Coinbase removes USDC rewards for non paying members
On December 15th, Coinbase will stop paying USDC rewards to non-paying customers. Only Coinbase One premium subscribers will be eligible to earn the current 3.5% on their stablecoin holdings. With rates falling, and Coinbase attempting to develop a more steady revenue stream, it makes sense to incentivize users to upgrade. For $4.99 a month, the added benefits of Coinbase One along with the stablecoin yield, it still seems like a good deal. But for those not wanting to pay, you could check out something like Galaxy One, or for the more technically inclined something like Morpho or Nook.
Operation Chokepoint gets called out
The OCC has called out nine large US banks for restricting access to banking services to sectors including oil & gas, firearms, and most importantly for this letter – crypto. This comes only days after the OCC confirmed that banks can act as intermediaries in crypto transactions. Read more →
Memecoin are dead. Pump Fun isn’t
The memecoin sector looks to be dying. The total market cap for memecoins has dropped from more than $100 billion to under $40 billion in only a few months. Most top tokens are down 90%+. Google search interest for “meme coins” is also down bad. So with prices and sentiment collapsing, we would expect volume to be as well, right? Well that expectation would be wrong. Volumes, especially on Pump Fun, are near the top of the overall DEX market sitting in 4th place for highest DEX volume overall. Pump averaged more than $560 million in volume over the past week alone and set a new daily record on Dec. 7 with $1.1 billion in volume.
Unlike the old hyped up scammy looking sectors of yesteryear like the metaverse or NFTs, Pump Fun and memecoin volumes seem to be bucking the trend - not only surviving, but arguably thriving in a cold market.
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