Solana momentarily surpasses Ethereum in DEX volume due to lower fees and faster transactions.
Thanks to its early start and network effects, Ethereum has long been the frontrunner in decentralized finance (DeFi). However, recently, Solana has experienced its own growth in that area, fuelled by its low fees and developer-friendly environment.
Last week, Solana once again exceeded Ethereum’s volume on decentralized exchanges (DEX), leading investors to ask questions about Ethereum’s long-term outlook.
Solana’s DEX Lead Over Ethereum
On Friday, May 10, Solana briefly surpassed Ethereum in DEX trading volume, recording $1.3 billion compared to Ethereum’s $1.29 billion. The flipping was primarily due to increased trading activity on Solana, thanks to a renewed interest in memecoins.
In recent months, Solana has attracted a significant community of memecoin enthusiasts. Tokens like Bonk and DogWifHat have seen increases of upwards of 1000% since their launch.
As noted in a recent analysis by Franklin Templeton, memecoin airdrops have received huge attention among the community. They also generated significant wealth effects, further contributing to interest.
However, despite Solana’s temporary lead in DEX volume, Ethereum quickly regained its top position by the end of the day, closing the day at $1.39 billion in volume. Conversely, Solana’s trading volume dropped to $943 million.
Solana’s DEX Volume Is Not What It Seems
This was not the first time Solana flipped Ethereum in DEX volume. The last time this happened was on April 21, when Solana’s DEX volume was $1.4 billion, compared to Ethereum’s $1.16 billion. Before that, on March 16, Solana’s DEX volume was even higher, at $3.4 billion, against Ethereum’s $2.4 billion.
It is important to note that high network volume does not mean the same thing for Ethereum and Solana. Due to its low fees, Solana attracts a significant number of high-frequency trades, which boost its overall volume. On the other hand, Ethereum’s higher gas fees mean that its users will only trade when it is advantageous.
While their DEX volume is comparable, Ethereum still holds significant dominance regarding the network’s total value locked (TVL). Currently, Ethereum has a TVL of $52 billion, dwarfing Tron’s $8 billion and BSC’s $6 billion. Solana is only in fourth place in this metric, at a TVL of $4 billion.
Even if Solana were to take the first spot in either DEX or network volume for good, it would still need to come a long way before it can grow to the size of the
Why This Matters
Even if Solana is still far behind, its rise challenges Ethereum to continue improving, particularly around scalability and transaction costs, two critical areas for user experience.
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According to data from Dune, Lido Finance commands a substantial portion, 28.5%, of staked Ether, with an additional 13.6% staked through the Coinbase exchange.
Lido Finance, the premier decentralized finance (DeFi) protocol for liquid staking on Ethereum, has celebrated a significant milestone, reaching one million Ethereum validators.
This achievement was announced through an April 29th post on X, underscoring Lido Finance’s position as a leader in the DeFi space.
Liquid staking protocols such as Lido Finance play a crucial role in democratizing staking for retail users with limited capital.
Typically, individuals would require 32 Ether to operate their own validator nodes on Ethereum.
However, Lido Finance offers an alternative avenue, making staking accessible to a broader audience.
According to data from Dune, Lido Finance commands a substantial portion, 28.5%, of staked Ether, with an additional 13.6% staked through the Coinbase exchange.
Presently, over 27% of the entire Ether supply is engaged in staking activities.
The appeal of liquid staking protocols like Lido lies in the liquidity benefits they provide.
Users who participate in staking through Lido receive Lido Staked ETH (stETH) in return, which can be utilized in various other DeFi protocols.
This stands in contrast to traditional staking methods, where staked Ether remains locked and inaccessible for the duration of the staking period.
The rise of liquid staking is significantly contributing to the growth of DeFi.
Total value locked (TVL) in DeFi protocols has experienced a substantial surge, reaching $97 billion in the first quarter of 2024 from a low of $36 billion in the fourth quarter of 2023.
