😳 Coinbase calling it quits?

GM, GM. Another glorious day in crypto. From meme-coins running the world, to BTC dumping, these last 24 hours have been a whirlwind to say the least. Today we’ve got for you…more exchanges, more celebrities and someone called…Jared from subway? Ah well, let’s see what’s in the pod for today!

How we looking today?

Uhh Ethereum…is everything ok?

TROUBLE IN PARADISE?

In yesterday’s edition, we covered ByBit and their recent move to Dubai. Well today, another exchange is in our sights. Late yesterday, Coinbase CEO Brian Armstrong announced his intentions to potentially leave the U.S amid regulatory uncertainty, stating that “anything is on the table” in relation to a possible move. It comes after months of similar occurrences among other exchanges, and everyday it seems like we’re covering a new exchange leaving the U.S. At this point, the U.S either needs to wipe the slate for good, or actually provide some regulatory clarity.

Just hours after the Tweet above was posted, another Tweet hit the space, suggesting Coinbase was gearing up for a clash with the SEC and everyone’s favorite, Gary Gensler. It really does seem the the SEC is trying to scare everyone out of the U.S.

When asked about the potential move, Coinbase CEO Brian Armstrong was quoted as saying “The UK is our second-largest market in terms of revenue. We’re founded in the US, and I think the US has the potential to be an important market in crypto - but right now, we’re not seeing the regulatory clarity we need.”

While this may leave Coinbase’s status in the U.S up in the air, we’ll leave it on a more humorous note. Responding to a Tweet about the situation, the gone but never forgotten software, Limewire chimed in. Here’s what they had to say.

AN NFT TO TRUMP THEM ALL…OR NOT

From Gary Gensler, to Donald Trump, today’s edition really does have it all, huh? Just yesterday, after the enormous (…) success of his first NFT collection, Donald Trump is back at it again, releasing a new round. Priced at $99, Trump announced that the second round was as a result of the sheer popularity of the initial launch, which saw prices go as high as 0.4 ETH, or around $840.

But the news of “Series 2” didn’t go down too well. Those who held the initial collection were treated to a cliff like drop in price, all the way down to 0.15 ETH within the span of a day. Not good news if you were bullish on Trump NFTs… which I’m sure absolutely nobody was.

On a more positive note, “Series 2” recorded a sell-out in under 2 hours. Priced at $99, and with 46,000 NFT’s available for purchase, that means Trump (and his team) netted $4,554,000 in the space of a day. We’ll give it to you Trump, you are a good business man. As for the fate of the series 2 collection, many are supposedly holding until “Trump gets re-elected,” with others just flipping them for a small profit.

MEET JARED FROM SUBWAY

If you noticed your gas fees spiking yesterday, you’re not alone. In the wake of the meme-coin hysteria that has engulfed much of the crypto community in the past few days, a MEV bot has been front-running trades like no tomorrow. Enter, Jared from Subway.

You see, Jared from Subway is an address that houses a MEV bot, a trading bot that will front-run trades in order to maximize profits and get in before the rest. By paying larger transaction fees, among other things, the bot is able to “frontrun” other buyers, but Jared from Subway took it to another level. In the last 24 hours, Jared from Subway was responsible for 7% of all ETH transaction fees, and has spent $7 million on fees in the last two months alone.

So if you’re wondering why gas has been unusually high, blame Jared…from subway.

PEAS IN THE POD

• 🇺🇸US Congressman, Tom Emmer, today called Gary Gensler “incompetent.” Probably the first thing the government has gotten right..

• ☕Starbucks set to launch new NFT collection on Polygon.  You can’t stop the movement.

• 🤔 The U.K could roll out crypto regulation within a year. As long as it’s clear, right Coinbase?

HOW YOU BEAN - A READERS CONFESSION

Can’t believe the market went down today. I’ve been waiting to buy in (been sidelined for 2 months) and have been waiting ever since. I finally pulled the trigger yesterday as I couldn’t handle watching the charts everyday for an entry. Down 10% already, why does everything dip as soon as I buy…

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MEME OF THE DAY

That’s all for us today. While you have the time, why not refer a friend to us?

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.