This week PEPE, a newly-minted Ethereum-based token, achieved $86m in market capitalization in just five days, reminding people of the half-jocose success of Dogecoin.
As people were obsessing over the latest meme token, several web3-focused blockchain gaming companies made new strides. Merit Circle, a decentralized autonomous organization, has confirmed that it plans to launch Beam, a gaming subnet on the Avalanche network.
On the same day, Gala Games, which is a blockchain-based gaming platform, confirmed that it will be launching its GALA (v2) token on May 15.
Developers in the web3 and blockchain sector have mostly remained upbeat during the period known as crypto winter, confident that they can continue to deliver on strong results and develop their technology until better times arrive.
There have been some interesting developments stirring in regulatory circles, with the Bank of Russia planning to explore the use of cryptocurrency for export-import deals as the country grapples with economic sanctions imposed by the West over the country’s invasion of neighboring Ukraine.
Russia’s central bank is not the only one exploring crypto. Israel’s central bank also confirmed that it is trying to speed up the issuance of a central bank digital currency in a bid to stop private companies from taking over the sector of stablecoins and digital tokens used in mainstream finance.
Meanwhile, the US has been lambasted for its “hubris” and overreaching approach towards crypto. The criticism came from Columbia Business School professor Omid Malekan who attacked the US policy on crypto and the country’s counterproductive stance concerning the industry.
Lack of clarity in the US has already prompted Coinbase, one of the largest cryptocurrency exchanges, to consider shifting its operations to the UK, benefiting from the jurisdiction’s clearer rules on cryptocurrencies.
The county is also trying to transform itself as a global crypto hub. It has been talking big game about speeding up its own regulatory regime as well.
ChatGPT is once again grabbing headlines, but not because it’s minting fake crypto tokens, but rather because the technology has predicted that Bitcoin will peak between $100,000 and $120,000 in 2023.
Australians continue to be the target of crypto scams, the Australian Competition and Consumer Commission has confirmed with consumers losing $148.3m in 2022 due to scams.
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