Current TVL stands at $92.32 billion, according to DefiLlama.
This growth, which saw a 65.6% increase quarter-on-quarter, can be primarily attributed to liquid staking protocols like Lido, as noted by on-chain intelligence provider Messari.
The cumulative TVL amassed by liquid staking protocols exceeds $47.7 billion, with Lido alone accounting for over $29.9 billion.
Despite its success, concerns have been raised about Lido’s growing dominance within the ecosystem. Ethereum co-founder Vitalik Buterin has previously expressed apprehensions regarding potential centralization risks associated with Lido.
In a blog post dating back to September 2023, Buterin highlighted the need for vigilance against such risks, acknowledging the efforts made by protocols like Lido in implementing safeguards while cautioning that one layer of defense may not suffice.
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Shiba Inu (SHIB) has managed to outshine other coins on Robinhood
Popular meme cryptocurrency Shiba Inu (SHB) has managed to top this week's rankings published by prominent brokerage platform Robinhood.
The prominent meme coin is up 11% over the past week, significantly outperforming other major coins that are available on the platform.
Litecoin (LTC) comes in second place with an 8% price spike. Chainlink (LINK) is also in the top 3 after adding 6.1%.
Aave (AAVE) and Ethereum Classic (ETC) have made it to the top 5 after adding 4.8% and 3.5% over the past week, respectively.
Tezos (XTZ), Uniswap (UNI), Ethereum (ETH), Stellar (XLM), and Compound (COMP) have also appeared in the top 10.
Welcome to New York
As reported by U.Today, the second-largest meme cryptocurrency is now available for New York residents on the Robinhood platform.
New York is particularly known for its stringent regulations, with the BitLicense licensing regime making it challenging for companies to operate in the state.
Shiba Inu initially became available for Robinhood users back in early 2022 after an intense campaign by the community behind the meme coin to get the token listed on the popular brokerage platform.
Last month, global asset management firm Bernstein predicted that the Robinhood stock would be able to benefit from a "monster" cryptocurrency rally in 2024. The firm predicted that the total cryptocurrency market cap would be able to top a staggering $7.5 trillion this year.
SHIB is currently trading at $0.00002535, with its market cap sitting at nearly $15 billion. However, the token is still down more than 70.6% from its all-time high that was achieved in October 2021.
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On Apr. 20, Bitcoin managed to generate a staggering $78.3 million worth of fees.
For comparison, Ethereum comes in a distant second place with $3.2 million.
The massive uptick came after the creators of Ordinals launched Bitcoin Runes following the halving event. The protocol makes it possible to create fungible tokens atop the leading blockchain.
Lucas Outumuro, researcher at IntoTheBlock, described the launch of Runes, as "absolutely insane." He explains that the $80 million in daily fees is approximately four times larger than the previous all-time high that was set all the way back in December 2017.
During the ordinals, the average transaction fee was $30. However, now, it has peaked at $128.
Moreover, miners are now earning record revenues despite the recent halving event despite the fact that block rewards have dropped 50%. On Saturday, they managed to earn more than $100 million. Prior to that, the consensus was that miners would experience short-term strain after the halvening, with prominent miners stocks dropping more than 50% from their record highs. Outumuro believes that traditional finance simply was not aware of the launch of Runes.
"It's been less than 48 hours since the launch of Runes and it has already made an impact of historic proportions," the analyst sums up.
However, it remains whether this hype surrounding Runes is going to persist. So far, it seems like retail is sitting on the sidelines based on the fact that the number of retail addresses has reached a new low. However, Runes might potentially emerge as a solution to Bitcoin's long-standing security problem despite attracting some pushback within its conservative community.
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600 million Dogecoin (DOGE) stuns major exchange as fear peaks

