Synthetix’s algorithmic stablecoin sUSD is continuing to drift from its $1 peg, currently trading at $0.90. The depeging began in March, with sUSD briefly slipping below $1, but the situation worsened after the implementation of SIP-420—a governance proposal aimed at…

sUSD struggles to regain $1 peg as Synthetix deploys recovery measures post SIP-420

Synthetix has launched a new liquidity initiative aimed at stabilizing its 
algorithmic stablecoin sUSD, which has been trading well below its intended $1 
peg. The “sUSD 420 Pool,” Announced by founder Kain Warwick on X, the pool 
will reward participants…

Synthetix officially launches sUSD 420 Pool to tackle ongoing stablecoin issues

Binance says the United States Treasury supply will hit a record $31 trillion 
in 2025, a scenario that could have an impact on the macro environment and 
cryptocurrencies. According to a Binance Research report on April 18, U.S. 
Treasury issuance…

Binance Research: U.S. Treasury issuance is a key macro area to watch

After several solana-based exchange-traded funds (ETFs) debuted on the Toronto 
Stock Exchange (TSX), solana climbed more than 11% over the past seven days, 
earning its place as the leading gainer among the ten largest crypto assets by 
market capitalization. Solana Advances 11% on TSX ETF Debut; Polymarket 
Bettors Wager on U.S. ETF Listings Solana ( […]

Polymarket Sees 79% Odds for US Solana ETF Amid 11% Weekly Gain

Bonk (BONK), one of the more energetic players in the meme coin space, is 
showing signs of a potentially explosive move as it coils tighter within a 
symmetrical triangle pattern. This classic chart formation, characterized by 
converging trendlines of lower highs and higher lows, often acts as a pressure 
booster for price action — the longer the squeeze, the more powerful the 
breakout tends to be. The symmetrical triangle squeeze is a technical signal 
that often precedes sharp breakouts, and in BONK’s case, it couldn’t come at a 
more pivotal moment. With the broader meme coin market showing signs of 
strength and sentiment slowly shifting, a decisive move from this setup could 
define the next chapter for BONK. A breakout above the upper trendline might 
ignite fresh bullish momentum and open the door to new highs, while a break 
below support could trigger a sell-off toward lower key levels. Bonk’s Recent 
Price Action: The Setup For A Big Move According to a recent post by 
Whales_Crypto_Trading on X (formerly Twitter), Bonk is currently forming a 
symmetrical triangle pattern on the 1-hour chart. The price has just rebounded 
from the lower support trendline of the triangle, suggesting that buyers are 
stepping in to defend the structure and potentially build momentum for an 
upward breakout. Related Reading: BONK Flashes Buy Signal After Crashing 40% 
In One Week – Time To Get In? What makes this pattern particularly noteworthy 
is the potential upside. Whales_Crypto_Trading highlighted a profit target 
range of 70–80%, should BONK successfully break above the upper resistance 
trendline. With volatility tightening and volume starting to show signs of 
recovery, such a breakout could offer a substantial short-term trading 
opportunity. However, traders are advised to keep a close eye on volume 
confirmation and key breakout levels to avoid possible fakeouts, as 
symmetrical triangles can break in either direction. Will The Meme Coin 
Explode Or Fizzle Out? Bonk’s symmetrical triangle pattern has reached a 
critical stage, raising speculations about whether the meme coin will break 
free with force or lose steam under pressure. The recent bounce off the 
support trendline suggests bullish interest is still alive, and if momentum 
continues to build, BONK could be gearing up for a powerful breakout, 
potentially delivering gains in the 70–80% range as projected by traders. 
Related Reading: Solana’s BONK Roundtrips Total Gains From 2024, Here’s Why 
It’s A Good Buy Now However, it’s important to remain cautious. Symmetrical 
triangles are neutral by nature, meaning a breakdown is still on the table if 
buyers fail to push through resistance. The next few candles on the 1-hour 
chart could provide key confirmation of BONK’s direction. In the end, BONK is 
approaching a defining moment. Whether it explodes into a bullish run or 
fizzles out into another rejection will largely depend on volume, sentiment, 
and the strength of the breakout. Traders should stay alert, as a big move may 
be closer than it seems. Featured image from Shutterstock, chart from 
Tradingview.com

BONK Symmetrical Triangle Squeeze: Is A Mega Breakout Imminent?

