1ATH.Studio Altcoin Weekly

Turbulence and Triumph: This Week in Altcoins

3 min readMay 12, 2024

Dive into a riveting roundup of seismic shifts in the Altcoins world that shaped this dynamic week

Donald Trump Advocates for Crypto, Criticizes Biden and Gensler Anticrypto Activities

U.S. Republican Presidential candidate Donald Trump has declared his support for cryptocurrency, positioning it as a key differentiator from his opponent, President Joe Biden, whom he criticized for lacking understanding in this area. Trump promised to end the perceived hostility by Gensler towards crypto in the U.S. and foster an environment that retains crypto businesses domestically.

Tom Brady Roasted for FTX Promotion on Netflix

During Netflix’s “The Roast of Tom Brady” on May 6, comedians and former teammates poked fun at Tom Brady, focusing on his career, 2021 divorce from Giselle Bündchen, and his role in promoting the bankrupt crypto exchange FTX.

LayerZero CEO Bans Employees from Airdrop Claims

LayerZero co-founder Bryan Pellegrino confirmed that employees won’t be eligible for the upcoming project airdrop or allowed to claim its tokens. LayerZero CEO Bryan Pellegrino announced that all employees are completely barred from the upcoming airdrop.

Arbitrum Hits $150 Billion Transaction Volume on Uniswap

Ethereum Layer 2 solution Arbitrum exceeded $150 billion in transaction volume on the decentralized trading platform Uniswap. Arbitrum surpassed $150 billion in transaction volume on Uniswap, becoming the first Layer 2 to do so, as announced by Uniswap Labs on Monday.

Ethereum Co-Founder Accuses SEC of Stifling Innovation

Joseph Lubin, co-founder of Ethereum, criticized the U.S. Securities and Exchange Commission (SEC) at the FT Live’s Crypto and Digital Asset Summit, claiming the agency is hindering innovation in the financial sector.

Following a Wells notice from the SEC, Lubin’s firm, Consensys, initiated legal action against the regulator. He highlighted a lack of transparency and reliance on enforcement rather than clear rulemaking, particularly criticizing the SEC’s covert reclassification of Ether as a security.

Top Altcoin Gainers and Losers

Meme of the Week:

Solana Bro’s Pulling out Before Dev Removes Liquidity

Altcoin of the Week

Degen (Base) — DEGEN

Coingecko: Degen is an unofficial token that were distributed to the community on the decentralized social network, Farcaster.

Degen started as a reward token for participants in the Farcaster Degen channel. What began as a meme coin now boasts a substantial following of developers, crypto content creators, and enthusiasts who have bought into the coin. During its initial launch, 15% of the total supply was airdropped to active members of the Farcaster’s Degen channel, and there are plans to airdrop 70% of the token’s total supply eventually.