April 21th, 2025

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Market Analysis

Solana Dominates Blockchain Revenue Despite Activity Drop

Solana (SOL) remains the top blockchain by on-chain revenue, even as meme coin activity on its network has dropped over 80% from its peak, according to Blockworks Research.

Despite the decline, Solana dApps still drive more than 70% of total blockchain revenue. Syndica reports that in March alone, Solana-based applications generated 46% of all on-chain earnings across networks.


sUSD Depegged Following Repair Mechanism Changes

Synthetix’s stablecoin, sUSD, went down by 5.8% in 24 hours following a sharp depeg triggered by changes to its anchor repair mechanism.

Founder Kain Warwick revealed he sold 90% of his ETH to increase his SNX holdings. The shift to new mechanisms, which are largely focused on crypto asset backing, has caused short-term volatility but aims to restore the peg long-term.

The SIP-420 upgrade has also reshaped debt and arbitrage incentives, leading to a temporary oversupply of sUSD and shifting market dynamics.


Bitcoin Hovers Above $85K, SOL & TRUMP Lead Altcoins

Bitcoin (BTC) hit a weekly high of $86,500 midweek before facing resistance and dipping, only to bounce back following Fed Chair Jerome Powell’s comments on Trump’s trade war plans.

While BTC’s market cap stands at $1.69 trillion, with dominance at 61%, most major altcoins saw modest gains. ETH, XRP, DOGE, BNB, and ADA all rose by around 1% or less. Solana (SOL) led the large-cap group, rising 3.7% to $140. 

The biggest mover was TRUMP, a meme coin tied to the U.S. President, which jumped nearly 12% to over $8.50. TAO, IMX, FLR, and HYPE also saw daily gains of up to 8%. The total crypto market cap holds steady at $2.78 trillion.



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Opinion Piece - Banning Crypto Will Only Encourage Its Growth

As some countries embrace cryptocurrency, others are slamming the door shut. Nations like China, Morocco, and Bangladesh have banned crypto outright, citing economic risks and threats to monetary policy. But beneath these reasons lies a clear motive: fear of losing control.

In authoritarian regimes or unstable economies, crypto gives people financial freedom, something many governments find threatening. But banning it doesn’t erase demand, it just drives it underground, where risks are higher and regulation is often impossible.

Meanwhile, other nations are moving forward with regulation or launching their own digital currencies (CBDCs), recognizing the future of finance is digital.

Bans may offer short-term control, but they miss the bigger picture. Instead of fearing decentralization, governments should focus on smart regulation that fosters innovation and protects users.

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We at CryptoWeekly are not Financial Advisors. None of the content or opinions expressed in this newsletter should be considered financial advice. We highly recommend that you do your own research before investing in any project within or outside the cryptocurrency space.