As the one-year mark of Alibaba Group Holding Ltd’s crusade to stop ABBC Foundation from using Alibaba in its name approaches, it appears on the surface that the two are making significant progress in ending the legal battle. The past year has been a rollercoaster ride of U.S. District Judges overturning rulings and temporary injunctions. You don’t often see a startup that’s raised $3.5mil take on one of the largest conglemarates in the world toe-to-toe — especially in arguably one of the most respected courts in the world: the New York Southern District Court, where they do not play around.
There’s been a lot of speculation and misinformation posted on sites as to what could be the cause of the sudden surge in price. Unsubstantiated rumors of a potential acquisition, old stories and judicial decisions made months ago, to even pump and dump groups that are manipulating the market. However — being in this industry long enough, I know that these rumors and outdated sources can not be the cause of the 400% increase in token value in just the past month alone. Let’s not forget that we are still struggling to break out of the longest crypto-bear market in history.
Something is definitely brewing between the two entities, and there is undoubtedly a handful of people stocking up on Alibabacoin (ABBC) even managing to reach the top 30 in market capitalization for a brief moment (at the time of this writing, the project is hovering around the top 40 mark). Our company, Lunar Digital Assets, is constantly watching the market for anomalies, and yes, ABBC is absolutely an anomaly that people should keep a very close eye on. I find it very peculiar that Alibaba has agreed to forego proceedings before a U.S. Judge in one of the toughest courts in America. The eventual outcome, in my opinion, weighed heavily in favor for the Alibaba Group.
The next few months should definitely be interesting — or it could be nothing. Only time will tell, but from experience when digital assets begin moving like this, a major announcement is on the horizon.
Follow me on twitter for updates: @hanyoon