://www.ar.ca/hubfs/Katie%20Talati.png)](https://www.ar.ca/blog/author/katie-talati)

 Written by [Katie Talati](https://www.ar.ca/blog/author/katie-talati)

 May 24, 2023

**Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.**

Watch Our Founders Video

- **[EVMOS](https://evmos.org/) (-14%) **-** **Evmos, the Cosmos-based chain focused on providing EVM support on Cosmos, faced some turbulence in the last week as the project’s departed co-founder began selling large quantities of his vested tokens on the open market. In a bid for transparency, the Evmos project announced on Twitter that the co-founder, Akkash Khosla, departed the project due to “operational misalignment and disagreements over accountability.” Khosla reportedly is seeking to sell about 500K tokens (about 1.4% of his total allocation or about $70K worth), and his sales accounted for a very small portion of EVMOS sold over the last few weeks. Khosla also responded to Evmos’ public comments that he was “deeply disappointed and outraged at the misleading assertions.”
- **[DASH](https://www.dash.org/) (-10%)** - Dash, a legacy privacy-focused payments blockchain, suffered a network outage earlier this week after undergoing a hard fork. The network was paused and developers have been working on fixing the issue. The network resumed block production yesterday but was paused for over 48 hours.
- **[FIL ](https://filecoin.io/)(-3.7%)** - Last week, the SEC announced that the decentralized storage blockchain  Filecoin met the definition of a security. The SEC also used FIL’s newly appointed token status to request Grayscale withdraw its registration statement for the Filecoin Trust. The announcement has many scratching their heads as Filecoin is a proof-of-work (PoW) network (in the past, PoW networks have been considered utility tokens), and it conducted a very compliant private fundraising offering years ago.
- **[XRP](https://ripple.com/xrp/) (+0.7%)** - Last week, payments project Ripple acquired Metaco—a Swiss firm providing digital asset custody for financial institutions. The move comes as an increasing wave of regulation has hit the U.S., forcing digital asset projects to look at other areas of the world for business. Ripple reportedly paid $250M for the firm. Ripple is also in a battle with the SEC over whether its token XRP is a security. Many believe a verdict should conclude soon.

*DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances."*

 

### Subscribe For the Latest Blockchain News & Analysis

 

 

Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional.

Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Arca disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Arca and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Arca and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services.

Previous Story

[← “That’s Our Two Satoshis” - Tether Is the Greatest Company Everyone Hates](https://www.ar.ca/blog/thats-our-two-satoshis-tether-is-the-greatest-company-everyone-hates)

[** ](https://www.ar.ca/blog)

Next Story

[“That’s Our Two Satoshis” - A Glimmer of Hope For Markets →](https://www.ar.ca/blog/thats-our-two-satoshis-a-glimmer-of-hope-for-markets)

## You May Also Like

These Stories on Investing Themes

[![](https://www.ar.ca/hubfs/Blog/WDTP/WDTP%20Thumbnail.jpg) ](https://www.ar.ca/blog/whats-driving-token-prices-july-1-2026)

[Investing Themes](https://www.ar.ca/blog/tag/investing-themes)

### [What's Driving Token Prices? July 1, 2026](https://www.ar.ca/blog/whats-driving-token-prices-july-1-2026)

 Jul 1, 2026 |

 1 min read

[![](https://www.ar.ca/hubfs/Blog/WDTP/WDTP%20Thumbnail.jpg) ](https://www.ar.ca/blog/whats-driving-token-prices-june-24-2026)

[Investing Themes](https://www.ar.ca/blog/tag/investing-themes)

### [What's Driving Token Prices? June 24, 2026](https://www.ar.ca/blog/whats-driving-token-prices-june-24-2026)

 Jun 24, 2026 |

 1 min read

[![](https://www.ar.ca/hubfs/Blog/WDTP/WDTP%20Thumbnail.jpg) ](https://www.ar.ca/blog/whats-driving-token-prices-june-10-2026)

[Investing Themes](https://www.ar.ca/blog/tag/investing-themes)

### [What's Driving Token Prices? June 10, 2026](https://www.ar.ca/blog/whats-driving-token-prices-june-10-2026)

 Jun 11, 2026 |

 1 min read

### Arca

Los Angeles I New York  
(424) 400-7444  
info@ar.ca

[![LinkedIn](https://www.ar.ca/hubfs/LinkedIn.png "LinkedIn")](https://www.linkedin.com/company/arcafinance/mycompany/)

[![Twitter](https://www.ar.ca/hubfs/Twitter.png "Twitter")](https://twitter.com/arca)

[![Youtube](https://www.ar.ca/hubfs/Youtube.png "Youtube")](https://www.youtube.com/c/Arcafinance)

