1ATH.Studio Altcoin Weekly

Turbulence in Altcoin Territory: Solana and Base Platforms Witness Sharp Declines

4 min readApr 7, 2024

In a reflective response to Bitcoin’s recent slump, the once-buoyant memecoin market experiences a sharp decline in our weekly roundup

Memecoins Face Sharp Decline Amidst Bitcoin Downturn

The world of memecoins, particularly those on Solana and Coinbase’s Ethereum layer-2 platform Base, is seeing a notable downturn. Their market values have dipped by 12% and 19% respectively within a single day. This trend mirrors a recent 4.94% decrease in Bitcoin’s value, indicating a widespread adjustment across the cryptocurrency market.

Ripple Sets Eyes on Stablecoin Market with USD-Backed Offering

Ripple is stepping into the stablecoin scene, gearing up to launch a U.S. dollar-backed digital coin, setting its sights on big names like Circle and Tether. With the stablecoin market valued at a hefty $150 billion, Ripple’s Chief Technology Officer, David Schwartz, spots ample room for variety and progress. After a year-plus of planning, Ripple is ready to make its mark in the stablecoin sector, aiming to snag a significant chunk of the market over the next five years as part of its broader strategy to broaden its range of digital financial products.

Crypto Community Funds Meme Goat Purchases

The crypto community is pooling their digital assets to support Richard Opany’s unique initiative: acquiring goats named after well-known cryptocurrency personalities and ideas. This quirky movement began when Opany invested a $100 Worldcoin airdrop to purchase a goat, whimsically named after Sam Altman.

The initiative gained momentum when Leighton Cusack, the co-founder of PoolTogether, chipped in with another $100, facilitating the acquisition of two more goats. These goats, aptly named Higher and Base, symbolize the crypto community’s high hopes and a nod to Coinbase’s Layer 2 network.

Coinbase and Circle Challenge Basel Committee’s Stablecoin Proposal

Coinbase and Circle are voicing their concerns over the Basel Committee on Banking Supervision’s recent proposal on how banks should handle stablecoin exposure. The Committee’s recommendation, made in December, calls for thorough due diligence by banks to fully grasp the stabilization methods behind stablecoins. However, these top crypto entities contend that the suggested rules could unduly limit how banks interact with stablecoins, which might hinder progress and innovation within the industry.

Telegram Integration with Toncoin Payments Boost Wallet Activities

Telegram’s latest venture into the world of cryptocurrency, especially with its TON blockchain adoption, is reshaping the messaging app’s landscape. This strategic integration has ignited a significant uptick in TON Blockchain operations, positioning it as a central player in Telegram’s burgeoning social media advertising market. Remarkably, a single day saw the activation of an unprecedented 156,000 TON wallets.

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Altcoin of the Week

Ethena - ENA

Coincarp: Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar denominated savings instrument — the ‘Internet Bond’. Ethena’s synthetic dollar, USDe, will provide the first censorship resistant, scalable and stable crypto-native solution for money achieved by delta-hedging staked Ethereum collateral. USDe will be fully backed transparently onchain and free to compose throughout DeFi.

What Is Ethena (ENA) Token?

$ENA is Ethena’s native token. The token has 15 billion total supply, so $0.3 implies a fully diluted valuation of $4.5 billion.

Ethena Price — $1.236

Market Cap — $1,742,027,258

Fully Diluted Valuation — $18,337,129,037

24 Hour Trading Vol — $1,239,382,972

Circulating Supply — 1,425,000,000

Total Supply — 15,000,000,000

Max Supply — ∞




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