In an eye-catching event, a substantial transfer of 600 million Dogecoin (DOGE) to the prominent exchange platform Binance has emerged. The revelation stems from a report by Whale Alert and arrives against the backdrop of heightened market uncertainty.

The timing of this transfer is particularly striking, coming on the heels of a widespread market crash that saw the prices of major cryptocurrencies plummet by double-digit percentages.

Over the weekend, amid escalating geopolitical tensions, fear gripped crypto investors, leading to a significant downturn in prices. Dogecoin, in particular, experienced a steep 30% decline, hitting a low of $0.13, its lowest point since March 20.

🚨 🚨 🚨 🚨 600,000,000 #DOGE (92,311,146 USD) transferred from unknown wallet to Binance — Whale Alert (@whale_alert) April 13, 2024

Dogecoin (DOGE) price outlook

However, amid the chaos, a glimmer of hope emerged as the market found its bottom, prompting a surge in buying activity. Dogecoin swiftly rebounded by 17%, now resting at $0.153 per token. It is against this backdrop of extreme fear and uncertainty that the enigmatic transfer of DOGE to Binance occurred.

The address associated with the transaction is relatively new, with its first recorded activity dating back to December 2023. Since then, it has been notably active, with a total of 130 transactions taking place in recent months. The transfer of such a substantial amount of DOGE to a major exchange like Binance raises questions about the intentions of the anonymous whale behind it.

Speculation abounds as to the motive behind this significant move. Some suggest that it may signal a desire to offload risky assets while prices are on the upswing, while others remain skeptical, calling for time to reveal the true nature of this mysterious transfer.

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The price of the largest cryptocurrency recently managed to surge above the $70,000 level. Will it be able to gain a foothold above this level?

Bitcoin (BTC), the top cryptocurrency by market cap, managed to reclaim the much-coveted $70,000 level earlier today, peaking at $70,230.
It is up 2.4% over the last 24 hours, currently trading just below the aforementioned level.
However, it is worth mentioning that $70,000 is a formidable resistance level that bulls have repeatedly failed to crack. At press time, the top cryptocurrency is changing hands at $69,704 after giving up some gains.
A bear trap?
As noted by popular cryptocurrency trader Ali, the TD Sequential, a powerful technical indicator, is currently showing a sell signal on the four-hour chart. The analyst has predicted "a one to four candlesticks correction" for the largest cryptocurrency.
Bitcoin's failure to gain a foothold above the $70,000 level on Apr. 1 recently led to a sharp correction to the $65,000 level. However, Bitcoin managed to recover from this drop relatively quickly.
Extreme greed
According to the Fear & Greed Index, which measures Bitcoin sentiment on a daily basis, the largest cryptocurrency has once again succumbed to "extreme greed." This implies that the market is showing signs of froth following a short-lasting correction.
The bulls' latest attempt to crush the $70,000 resistance level comes ahead of the much-anticipated halving event. The event is just 11 days away, and many expect the market to become even more torrid due to growing mainstream media coverage.
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While Shiba Inu (SHIB) has become increasingly popular, this popularity also brings risks

Dog-themed cryptocurrency Shiba Inu has grown in popularity over the years. Yet, with great popularity comes great risk, particularly from the shadowy corners of deceit and manipulation. It has come to light that the SHIB community must tread carefully amid a surge of paid promotions, as not all that glitters in the crypto universe is gold — or in this case, SHIB.

Scammers have been quick to capitalize on SHIB's meteoric rise, crafting elaborate schemes hidden within paid promotions. These nefarious actors create illusions of legitimacy by claiming affiliation with SHIB, preying on the uninformed and the overeager.

In this light, "Shibarmy Scam Alerts," an X handle dedicated to uncovering scams and protecting the Shiba Inu community, has issued a critical alert, urging Shiba Inu community members to beware of scams in paid promotions.

Beware of Scams in Paid Promotions Stay alert: Scammers are using paid promotions in articles, especially on platforms like Yahoo, posing as legitimate investments. Many falsely claim to be related to Shiba ecosystem . Always verify information through the official website… — Shibarmy Scam Alerts (@susbarium) March 31, 2024

Shiba Inu holders are urged to exercise caution and due diligence as scammers are using paid promotions in articles, especially on platforms like Yahoo, posing as legitimate investments. Many of these projects falsely claim to be related to the Shiba Inu ecosystem.

Thus, the Shiba Inu community is advised to verify the authenticity of any promotion before engagement, especially those that require financial commitment. They should always verify information through the official SHIB website before taking action. If an offer seems too good to be true, it probably is.

