We are here and surprised !! why 👇
$250 to $1.63M in 4 days.😱 Is the memecoin season back?
Akansha Jain
April 20, 2023
Hello fam! After months of disappearing into the Web3 rabbit hole, we're excited to announce that "The Coin Weekly" is back and better than ever.
Now, we couldn't help but notice that today's date is 4/20, and while we won't confirm or deny that we've been on a four-month-long 4/20 celebration, we will say that we're back and ready to blaze a trail through the ever-evolving world of Web3.
We apologize for the extended absence, but rest assured enjoy the latest edition of "The Coin Weekly," courtesy of your favorite dynamic duo, Anya, and Ian.
The Return of Memecoin Mania!
If you've been living under a rock and don't know what a memecoin is, it's basically a cryptocurrency that's based on a meme or pop culture reference. From beloved classics like DOGE to new players on the scene like $PEPE, $AIDOGE and $WOJAK, we've seen time and time again that memecoins have the potential to skyrocket in value seemingly overnight.
After Bitcoin and Ethereum crossed the $30k and $3k marks respectively, we were eagerly waiting for alt season. However, it seems like meme season is upon us instead.
$PEPE draws its inspiration from the one and only Pepe the Frog meme, a cultural icon that has captured the hearts of internet users everywhere. $PEPE was launched on April 16 and gained significant attention within just one day of its launch and even managed to claim the official Pepe ticker on popular cryptocurrency platforms like CoinMarketCap and CoinGecko. The anonymous creators of $PEPE burned the contract, making them relatively trustworthy, and allocated themselves 6.9% of the coins, which is fair. They remain the top holders, the distribution among other top holders. Additionally, $PEPE has been listed on the Huobi exchange.
And quite interestingly, a man apparently turned $250 worth $PEPE into an illiquid value of $1.03M. But, these memecoins also come with the issue of liquidity, even though the pump is hard there’s no liquidity to exit the market.
The stats of $PEPE at the time of writing:
Holders: 28,981
Market cap: 137M
Price: .0000003
Tweets mentioning $PEPE: 1.4M
Is Coinbase moving out of US?
Coinbase has obtained a Class F License under the Digital Asset Business Act from Bermuda's Monetary Authority, one of the first countries to pass full digital asset regulation in 2018.
Fortune reports that Coinbase could launch its offshore derivatives exchange in Bermuda by the end of this month. The move comes as Coinbase faces regulatory challenges in the US, including receiving a Wells notice from the SEC in March. Coinbase apparently has no plans to move out of the country entirely. However, the company is taking a "go broad and go deep approach" to ensure it can serve users globally, with progress made on expansions in Singapore, Brazil, Canada, the UAE, and Europe.
Bitcoin's Wild Ride: $300M Liquidated as it Takes a Plunge Below $29k!
Crypto markets take a tumble, as Bitcoin drops below $29k, liquidating $66.14M long positions. Binance, OKX, and ByBit lead the way in the liquidation game, with 88,379 traders being wiped out. However, the crypto market sees $300.10M in total liquidations
It seems like liquidation is the new hydration for BTC traders🤒