Crypto investor sentiment took another significant hit this week after 
Mantra&#8217;s OM token collapsed by over 90% within hours on Sunday, April 13, 
triggering knee-jerk comparisons to previous black swan events such as the 
Terra-Luna collapse.
Elsewhere, Coinbase&#8217;s report for institutional investors added to concerns by 
highlighting that cryptocurrencies may be in a bear market until a recovery 
occurs in the third quarter of 2025.
## Mantra OM token crash exposes &#8220;critical&#8221; liquidity issues in crypto
Mantra&#8217;s recent token collapse highlights an issue within the crypto industry 
of fluctuating weekend liquidity levels creating additional downside 
volatility, which may have exacerbated the token&#8217;s crash.
The Mantra (OM) token&#8217;s price collapsed by over 90% on Sunday, April 13, from 
roughly $6.30 to below $0.50, triggering market manipulation allegations among 
disillusioned investors, Cointelegraph reported.
While blockchain analysts are still piecing together the reasons behind the OM 
collapse, the event highlights some crucial issues for the crypto industry, 
according to Gracy Chen, CEO of the cryptocurrency exchange Bitget.
&#8220;The OM token crash exposed several critical issues that we are seeing not 
just in OM, but also as an industry,&#8221; Chen said during Cointelegraph&#8217;s 
Chainreaction daily X show, adding:
&gt; &#8220;When it&#8217;s a token that&#8217;s too concentrated, the wealth concentration and the 
&gt; very opaque governance, together with sudden exchange inflows and outflows, 
&gt; [&#8230;] combined with the forced liquidation during very low liquidity hours 
&gt; in our industry, created the big drop off.&#8221;
_Source:__Cointelegraph_
**Continue reading**
## Crypto in a bear market, rebound likely in Q3 &#8212; Coinbase
A monthly market review by publicly traded US-based crypto exchange Coinbase 
shows that while the crypto market has contracted, it appears to be gearing up 
for a better quarter.
According to Coinbase&#8217;s April 15 monthly outlook for institutional investors, 
the altcoin market cap shrank by 41% from its December 2024 highs of $1.6 
trillion to $950 billion by mid-April. BTC Tools data shows that this metric 
touched a low of $906.9 billion on April 9 and stood at $976.9 billion at the 
time of writing.
Venture capital funding to crypto projects has reportedly decreased by 50%-60% 
from 2021-22\. In the report, Coinbase&#8217;s global head of research, David Duong, 
highlighted that a new crypto winter may be upon us.
&#8220;Several converging signals may be pointing to the start of a new &#8216;crypto 
winter&#8217; as some extreme negative sentiment has set in due to the onset of 
global tariffs and the potential for further escalations,&#8221; he said.
**Continue reading**
## Manta founder details attempted Zoom hack by Lazarus that used very real 
&#8220;legit faces&#8221;
Manta Network co-founder Kenny Li said he was targeted by a sophisticated 
phishing attack on Zoom that used live recordings of familiar people in an 
attempt to lure him to download malware.
The meeting seemed real with the impersonated person&#8217;s camera on, but the lack 
of sound and a suspicious prompt to download a script raised red flags, Li 
said in an April 17 X post.
&#8220;I could see their legit faces. Everything looked very real. But I couldn&#8217;t 
hear them. It said my Zoom needs an update. But it asked me to download a 
script file. I immediately left.&#8221;
Li then asked the impersonator to verify themselves over a Telegram call, 
however, they didn&#8217;t comply and proceeded to erase all messages and block him 
soon after.
_Source:__Kenny Li_
Li said the North Korean state-backed Lazarus Group was behind the attack.
The Manta Network co-founder managed to screenshot his conversation with the 
attacker before the messages were deleted, during which Li initially suggested 
moving the call over to Google Meet.
_Source:__Kenny Li_
Speaking with Cointelegraph, Li said he believed the live shots used in the 
video call were taken from past recordings of real team members.
&#8220;It didn&#8217;t seem AI-generated. The quality looked like what a typical webcam 
quality looks like.&#8221;
**Continue reading**
## AI tokens, memecoins dominate crypto narratives in Q1 2025: CoinGecko
The cryptocurrency market is still recycling old narratives, with few new 
trends yet to emerge and replace the leading themes in the first quarter of 
2025.
Artificial intelligence tokens and memecoins were the dominant crypto 
narratives in the first quarter of 2025, accounting for 62.8% of investor 
interest, according to a quarterly research report by CoinGecko. AI tokens 
captured 35.7% of global investor interest, overtaking the 27.1% share of 
memecoins, which remained in second place.
Out of the top 20 crypto narratives of the quarter, six were memecoin 
categories while five were AI-related.
_AI tokens, memecoins, were leading crypto narratives in Q1 2025: CoinGecko_
&#8220;Seems like we have yet to see another new narrative emerge and we are still 
following past quarters&#8217; trends,&#8221; said Bobby Ong, the co-founder and chief 
operating officer of CoinGecko, in an April 17 X post. &#8220;I guess we are all 
tired from the same old trends repeating themselves.&#8221;
**Continue reading**
## Crypto lending down 43% from 2021 highs, DeFi borrowing surges 959%
The crypto lending market&#8217;s size remains significantly down from its $64 
billion high, but decentralized finance (DeFi) borrowing has made a more than 
900% recovery from bear market lows.
Crypto lending enables borrowers to use their crypto holdings as collateral to 
obtain crypto or fiat loans, while lenders can use their holdings to generate 
interest.
The crypto lending market was down over 43%, from its all-time high of $64.4 
billion in 2021 to $36.5 billion at the end of the fourth quarter of 2024, 
according to a Galaxy Digital research report published on April 14.
&#8220;The decline can be attributed to the decimation of lenders on the supply side 
and funds, individuals, and corporate entities on the demand side,&#8221; according 
to Zack Pokorny, research associate at Galaxy Digital.
_Crypto lending key events. Source: Galaxy_ _Research_
The decline in the crypto lending market started in 2022 when centralized 
finance (CeFi) lenders Genesis, Celsius Network, BlockFi and Voyager filed for 
bankruptcy within two years as crypto valuations fell.
Their collective downfall led to an estimated 78% collapse in the size of the 
lending market, with CeFi lending losing 82% of its open borrows, according to 
the report.
**Continue reading**
## DeFi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 
100 largest cryptocurrencies by market capitalization ended the week in the 
green.
Decentralized exchange (DEX) Raydium&#8217;s (RAY) token rose over 26% as the week&#8217;s 
biggest gainer, followed by the AB blockchain (AB) utility token, up over 19% 
on the weekly chart.
_Total value locked in DeFi. Source: DefiLlama_
Thanks for reading our summary of this week&#8217;s most impactful DeFi 
developments. Join us next Friday for more stories, insights and education 
regarding this dynamically advancing space.