Shiba Inu set to gain 139% in March

According to CoinGecko data, Shiba Inu (SHIB) is poised to conclude the month of March with a staggering 139% increase in value, marking remarkable price growth for the token and signaling renewed investor interest.
At the beginning of March, SHIB was trading at roughly $0.0000125, according to TradingView data. As the month progressed, the token witnessed a dramatic surge in value, reaching highs of $0.000045 on March 5. This impressive rally represents a more than 300% increase in price within a relatively short span. Shiba Inu subsequently rose in crypto rankings and sits presently in the 11th spot with a market capitalization of $18.05 billion.
Although the price has retreated, SHIB is still trading higher than its opening price of $0.000001257 in March. At the time of writing, SHIB was up 2.04% in the last 24 hours to $0.0000306 and up 8.96% in the last seven days.
As March draws to a close, the SHIB community celebrates its impressive gains and looks forward to the next chapter in the token's journey.

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The blockchain sphere in China is currently navigating through tumultuous waters, thanks to a cleverly orchestrated scam pandemic that’s left countless investors out of pocket. This isn’t just your run-of-the-mill cyber deception; we’re talking about a sophisticated double-whammy where victims, already burned once, are being scorched again by predators masquerading as their saviors. It’s a harsh reality in the digital age where trust is fragile, and the blockchain, despite its robust architecture, isn’t immune to human cunning and greed.
The Double Deception Dilemma
At the heart of this chaos is a particularly sinister scam model that preys on the desperation and vulnerability of investors who have already fallen victim to initial frauds, often involving virtual currencies. Imagine losing a staggering amount of money to a scam, only to be duped again by someone promising to help you recover your losses.
This exact scenario unfolded for an individual who first lost 700,000 yuan (about $100k) to a pig butchering scam—a scheme involving fattening up the victim with fake profits before going in for the financial kill. In a desperate bid for recourse, they then turned to what they believed was a legal lifeline, only to be swindled out of an additional 500,000 yuan ($70k) by a phony lawyer. The tragedy of this situation is palpable, highlighting not just the sophistication of online scams but also the profound impact of these crimes on individuals’ lives.
Adding an international twist to the tale is the story of Jian Wen, a 42-year-old British citizen found guilty by a London jury of laundering vast sums of Bitcoin. This wasn’t petty cash; we’re talking about laundering for a Chinese fugitive implicated in an almost $6 billion investment fraud. Between 2017 and 2022, Jian helped wash the dirty digital money, showcasing the global scale and reach of these operations. Her lifestyle, upgrading from a fast-food takeaway basement to a life of luxury, punctuates the narrative with a stark visual of crime’s profitability. Despite her denials and the complexities of the case, the conviction shines a light on the intricate networks supporting financial crimes in the blockchain space.
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James Howells, embarks on a legal quest to reclaim a mistakenly discarded hard drive from a council landfill
James Howells, a 38-year-old IT expert, has initiated a legal battle to recover a hard drive containing Bitcoin now valued at approximately £1.5 billion, according to The Daily Mail. Howells has been trying to recover the stolen funds for roughly a decade.
A decade-long quest
Howells' ordeal began with a simple yet fateful cleaning mishap ten years ago, leading to an unimaginable loss.
Unfortunately, this bag was mistaken for trash, and without realizing the crucial mistake, his partner disposed of it at a local council landfill.
This hard drive wasn't just any piece of hardware; it contained the private keys to access 8,000 Bitcoins, an asset that, over the years, has ballooned in value to a staggering £1.5 billion.
The realization of this mistake set off a decade-long quest to recover the digital treasure now buried under tons of waste.
The path forward
The legal confrontation has escalated to the High Court, where Howells seeks access to the dump and argues for the recovery of his property.
His legal and recovery team, funded by hedge fund investors eyeing a share of the potential recovery, includes search experts and data recovery engineers.
These professionals are optimistic about their ability to recover and restore the hard drive, even after years in a landfill.
The team has challenged the council's concerns, drawing on precedents of successful data recovery in extreme conditions.
Despite Howells' offer to share the proceeds from the recovered Bitcoin with the financially struggling council, his requests have been rebuffed.

