OVERVIEW

A Frog, A President, And A Dog Lead The Market 😆

Before we dive in, here’s today’s crypto market heatmap:

Source: Santiment

And here’s a look at crypto’s total market and altcoin market cap charts:

Source: TradingView

TECHNICAL ANALYSIS
Of Course These Memecoins Are Leading Crypto Higher 😆 

If you don’t know what cryptos are currently leading the market this week, want to venture a guess? 🤔 

Ethereum? It’s up +30% for the week, but out of cryptocurrencies with a market cap of at least $500m, Ethereum is only in fourth place.

Third Best Performer This Week: BONK 🥉

BONKUSD Daily Chart – Click to enlarge.

One of the biggest memecoin’s on $SOL.X ( ▼ 0.93% ), BONK is up nearly +32% this week and up +145% since its early April 2025 low.

It was up nearly +18% today, but it’s given back almost half of those gains, now sitting at +9.5% for the day.

Stocktwits BONK Sentiment Data

Second Best Performer This Week: Trump Coin 🥈

TRUMPUSD Daily Chart – Click to enlarge.

After yesterday’s +14.7% gain, $TRUMP.X ( ▼ 7.94% ) is making another push for an equally solid daily gain, currently at +14.3%.

+32.5% for the week isn’t to bad, either. But it’s still down -63% over the past six months.

Stocktwits TRUMP Sentiment Data

Best Performer Of The Week: Pepe 🥇

PEPEUSD Daily Chart – Click to enlarge.

Dayum – $PEPE.X ( ▼ 1.79% ) closed yesterday with a +34.7% gain. And at one point, it was up +25.6%, but like BONK, it’s given up a good amount of those gains.

Pepe was very, very close to reaching a high that would have put it above not just March and April, but February, too.

Stocktwits PEPE Sentiment Data

NEWS
Stablecoin Bill Stalls 💵 

The GENIUS Act, a major piece of legislation aimed at regulating stablecoins, hit a roadblock in the Senate yesterday when it failed to clear a key procedural hurdle. 🪙 

The bill went down 48-49, with Democrats unanimously opposing it over concerns about former President Trump’s cryptocurrency ties. Three Republicans – Senators Rand Paul, Josh Hawley, and Majority Leader John Thune – also voted against it, though Thune’s “no” vote was strategic, allowing the bill to be reconsidered later.

What started as a bipartisan effort fell apart when Democrats pushed for tough anti-corruption measures, including rules that would stop elected officials – particularly Trump and his family members – from dealing in crypto.

Things really started to unravel when Senator Elizabeth Warren and other Democrats voiced frustration about being asked to vote without seeing the final version of the bill that was still being negotiated.

Republicans fired back, accusing Democrats of playing politics and trying to target Trump’s crypto business interests. Senator Tim Scott expressed disappointment, saying both parties missed a chance to work together on important tech regulation.

But all may not be lost – there are rumors swirling that it may be brought to a vote on Monday. 📆 

PRESENTED BY STOCKTWITS
From Startup to Legend: Vlad Tenev & Howard Lindzon Recount Robinhood’s Rise

The year was 2013.

Vlad Tenev and Baiju Bhatt had a wild idea: commission-free trading. @HowardLindzon backed them early.

12 years later, they sit down to reflect on how that bet changed markets — and earned Vlad the first-ever Cashtag Legend Award. 🏆

🎥 Watch the full conversation premiere now. Over 100,000 Stocktwits members voted — don’t miss this.

ON-CHAIN ANALYSIS
Ethereum Addresses In Profit Still At Stupidly Low Levels ⬇️ 

In the May 1 Litepaper, we looked at how beaten down Ethereum was from an on-chain analytics persepctive. One of the craziest metrics I shared was the percentage of ETH addresses in profit:

May 1, 2025 ETH % of Addresses in Profit – Click to enlarge.

Long story short, the percentage reached as low at 31% of ETH addresses in profit – which was lower by almost -20 points compared to the Terra and FTX collapses, which were still in the 50% range.

After a couple of days of pamping, how do the ETH addresses look now?

ETH % of Addresses in Profit – Click to enlarge.

