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Pepe 🚀 Coinbase 🆙 Crypto 🟢
Binance lists Pepe. Meme coin hits $1.6B market cap. Coinbase posts better than expected 2023 Q1 results. NFT for King Charles’ coronation. NFT for Star Wars. Former OpenSea product manager convicted.
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Pepe. The frog like no other.
Market cap $1.6 Billion. Top 40 cryptocurrencies.
PEPE pushes Ethereum gas fees to 1-Year High.
*Cold facts. As of May 5 17:00 GMT
Meme Coin Mania: What's going on and what are the risks?
Coinbase breaks through
Q1 report is out and its really hopeful compared to Q4 last year.
The losses are less than expected - $79 Million.
The gains are more than expected - $773 Million revenue, 23% 🔼
Impressive because analysts only expected $655 Million, and Q4 revenue was just $629 Million.
Loss: The company reported an adjusted loss of $0.34 per share - Again, good because analysts estimated for a loss of $1.45 per share and in Q4 it was $2.45 per share.
Trading volume: came in at $145 Billion - analysts estimated $147.7 Million for the quarter and it was $146 Billion in the Q4.
Shares: 🔼 about 8% to $53 in after-hours trading Thursday. 🔼 about 40% this year with bitcoin's rise of around 74% year to date.
MTU: Coinbase still reported an average of 8.4 Million monthly transacting users (MTUs) during the latest quarter. Sure, that's a decrease from 9.2 Million the year before - but compared to the 2022 average of 8.3 Million, it's a slight increase. So, we'll take it!
Brian Armstrong is so committed to clearer regulation in the country that he's spending more time in Washington, DC, than a politician during election season.
And then Coinbase launched Coinbase International Exchange (CIE) on May 2 - open to customers in 30 countries worldwide, including Singapore, Hong Kong, El Salvador, Philippines, Thailand and Bermuda.
"So let me be clear, we're 100% committed to the U.S. I founded this company in the United States because I saw that rule of law prevails here. That's really important, and I'm actually really optimistic on the U.S. getting this right."
But he does give props to the European Union for being ahead of the game with their Markets in Crypto Assets (MiCA) legislation. And it seems like other countries, like the U.K., Singapore, Hong Kong, Australia, and Brazil, are following in their footsteps.
Coinbase Borrow is gone
Coinbase Borrow was only available in a few U.S. states and had an interest rate of 8.7%. But it allowed borrowers to use Bitcoin as collateral and borrow up to $1M.
The borrowing service is going bye-bye for good as of May 10, thanks to SEC. But, existing loan balances won't be affected.
Btw, SEC has 10 days to file an answer 👇
TTD NFT 🐝
You can mint a free Ethereum NFT for King Charles’ coronation.
London's Evening Standard newspaper has teamed up with artist Trevor Jones to issue a commemorative NFT for the coronation.
Star Wars limited edition 'Digital Toy' NFTs available on Flow. Cryptoys reveals plans for NFTs featuring 15 cartoonish recreations of franchise icons.
What seems to be the first-ever NFT insider trading case. Manhattan Jury convicted former OpenSea product manager Nathaniel Chastain for a 40-60 years jail sentence.
The crime: The leaked court documents suggest that Nate managed to make over $50,000 by simply featuring his own NFTs on the platform.
TTD Blockquote 🔊
Billy Markus, the man behind Dogecoin, is throwing some major shade at Solana's blockchain.
“Centralised Solana solves nothing”
In a Twitter debate about high network fees, one user suggested that Solana had it all figured out with their low fees. But Markus didn't have it. He called Solana a "centralised database" and basically said it doesn't solve anything.
Well, that set off a wildfire on Twitter.
The Solana community wasn't too happy about Markus's comment, and they came out swinging. But he chose sarcasm: "Solana is perfect in every way."
As for Solana, it's bossing them on-chain metrics
For the second consecutive month, Solana had more active addresses than Ethereum, Polygon, and Arbitrum in April.
The WallStreetBets (WSB) token goes down.
It was soaring high just a few days ago, (market cap up $50 Million in just under three days) took a nose dive of 90% in just 24 hours.
Somebody (@zjzWSB) dumped a huge amount of WSB team supply for $635K (334 ETH).
Yes, rug pull.
Another insider (OIP) signed these transactions that were held on a multisignature wallet.
In two days, the token’s price went from an all-time high of $0.00067279 to an all-time low of $0.00004827.
Right after the airdrop people were going crazy over the WSB tokens, calling them the "official, unofficial token" and comparing them to other meme coins like Pepe and Wojak. But little did they know.
WSB website read:
“It’s the fairest launch memecoin you will find with no team allocation and no presale. Just a free airdrop and some coins for the community. 10% of the $WSB supply is reserved as a treasury for the r/wallstreetbets sub to do with as they please.”
TTD Adoption 🎺
Stripe: one of the largest Internet payment companies announced the launch of a Stripe-hosted fiat-to-crypto onramp, making it easier for Web3 companies to help US-based customers purchase crypto. In addition, Stripe is opening the onramp to all Web3 users.
El Salvador: President Nayib Bukele signs a law eliminating taxes on technology innovations.
Crypto Hub: European crypto projects have named Lisbon as the world’s most important crypto hub, according to its biannual State of European Crypto Report 2023 published by European crypto investment firm Greenfield. Berlin and New York jointly held second place.
TTD Surfer 🏄
Kenya plans to charge a 3% tax on the transfer or exchange value of digital assets, while content creators will pay 15% on online earnings up from 5% withholding income tax.
The UK Competition and Markets Authority to examine AI’s development, deployment, and if it can drive social impact and economic growth.
Oscar-winner Gwyneth Paltrow’s team denies she invested in NFT project called Wild. The company disputes the claim.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.