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Bitcoin, the world's largest cryptocurrency by market capitalization, surpassed $71,000 for the first time, extending this year's surge to nearly 70% thanks to massive inflows into U.S. exchange-traded funds.
Amid Bitcoin's climb to a new all-time high (ATH), a large 4,192 BTC buy has sparked intrigue and excitement within the crypto community.
Spot On Chain, an on-chain analytics firm, reported an intriguing move by a new crypto whale when Bitcoin approached $71,000.
The $BTC price broke $71,000, recording a new ATH! Fresh whale 3Khjn withdrew a total of 4,192 $BTC from #Binance at ~$68,937 (cost: $289M) in the past 1.5 days, now making $10M+! — Spot On Chain (@spotonchain) March 11, 2024
According to Spot On Chain, a new whale dubbed "3Khjn" withdrew 4,192 BTC worth $289 million from Binance when the price was around $68,937 in the previous 1.5 days.
The whale is now sitting on gains of  $10 million if they were to sell at current prices. Withdrawals from cryptocurrency exchanges signal an intention to buy or accumulate, while deposits signal an intention to sell.
The timing of the BTC buy was especially intriguing because it occurred at the same time that Bitcoin's price and trade volume were skyrocketing.
While the identity and motives of the buyer remain shrouded in mystery, the BTC buy has commanded attention.
It could be a whale or an institution attempting to capitalize on Bitcoin's upward trend. It could also be a strategic move by a large player, which signals confidence in Bitcoin's future trajectory.
Despite the lack of concrete information, the potential implications of such a significant purchase might vary. It might signal institutional interest in Bitcoin, citing the growing adoption of cryptocurrencies by traditional financial institutions and corporations. It could also be a bullish indicator, suggesting that the buyer was betting on Bitcoin's long-term potential and resilience as a store of value.
At the time of publicating, BTC was up 2.54% in the last 24 hours to $71,702. Earlier, it had reached intraday highs of $71,815, which marked its new ATH (all-time high).
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The altseason is expected to run for a while longer, and Bitcoin could witness gains as well.
Bitcoin [BTC] bulls have applied a lot of pressure in the past five months. Notably, Bitcoin ETFs have spurred prices near the all-time highs. In turn, this has led to a massive influx of capital into the altcoin market.
In a post on X (formerly Twitter), Santiment observed that the altseason hadn’t slowed down this weekend. The meme coins saw triple-digit rallies over a few days, but the large-cap coins have also done well.

Taking a closer look at major cap coins in an uptrend

Among the top 10 cryptos by market capitalization, Cardano [ADA] and Solana [SOL] have the best performance over the past seven days — excluding Dogecoin [DOGE] which has gained 64%.
ADA rallied 23.82% over the past week, while SOL stood at 24.97% in gains.
AMBCrypto looked at some relevant metrics on Santiment. The Weighted Sentiment behind Solana had been persistently negative throughout February. This changed over the past couple of days.
On the other hand, ADA saw more bullishness on social media in the past month.
The Open Interest behind SOL continued to trend upward. The recent dip saw the OI fall slightly too, but overall the sentiment was strongly bullish.
In contrast, ADA saw a peak in OI form on the 18th and 19th of February. Since then, the OI has trended downward even though prices climbed higher.
This suggested that speculators were not convinced by ADA, even though it performed strongly over the past month.
Swing traders could watch out for a shift in the OI trend and look to capitalize on the next move upward.

Tether’s dominance continued to plummet

In a recent report, Tether Dominance’s fall below 4.9% could see Bitcoin rally to the $58k resistance. The past week saw this come true, and BTC rallied well past the $58k level.
SOL and ADA also posted impressive gains, as mentioned earlier.
With the Dominance below the 4.9% level, it is projected to continue its descent at least as far as the 3.77% support level.
Hence, Solana and the altcoins could run for a while longer, and Bitcoin could witness gains as well.
Not financial advice
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SpotOnChain, an on-chain data platform, reported a significant transfer of 421.6 billion SHIB tokens by a crypto whale identified as ‘0x30e.’
Indeed, the transaction, occurring amidst notable market resistance, has stirred interest among the SHIBArmy.
Crypto Whale Sells 421.6 Billion SHIB
The whale reportedly sold 421.6 billion SHIB tokens at $0.000009437 each, totaling $3.98 million. The transaction, executed on February 24, was initiated on Binance, the largest crypto exchange by trading volume, and an undisclosed Decentralized Exchange (DEX).
The whale notably deposited 311.6 billion SHIB tokens valued at $2.97 million into Binance, while it sold the remaining 110 billion SHIB, worth around $1.01 million, on a DEX.

