Ethereum Fees at One-Year Highs, Coinbase Earnings Beat

Market Update Stocks and crypto are rising today as regional bank shares stabilize. $BTC is up 2.0%, and the S&P gained 1.3% after Apple’s beat on earnings and improved sentiment on regional bank stocks. A note from JP Morgan upgraded Western Alliance, Zions Bancorp, and Comerica to overweight, stating all three looked “substantially mispriced.” Regional banking ETF, $KRE, is up 4.66% at writing. Among the largest 100 cryptos, the top performers were meme coins $PEPE (+159%) and $FLOKI (+58%), which popped after Binance announced they would list both tokens. $PEPE has left skeptics in disbelief as it trades at a $1.7bn market cap despite not having any clear utility. While this may seem like a drawback on the surface, our team has written about distinct characteristics specific to meme coins that have driven outperformance over serious projects in the past. These include their tendency to induce FOMO, virality, reflexivity, unit bias, and community. $ETH is outperforming $BTC, gaining 3.89% as speculation on meme coins triggered by the success of $PEPE have caused network fees to surge to 1-year highs. The trading volume for $PEPE has surpassed that of Wrapped Bitcoin ($WBTC) and USDT stablecoin volumes. Copycat meme coins have also emerged, and smart contracts for meme