Pepe Takes Over the Spotlight from Dogecoin
Pepe token, inspired by the internet frog meme, has risen around 7,000% since its mid-April launch, establishing a new rival to dogecoin. The meme-inspired frenzy has heightened interest in the whole class of highly speculative and often strange coins, which tend to gain popularity when larger tokens such as bitcoin are trading sideways, according to one analyst. Meanwhile, Binance pulled out of Canada, which recently implemented new regulations in the field, and media reports suggest the crypto exchange may look to UK oversight following disagreements with over-zealous US regulators. The EU has given the final go-ahead for the world’s first comprehensive set of rules covering crypto markets, with companies wanting to issue, trade or hold such tokens in the EU to be licensed by next year. The move is seen as piling pressure on the UK and US to establish similar regulations. Bitcoin billionaire Do Kwon has been released on bail in Montenegro while facing charges of crypto fraud in both his native South Korea and Washington, where he is accused of using fake documents.