The data indicates that the crypto whale initially acquired the SHIB tokens for $10.30 million when Shiba Inu’s market value was $0.00002443.
However, after holding for 2.5 years, the current selling price stands at $0.000009437, resulting in a substantial loss of approximately 61.4%, estimated at $6.32 million. Additionally, the address sold an additional 80 billion SHIB tokens valued at $724,540 on the same day.
What’s Next For Shiba Inu’s Price?
Despite the significant transaction, SHIB’s price performance has seen only mild activity. Over the past day, the token has experienced a minimal movement of about 0.1%, reaching its present trading price of $0.000009623. However, this movement reflects a decline of approximately 1.53% over the last seven days.
According to crypto analyst King Thies, SHIB’s price is attempting to reach $0.00001 but faces resistance at the $0.0000098 mark. As a result, the price has remained relatively stagnant around this level for more than a week.
Interestingly, SHIB’s mild price performance occurs amidst significant growth in the Shiba Inu ecosystem. Recently, the digital asset rapidly sold out of two phases of its Sheboshi NFT collections shortly after its launch. A major influencer within its ecosystem hinted that this aligns with the broader innovative advancements that would transform it from a meme coin into a blockchain with practical utility.

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Vanguard's recent inflows dwarf those of Bitcoin ETFs, showcasing the firm's dominance in traditional finance

According to Eric Balchunas, a senior ETF analyst, Vanguard has absorbed approximately $30 billion in inflows since the launch of Bitcoin ETFs, a figure six times greater than what Bitcoin ETFs have achieved.
This influx underscores Vanguard's dominance in traditional finance (TradFi), despite the crypto sector's rapid growth and the significant attention Bitcoin ETFs have garnered.

#BoycottVanguard flops

Vanguard's steadfast approach to investment, deeply rooted in the principles set forth by its late founder, Jack Bogle, has led to a pointed refusal to engage with the cryptocurrency market, including Bitcoin ETFs.
This decision sparked considerable debate within the crypto community, culminating in a #BoycottVanguard movement on social media platforms. Despite this backlash, Vanguard's position remains unchanged, with the firm pulling even futures-backed Bitcoin funds from its platform.
This move shows Vanguard's commitment to Bogle's vision of investing in assets that generate tangible returns, such as dividends and interest payments, and its skepticism towards commodities and assets it views as speculative, like cryptocurrencies.

Ignoring the hype

Vanguard's conservative stance on investment is not merely a reaction to market trends but a reflection of a deeply ingrained philosophy.

The firm's exclusion of crypto-related products from its offerings is consistent with its focus on long-term, value-generating assets over speculative investments. Vanguard's approach is characterized by a rigorous screening process for new products, emphasizing investment merit, client needs, competitive advantage, and feasibility.

Despite the allure of blockchain technology and its potential to enhance capital market efficiency, Vanguard remains cautious, prioritizing the interests of its long-term investor base over the speculative nature of current crypto offerings.

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A cryptocurrency investor managed to net approximately $13.5 million in profits within a mere four days through strategic Bitcoin transactions.
According to Lookonchain, a blockchain analytics platform, the investor initially withdrew 2,742 Bitcoins valued at $118.66 million from Binance, a leading cryptocurrency exchange, when the price of Bitcoin was $43,277.
Following a significant price increase, the investor then redeposited the same amount of Bitcoin, now valued at $132 million, back into Binance at a price of $48,193 per Bitcoin.
Strategic investment or timely luck?
This lucrative maneuver came just before Bitcoin's price witnessed a slight increase, solidifying at $48,250.37, according to the latest latest market data.
The timing of the transactions suggests a well-calculated strategy, leveraging the volatility of the cryptocurrency market to the investor's advantage.
However, some observers question whether the investor could have achieved even higher returns had they waited longer, especially considering the current market trends and the potential for Bitcoin's price to climb further.
Market optimistic amid skepticism
Despite the skepticism that often surrounds the cryptocurrency market, analysts like Ali emphasize that Bitcoin has maintained robust support levels.
Such support levels, they argue, could outweigh resistance in the market, potentially paving the way for Bitcoin's price to soar to higher resistance levels around $57,000.
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