### Contact Us

Copyright © 2025 Arca Holdings. All Rights Reserved.  |  [Important Disclosures](https://www.ar.ca/important-disclosures)

```json
{
  "@context" : "http://schema.org",
  "@type" : "VideoObject",
  "contentUrl" : "https://youtu.be/hHdcrzD7_0w",
  "description" : "Meet the founders of Arca and learn about what inspired them to join the digital asset ecosystem. Rayne Steinberg – Co-Founder & Chief Executive Officer Jeff Dorman – Co-Founder & Chief Investment Officer Phil Liu – Co-Founder & Chief Legal Officer.",
  "duration" : "PT4M13S",
  "embedUrl" : "https://www.youtube.com/embed/hHdcrzD7_0w",
  "name" : "Meet the Founders of Arca",
  "thumbnailUrl" : "https://i.ytimg.com/vi/hHdcrzD7_0w/default.jpg",
  "uploadDate" : "2022-02-15T15:49:56Z"
}
```

```json
{
  "@context" : "https://schema.org",
  "@type" : "SiteNavigationElement",
  "Name" : [ "HOME", "Hedge-Funds", "Bitcoin-Fund", "Blog", "About", "Team", "Careers", "Data Room", "Get in Touch" ],
  "Url" : [ "https://www.ar.ca/", "https://www.ar.ca/arca-hedge-funds", "https://www.ar.ca/ai-bitcoin-fund", "https://www.ar.ca/blog", "https://www.ar.ca/about", "https://www.ar.ca/arca-team", "https://www.ar.ca/careers", "https://arcafunds.hvstprivate.com/", "https://www.ar.ca/contact?hsCtaTracking=28ac2c2f-186c-436f-9682-1169cf946ad3%7C63e370f0-aacd-4463-8bce-3616a7b4b7f3" ]
}
```

```json
{
  "@context" : "https://schema.org/",
  "@type" : "WebSite",
  "name" : "Ar",
  "potentialAction" : {
    "@type" : "SearchAction",
    "query-input" : "required name=search_term_string",
    "target" : "https://www.ar.ca/search?q={search_term_string}"
  },
  "url" : "https://www.ar.ca/"
}
```

```json
{
  "@context" : "https://schema.org/",
  "@type" : "WebPage",
  "name" : "Ar",
  "speakable" : {
    "@type" : "SpeakableSpecification",
    "xpath" : [ "/html/head/title", "/html/head/meta[@name='description']/@content" ]
  },
  "url" : "https://www.ar.ca/"
}
```

```json
{
  "@context" : "https://schema.org",
  "@type" : "Organization",
  "alternateName" : "Ar",
  "logo" : "https://www.ar.ca/Logo.png",
  "name" : "Ar",
  "url" : "https://www.ar.ca/"
}
```

```json
{
  "@context" : "https://schema.org",
  "@id" : "",
  "@type" : "LocalBusiness",
  "address" : {
    "@type" : "PostalAddress",
    "addressCountry" : "US",
    "addressLocality" : "New York",
    "addressRegion" : "CA",
    "postalCode" : "90066",
    "streetAddress" : "Los Angeles"
  },
  "geo" : {
    "@type" : "GeoCoordinates",
    "latitude" : 33.9697897,
    "longitude" : -118.2468148
  },
  "image" : "https://www.ar.ca/hs-fs/hubfs/email-sig-logowhite.png?width=102&name=email-sig-logowhite.png",
  "name" : "Arca",
  "openingHoursSpecification" : {
    "@type" : "OpeningHoursSpecification",
    "closes" : "23:59",
    "dayOfWeek" : [ "Monday", "Tuesday", "Wednesday", "Thursday", "Friday", "Saturday", "Sunday" ],
    "opens" : "00:00"
  },
  "priceRange" : "$",
  "sameAs" : [ "https://twitter.com/arca", "https://www.linkedin.com/company/arcafinance" ],
  "telephone" : "(424) 400 7444",
  "url" : "https://www.ar.ca/"
}
```

```json
{
  "@context" : "http://schema.org",
  "@type" : "VideoObject",
  "description" : "Rebecca Rettig, General Counsel of Aave Marc Boiron, General Counsel of dYdX Colleen Sullivan, Co-founder and CEO of CMT Digital  Marvin Ammori, CLO at Uniswap Phil Liu, Co-founder and CLO of Arca",
  "duration" : "PT50M59S",
  "embedUrl" : "https://www.youtube.com/embed/hTc-kWa9hM8",
  "interactionCount" : "121",
  "name" : "Regulation: Clarity on the Horizon",
  "thumbnailUrl" : "https://i.ytimg.com/vi/hTc-kWa9hM8/default.jpg",
  "uploadDate" : "2021-05-26T13:29:46Z"
}
```

```json
{
  "@context" : "http://schema.org",
  "@type" : "VideoObject",
  "description" : "Andrew Peel, Head of Digital Asset Markets at Morgan Stanley  Jennifer Murphy, COO of Western Asset Management Tom Jessop, President of Fidelity Digital Assets Tim Davis, Principal of Deloitte  Subhanker Sinha, Head of Blockchain, Digital at BNY Mellon",
  "duration" : "PT47M54S",
  "embedUrl" : "https://www.youtube.com/embed/Wx1LEII47iM",
  "interactionCount" : "242",
  "name" : "The Current Institutional Adoption Wave",
  "thumbnailUrl" : "https://i.ytimg.com/vi/Wx1LEII47iM/default.jpg",
  "uploadDate" : "2021-05-26T15:15:41Z"
}
```

```json
{
  "@context" : "https://schema.org",
  "@type" : "BlogPosting",
  "author" : {
    "@type" : "Organization",
    "name" : "Ar"
  },
  "dateModified" : "2021-07-12",
  "datePublished" : "2021-06-28",
  "description" : "Blockchain commentary and analysis written for sophisticated investors - by professional investors",
  "headline" : "We Should Appreciate Bitcoin More, but it’s Not Defensive",
  "image" : "https://f.hubspotusercontent00.net/hub/4536350/hubfs/Thats%20Our%20Two%20Sathoshis%20%2812%29-2.png?width=380&name=Thats%20Our%20Two%20Sathoshis%20%2812%29-2.png",
  "mainEntityOfPage" : {
    "@id" : "https://www.ar.ca/blog",
    "@type" : "WebPage"
  },
  "publisher" : {
    "@type" : "Organization",
    "logo" : {
      "@type" : "ImageObject",
      "url" : "https://www.ar.ca/hs-fs/hubfs/email-sig-logowhite.png?width=102&name=email-sig-logowhite.png"
    },
    "name" : "Market Recap"
  }
}
```