The number of $ETH.X ( ▼ 1.92% ) addresses in profit is back to where they were when Terra and FTX collapsed: roughly 50%. 🤯 

TECHNICAL ANALYSIS
So, About That Trendline… 📈 

The dominant trendline on Bitcoin’s chart – the one we’ve been looking at since April 2024. No, not a type, the same trendline we’ve been looking at since April 2, 2024, this one:

April 2, 2024 BTCUSD Weekly Chart – Click to enlarge.

We looked again on Tuesday (May 6, 2025):

May 6, 2025 BTCUSD Weekly Chart – Click to enlarge.

And then again, yesterday (May 8, 2025), I wrote the proximity to the the trendline is something I’m keeping a close eye on:

May 6, 2025 BTCUSD Daily Chart – Click to enlarge.

Yesterday, $BTC.X ( ▼ 2.28% ) stopped just below that trendline, bonking right off of it. And it’s happening again today:

This puts bulls and bears into some major nervous territory. At the time of writing, Bitcoin isn’t really dropping after hitting the trendline, but it’s not exactly moving with the same amount of oomph it did yesterday.

And the weekend is coming up, so bulls and bears are feeling kind of iffy. Let’s see what happens on Monday. 👀 

NEWS IN THREE SENTENCES
AI, Stablecoins, & Privacy News 🕵️ 

🛡️ Umanitek’s AI Guardian: Because The Internet Needs a Babysitter

Swiss startup Umanitek just dropped Guardian, an AI content cop built on what they’re calling a Decentralized Knowledge Graph (fancy talk for “smart database”). It helps law enforcement and tech companies spot sketchy content using natural language processing. Because apparently we can’t behave ourselves online without AI watching over our shoulders. OriginTrail.

🎨 Render Network Launches Art Competition – Time to Dust Off Those 3D Skills

Got rendering chops? The Render Network Foundation is running monthly art battles called Render Royale, where digital artists can show off their best Blender, Redshift, or Octane work. Winners get $1,000 and some industry cred. This month they’re going with “Fantasy Worlds”. Render Protocol.

🔐 Story CLI Introduces Encrypted Private Key Management, Protecting Validators from Themselves

Story CLI just got an upgrade with native private key encryption, ensuring validators don’t accidentally tweet their private keys during setup. Available in Story v1.2.0, this feature makes crypto slightly less terrifying – or at least provides plausible deniability when things inevitably blow up. Story Protocol.

NEWS IN THREE SENTENCES
DeFi, DEX, & Lending Protocol News 🏦

⚙️ Sei Labs Decides Cosmos Isn’t Cool Enough, Wants EVM-Only Club

Sei Labs has floated SIP-3, a polite way of saying they’d prefer developers stop fiddling with CosmWasm and native Cosmos transactions and instead cuddle up to Ethereum’s EVM. The pivot to an EVM-only config is basically Sei telling Cosmos, “It’s not me, it’s you.” Sei.

💸 Radix Throws a Billion XRD Tokens at DeFi

Radix Foundation is unleashing a billion XRD tokens to incentivize actual DeFi activities – trading, lending, liquidity provision – and explicitly not short-term yield farming (wink, wink). Token holders start voting May 9, so get ready to argue over incentives for the next two years, crypto style. Radix.

🍣 SushiSwap’s Aggregator Now Features Route Processor 7

SushiSwap proudly unveils its shiny new Route Processor 7, which boasts more liquidity options, Fee-on-Transfer token compatibility, and no more shady direct token approval storage. Developers, rejoice: you can integrate this upgrade seamlessly via the SushiSwap API. Sushi.

🚀 Hedera Simplifies Everything (Except Maybe Their Message)

Hedera’s doing some spring cleaning: HBAR Foundation is now just “Hedera Foundation,” and they’ve dropped the “Governing” from “Hedera Council.” Charles Adkins and Tom Sylvester are taking the wheel, with co-founder Mance Harmon back to keep an eye on things. They’re talking up clearer vision and better governance, though we’re still trying to figure out if fewer words actually means better branding. Hedera.

LINKS
Links That Don’t Suck 🔗

🤦 OnlyFans founder Tim Stokely launches new rival

🇺🇸 White House holds briefing ahead of key China trade talks

👮 Alex Mashinsky’s prison listed as one of America’s ‘cushiest’

🤖 How Amazon and Walmart are rewiring retail’s future with robotics

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