What the numbers say: Crypto data website CoinGecko has recently analyzed the total number of page view shares year-to-date for the largest 15 meme coins by market cap, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE), to identify the top 10 countries where meme coins are most popular. The results have shown that the U.S. is leading the way in the meme coin craze, with a 23.58% rate. On the top 3, India and the U.K. followed the U.S., with 20.31% and 16.35%, respectively. The analysis has also revealed that these three countries host more than half of the meme coin fans worldwide. What it means: A meme coin is a type of cryptocurrency originating from an internet meme and mostly having some humorous characteristics. The first meme coin was DOGE, and it was created as just a parody of Bitcoin (BTC), though it later became enormously famous in its own right. This type of cryptocurrency has gained massive popularity over the past years, especially after Tesla CEO Elon Musk publicly showed his support for DOGE and SHIB. Relevance: Meme coins have recently gained traction again following the release of PEPE, which has become the third-largest meme coin after DOGE and SHIB in just two weeks since its launch on April 17. Earlier in May, the coin’s market cap jumped to $502M following a 2,100% price increase. It has also proved it is a strong rival for the largest meme coin by overtaking DOGE in trading volumes for two days on May 1 and 2. On the first day of May, PEPE reached $522.8M in daily trading volume and surpassed the $325.6M volume of DOGE, marking a first in its short history. However, DOGE beat PEPE in trading volume again on May 3, turning to its usual performance. Brands that should care: With the reincreased popularity of meme coins, the major crypto exchanges, including Binance, Coinbase, Kraken, and OKX, are expected to see a massive amount of meme coin inflow in the upcoming days.
| |
The U.S. state of North Carolina has passed a bill that forbids state agencies and institutions from receiving payments in the form of a central bank digital currency (CBDC) issued by the Federal Reserve (Fed), the U.S. central banking system. The state's House of Representatives voted 118-0 in favor of the legislation. More: - The bill bans state agencies from accepting payments in the long-awaited digital dollar.
- The legislation also prevents North Carolina from participating in any pilot tests of the CBDC.
- The bill was first introduced in April under the title "No Cryptocurrency Payments to State."
Zoom Out: - U.S. President Joe Biden signed an executive order last year for the federal government to explore the potential use cases and risks of a CBDC.
- Despite the increased number of countries exploring or piloting CBDCs, there has been a growing criticism towards state-backed digital currencies among several U.S. lawmakers over the last several months.
- In March, Florida Gov. Ron DeSantis proposed a law to ban the use of a CBDC as money in the state, citing the risks of hindering innovation and promoting government surveillance.
- Sen. Ted Cruz from Texas also recently introduced a bill to prevent the Fed from developing a CBDC, citing the risk that these digital assets could be used as a direct surveillance tool by the government and violate the privacy rights of American citizens.
| |
 A message from VANTA To close and grow major customers, you have to earn trust. But demonstrating your security and compliance can be time-consuming, tedious, and expensive. Until you use Vanta. Trusted by over 5,000 global customers, Vanta: -
Automates up to 90% of compliance for SOC 2, ISO 27001, GDPR, HIPAA, and more, getting you audit-ready in weeks -
Helps your business scale and thrive while reducing the need for countless spreadsheets and endless email threads -
Saves you hundreds of hours of manual work and up to 85% of compliance costs And because Vanta is all about saving you time, here’s a 3-minute video showing you how Vanta’s platform can help you automate compliance, simplify security, and build trust to accelerate business growth. Watch it Here
| |
The U.S.-based crypto exchange Coinbase has announced that it would gradually halt the operations of its lending product, Coinbase Borrow, as of May 10. The firm has pointed out that the customers will not be able to take out new loans through the service after the deadline. More: - Existing clients' outstanding loans will continue to stay active after May 10, and the company stated that customers do not need to take further action.
- When all the terms of active loan contracts end, the product will permanently be shuttered.
- A Coinbase spokesperson said they are prioritizing the offerings seeing interest most while explaining the decision.
- The firm also underlined that the decision has nothing to do with any regulatory action, enforcement, or legal process.
- The service allowed customers to post their Bitcoin (BTC) funds as collateral to receive cash loans of up to $1M in certain U.S. states.
- Users were able to borrow up to 40% of their BTC balances at an 8.7% annual interest rate.
- Coinbase launched its lending product in November 2021, and at the time, CEO Brian Armstrong defined the service as an example of expanding the crypto economy.
Zoom Out: - Coinbase is currently in a legal battle in the U.S. with the Securities and Exchange Commission (SEC).
- The SEC claims that Coinbase could violate the securities laws through its exchange and staking services, while the popular crypto exchange complains about the lack of regulatory clarity that it holds the agency responsible for.
- Armstrong recently said the company could move its headquarters outside the U.S. if the regulatory environment does not change in the country.
| |
The leading NFT marketplace OpenSea's former product manager, Nathaniel Chastain, has been convicted of wire fraud and money laundering in an NFT-related insider trading case. The court concluded that Chastain used confidential information inside the company about the assets to be listed on the home page to make a profit by trading NFTs. More: - Federal prosecutors in Manhattan showed the lawsuit as the first insider trading case involving digital assets.
- According to the accusations in the case, Chastain bought NFTs he had decided to list on OpenSea and sold them in a short while, gaining over $50,000 in illegal profit.
