First Mover Americas: Meme Coin PEPE Surges to $1B Market Cap

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Pepecoin (PEPE), the new token based on “pepe the frog” meme, has reached a $1 billion market capitalization after it debuted last month. The token has gained 70% over the past 24 hours, reaching an all-time high, according to data from CoinGeko. The PEPE rally has spurred increased trading activity in other meme tokens on decentralized exchanges, according to data from IntoTheBlock. For instance, WOJAK and PEEPO have climbed more than 600% in a week. Longer-standing meme tokens such as dogecoin (DOGE) and shiba inu (SHIB) have not witnessed the same price movement, both trading in the red on the week.

U.K.'s financial regulator, the Financial Conduct Authority (FCA), continues its crackdown on unlawful crypto ATMs. The FCA said it has inspected sites in Exeter, Nottingham and Sheffield alongside the regional police. The devices for turning fiat currency into crypto are seen as a money laundering threat, and none are logged with the FCA as is required by law, the regulator said in a statement on Friday. “Crypto ATMs operating without FCA registration are illegal,” said Therese Chambers, the FCA’s Executive Director of Enforcement and Market Oversight. “We will act to stop illegal activity.”

Crypto exchange Coinbase reported Q1 revenue of $773 million, exceeding analysts’ estimates of $655 million, according to FactSet, and up from Q4 revenue of $629 million. The company reported an adjusted loss of $0.34 per share, versus estimated loss of $1.45 per share and a narrowing from Q4’s loss of $2.45 per share. Trading volume came in at $145 billion versus estimates of $147.7 million for the quarter. Trading volume was roughly $146 billion in the fourth quarter. Shares of Coinbase were up about 8% to $53 in after-hours trading Thursday. Shares are up about 40% this year, with bitcoin’s rise of roughly 74% year to date.