Pepe Frog marches on 🐸
The meme coin breaks into top 100 cryptocurrencies. CZ vs Justin Sun over $56 Million suspect transfer. Coinbase goes international, also gets sued. NFT buzz for Sports Illustrated, Sotheby's and Blur
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A survey by the US Financial Industry Regulatory Authority indicates that friends and FOMO pushed newbie investors to buy crypto in 2022.
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What's new? PEPE coin.
It's marched to become one of top 100 cryptocurrencies by market cap.
All of that in just two weeks. Ain't nobody laughing at that frog now.
PEPE is created on the Ethereum blockchain by anonymous developers and pays tribute to the legendary Pepe the Frog internet meme.
Around $460 Million market cap
Around 150,000 followers on Twitter
Around 71,000 holders
Third-largest meme coin
*As of 15:30 GMT on May 2, 2023
What do we know?
Performing better than Floki Inu (FLOKI), Baby Dogecoin (BABYDOGE).
The top 100 cryptocurrencies by market capitalisation.
One lucky investor even turned $250 into $1.02 million in just a few days.
The coin first began trading on April 15 at a price of around $0.000000001.
Over 30 "smart money" wallets bought $1 Million tokens in the last week.
Why is PEPE going 🔼 ?
Listed on cryptocurrency exchanges: OKX, Huobi, Gate.io, MEXC, Bitget.
DeFi volumes for PEPE skyrocketed. Trading volumes over $240 Million.
Google Trend score for "pepecoin" surged from 3 to 100 in just one week.
PEPE vs CZ?
Binance might need a bit more convincing. In a recent Twitter Spaces Ask-Me-Anything session, Binance CEO Changpeng ‘CZ’ Zhao was asked about the possibility of listing PEPE on the exchange.
He dropped a bit of a bombshell, saying that Binance doesn't like coins with a small circulating supply and a large total supply in reserve. And we all know what that means - the dreaded pump and dump.
CZ went on to explain that Binance tries to avoid these kinds of situations, since a sudden influx of supply usually leads to a massive price drop.
Why not sponsor us, eh?
TTD Warning ⚠️
Justin Sun (a wallet associated with him) transferred $56 Million to Binance, but CZ got suspicious and warned that he better not be using it to farm Sui tokens on Binance's Launchpool platform.
CZ even threatened to take action against him if he did.
But, Sun quickly apologised and blamed it on an "oversight", claiming that his team members weren't fully aware of the intended purpose for the funds. He even arranged for a full return of the funds with Binance.
Now, let's talk about Sui and Launchpool. Sui is a new blockchain network created by Mysten Labs, and it's set to launch on Binance's Launchpool platform this Wednesday. Users can farm Sui tokens and earn rewards by staking BNB and TUSD in the staking pools on the platform. So far, users have staked nearly $3 billion in BNB and half a billion in TUSD.
TTD Coinbase 🪙
Coinbase will allow international users trade perpetual futures. The launch comes amid a bitter tussle between the company and regulators in the US, its home market.
“It will enable institutional users based in eligible jurisdictions outside of the US, to trade perpetual futures. Perpetual futures accounted for nearly 75% of global crypto trading volume in 2022, creating highly-liquid markets and offering traders additional versatility in their trading strategies.”
Coinbase plans to start business with bitcoin and ether derivatives with additional listings to come in the future. It will offer traders 5x leverage.
Coinbase is facing a class-action lawsuit over allegations of privacy violations related to its collection and storage of users' biometric data.
The lawsuit, filed in San Francisco, claims that Coinbase's practice of requiring users to submit biometric data such as fingerprints and facial recognition scans violates the Illinois Biometric Information Privacy Act.
The plaintiff Michael Massel is seeking $5,000 in damages for every “intentional and reckless violation” of Illinois’ Biometric Information Privacy Act (BIPA) and further $1,000 for each other violation his legal team can find.
The suit alleges that Coinbase’s collection of biometric data through its Know Your Customer (KYC) practices—in this case, fingerprints and facial scans—were unlawfully obtained, used, stored and disseminated.
Coinbase’s top executives made themselves richer by $1.09 billion by failing to disclose negative information about the company prior to listing its shares in April 2021, according to a lawsuit filed in a Delaware state court.
The suit was filed by Adam Grabski, an investor in Coinbase stock, on behalf of all shareholders, on May 1. It names famed investors Marc Andreessen and Fred Wilson as defendants, alongside Coinbase CEO Brian Armstrong and his top management team. It also details exactly how much money they all made selling stock.
Coinbase denies the claims, calling the action "frivolous" and "meritless."
TTD NFT 🐝
Sports Illustrated: A new NFT ticketing platform built on Polygon - Box Office. It will be part of SI Tickets, the online marketplace for tickets to major events. Box Office will cater to self-service event market, ticket listings from smaller community events.
Blur: A p2p perpetual lending protocol based around NFT assets - Blend. NFT collectors can take loans on their existing assets, and also lets liquidity providers earn interest by loaning out ETH with the NFT serving as collateral.
The NFT-backed loan market is gaining steam, with total loan value to date recently topping $1 billion across various protocols.
Sotheby's: A p2p secondary marketplace for specially curated NFTs. The art auction house's Web3 arm, Sotheby’s Metaverse will now offer direct transactions between collectors on its platform. The integrated sales system will be fully on-chain via the Ethereum and Polygon networks.
TTD Numbers 🔢
The amount lost to crypto scams, exploits, and hacks in April 2023.
As per the report posted by the crypto security and auditing firm CertiK - the total year-to-date loss to $429.7 Million.
TTD Surfer 🏄
PayPal to allow 60 Million Venmo customers to buy, hold, and sell cryptocurrencies directly through the Venmo app.
Crypto exchange Poloniex agrees to $7.6 Million fee to settle sanctions violation charges in the US.
BNB Chain DEX Level Finance has been hacked for $1 Million, the attacker exploited the reentrancy bug in the smart contract code.
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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.