- The U.S. Attorney's office in Manhattan first announced the charges against the former executive in June 2022.
- At the time, Chastain pleaded not guilty, and his lawyers claimed that OpenSea did not classify the knowledge about the NFTs to be listed on the home page as confidential information while he was working at the company.
- In the closing argument, lawyer Daniel Filor also said Chastain was not informed that he was not authorized to use or share this information.
- On the other hand, prosecutor Allison Nichols revealed that the former executive used anonymous OpenSea accounts while trading NFTs, proving that he knew what he was doing was wrong.
Zoom Out: - In April, the crypto exchange Coinbase also won nearly $470,000 of restitution from the brother of its former product manager, Ishan Wahi, in an insider trading case.
- The lawsuit accused Ishan Wahi of informing his brother and an associate about the new cryptocurrencies to be listed on Coinbase before they were publicly announced. They would then buy the cryptocurrencies, watch their value rise once the listing went public, and then sell them for a profit.
| |
| A message from SUPERVEST Supervest's Short-Term Notes I offers flexible terms and solid potential returns. Searching for short-term income-generating investments? Look no further than Supervest's Short-Term Notes. This short-term investment option offers competitive returns, a low-risk profile and: - Annualized Rate: Investors are paid an annualized 10% rate which consists of monthly payments.
- Short-term: Funds are expected to be repaid in 12 months' time.
- Rollover: Investors have the option to roll their investment into another note at the date of maturity.
- No fees: At the end of one year, the investor can choose to receive its entire principal or roll it over to enter into a new note.
Invest today
| |
The Nigerian government's Federal Executive Council has approved the country's national blockchain policy as part of its efforts to switch to a digital economy. The policy was prepared by the Minister of Communications and Digital Economy, Isa Ali Ibrahim, after several consultations with the public and private sectors. More: - The country's blockchain policy aims to create a blockchain-based economy that allows secure transactions, data sharing, and value exchange between citizens, companies, and the government.
- The policy draft was first released in 2020 and claimed that blockchain technology would accelerate the development of the Nigerian digital economy.
- The Federal Ministry of Communications and Digital Economy (FMCDE) and a multisectoral steering committee will be responsible for overseeing the policy implementation.
- The National Information Technology Development Agency (NITDA) will also coordinate the initiatives regarding the blockchain strategy.
- Several regulatory bodies, including the NITDA, the Central Bank of Nigeria, and the Securities and Exchange Commission, have already been instructed for the implementation of blockchain technology in different sectors.
Zoom Out: - Nigeria is one of the most crypto-interested countries, though its government started cracking down on digital assets in 2021.
- Nigeria's central bank currently does not permit crypto trade in the country, but a central bank digital currency (CBDC) dubbed eNaira is already in use.
- The Nigerian Securities and Exchange Commission recently announced its plans to allow tokens backed by assets like equity, debt, and property on licensed digital asset exchanges.
| |
Seychelles-based crypto exchange Bitget has committed a five-year $10M fund for its new social responsibility project dubbed Blockchain4Youth. The project will offer blockchain courses, give certifications, and host campus lectures through Bitget Academy in collaboration with universities and leading blockchain firms worldwide. More: - The program mainly aims to support innovative blockchain projects by young entrepreneurs.
- As part of the project, the firm will also host hackathons with entrepreneurs under 30 to identify the most promising projects.
- The company will launch the project this month with campus lectures in universities across Taiwan, Vietnam, and Thailand.
- The Bitget Academy courses will also start in May.
Zoom Out: - Bitget also recently launched a new $100M fund to invest in Web3-focused firms and projects in Asia with experienced teams and a clear roadmap.
- Earlier this year, the largest crypto exchange Binance’s non-profit organization, Binance Charity, similarly promised to provide more than 30,000 scholarships in 2023 to students seeking to build a career in Web3.
| |
Quick Hits: - The company behind these surgical robots is planning to list on Nasdaq. Last day to fund your investment is on 5/10.*
- Five U.S. states have issued a cease and desist order against TruthGPT Coin and Elon Musk AI Token promoters who used images of several leading crypto figures like Elon Musk, Changpeng Zhao (CZ), and Vitalik Buterin.
- A U.S. court has ordered the Securities and Exchange Commission (SEC) to respond to crypto exchange Coinbase's petition, which requests the SEC to clarify how securities laws are applied to digital assets, within 10 days.
- Media giants Bloomberg, The New York Times, The Financial Times, and Dow Jones have requested the U.S. bankruptcy court to release the names of the bankrupt crypto exchange FTX's 9 million customers.
- Demo Divvy, get an Ember heated mug. Hot coffee and quick and easy expense management — get both when you demo Divvy.*
*This is a sponsored post.
| |
Upcoming events at Inside: - May 08 - Inside.com Town Hall (Register Here)
- May 11 - Testing and monitoring large language models (LLMs) with TruEra (Register Here) *
- May 17 - Monthly Meditation guided by Nicholas Whitaker (Register Here)
- May 17 - Join Vanta's webinar to see Vendor Risk Management in action and learn about automating security reviews. (Register Here) *
*This is a sponsored listing.
| |
 |  | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
| |
Looking to add alternative investments to your portfolio? Look no further than Supervest. | |
Comments
Post a Comment