Unichain, Uniswap’s L2 network, now handles over 76% of Uniswap v4 volume, driven by UNI incentives and its new Rollup-Boost feature. 

The S&P 500 jumped 3.26% as US-China tariff easing lifted market sentiment. Investors now await CPI and retail data for signs of inflation trends under the new trade regime. Gold fell near $3,208 as easing US-China trade tensions reduced safe-haven demand. With CPI data ahead, further downside is likely. Technicals suggest bearish momentum, with key support at $3,202. The Coindesk Indices, which tracks the broader crypto market, fell 1.97%, with Bitcoin and Ether down 2.53% and 0.95%, in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is RUNE, which surged by 4.4% following the completion of Halborn's security audit for Rujira Network's omnichain DeFi layer on THORChain.

THORChain (RUNE), created in 2018, is a decentralized protocol enabling native asset swaps across blockchains without wrapping. Built on Cosmos SDK and Tendermint, it uses Proof-of-Stake and Byzantine Fault Tolerance for secure cross-chain transactions. Halborn has 

 a smart contract security audit for Rujira Network, which is building an omnichain DeFi app layer on THORChain. Rujira enables seamless access to DeFi apps using native assets across connected chains.

Check out the latest prices, charts, and data of 

Unichain, Uniswap’s L2 network, now handles over 76% of Uniswap v4 volume, driven by UNI incentives and its new Rollup-Boost feature. This upgrade enhances MEV handling, cuts failed transaction gas costs, and sets the stage for Flashblocks—an upcoming 200ms block time system. Despite v4’s growth, Uniswap v3 still leads in total volume. The aim of Unichain is to solve Ethereum mainnet and L2 liquidity fragmentation while improving speed and decentralization.

Yesterday, BTC spot ETFs saw total outflows of $64.2 million, with $32.9 million from GBTC and $31.3 million from all other ETFs combined.

Multipli’s Season 1 has ended with 359.2M ORBs distributed (50% of supply). 

, allocating 30% of ORBs. Users can continue earning by keeping funds on mainnet or testnet—no action required. New users can join via testnet (free) or deposit stablecoins on BSC/Ethereum.

Beginner

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Unichain leads Uniswap v4 activity with rollup-boost upgrade and upcoming flashblocks feature

Ethereum surged 29% this week, breaking a 10-week downtrend and catching short sellers off guard with $400M liquidated. 

The S&P 500 extended its rally with a nine-day winning streak, its longest since 2004, as optimism over potential trade deals and upcoming Fed and earnings updates lifted sentiment. Gold rose to $3,245 on trade uncertainty and Fed rate cut hopes. CoinDesk Indices, which tracks the broader crypto market, fell 1.50% in the past 24 hours, while Bitcoin and Ether dropped 0.10% and 0.51%, respectively. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is AI16Z, which surged 7.0% after Bonsai's smart media protocol integrated with Eliza to empower agent-driven social content creation.

elizaOS (AI16Z), launched in October 2024, formerly ai16z, is a Solana-based DApp that uses a DAO and an AI agent, "Marc AIndreessen," to manage community-driven investments in tech and crypto projects. 

, lets developers create agent-driven social media scripts and templates using ElizaOS plugins. The Bonsai Client, its first implementation, enables easy deployment of these smart media agents on platforms like Lens. Builders can explore these tools and compete for prizes in the Lens Spring Hackathon.

Ethereum surged 29% this week, breaking a 10-week downtrend and catching short sellers off guard with $400M liquidated. Despite muted ETF flows and neutral derivatives sentiment, ETH’s dominance remains unshaken—boasting $64B in TVL, dwarfing Solana, BNB Chain, and Tron combined. With fresh momentum from the recent pectra upgrades and Trump distancing from rival altcoins, all eyes are now on a potential push toward $2,700. 

BTC spot ETFs saw $920.9M in net inflows this week, driven by $1.09B into non-GBTC funds despite $171.5M outflows from GBTC. Since inception, total net inflows stand at $41.1B.

 are now live and claimable as a small bonus for users farming the upcoming Aster (AST) airdrop. By depositing BNB to mint asBNB, users can start earning points toward both the main airdrop and future ecosystem rewards. Optional perp trading can boost points further, but simply holding asBNB is enough to qualify.

Ethereum outperforms with a 20% rally as fresh capital flows in and undervaluation signals flash

Our monthly report delves into insights from options volatility to inspire your next crypto move.

: April 2025 saw BTC's implied volatility surge above 75% due to tariff chaos, but it collapsed to 35% within a week, indicating a surprising short-term drop in volatility expectations despite ongoing macro uncertainty.

: BTC's return above $100K was met with muted enthusiasm in the derivatives market, suggesting that 

traders no longer view this level as a significant psychological barrier, and the rally isn’t likely to be sustained.

: ETH significantly outperformed BTC with a 23% rally, leading to increased demand for short-dated calls and a positive shift in the options market, highlighting renewed bullish sentiment.

: Historical trends suggest a potential summer lull in volatility in store for BTC, raising questions about whether this pattern will repeat in 2025 amidst ongoing macroeconomic challenges.

Bitcoin’s volatility plunges in late April

April 2025 witnessed significant volatility in the cryptocurrency market, particularly influenced by US trade policies. As President Trump announced steep reciprocal tariffs, the crypto landscape experienced sharp fluctuations. Bitcoin (BTC) initially demonstrated resilience, despite widespread sell-offs in equities and the US dollar, only to succumb to a decline from $88K to $75K by early April. This period was characterized by a dramatic rise in implied volatility that peaked above 75% as traders sought protection through short-dated puts. However, as the tariffs faced moderation, implied volatility plummeted to 35% by mid-April, marking the lowest level since early March.

Interestingly, while short-tenor volatility collapsed, 

the back end of BTC's term structure remained elevated, signaling that market participants expect heightened volatility in the mid-term

. Amidst this backdrop, realized volatility fell below the five-year seasonal average, paralleling similar trends in previous years and suggesting a 

. The historical pattern contrasts that BTC often experiences a rebound in volatility heading into May, raising questions about whether this trend will persist.

Subdued derivative response suggests Bitcoin rally might not endure

The market's reaction to BTC's resurgence above the $100K threshold was notably subdued compared to previous instances. While BTC rallied 20% following the initial tariff sell-off, the derivatives market displayed a muted response. The 25-delta put/call skew, a measure of market sentiment, indicated only a slight bias toward out-of-the-money calls, contrasting sharply with sentiment previously when BTC first breached the $100K mark in December 2024. This lack of exuberance suggests that traders no longer view $100K as a significant inflection point, raising concerns about the sustainability of the rally. 

Meanwhile, funding rates and implied volatility — though still bullish — didn’t reach the extremes observed in earlier months, indicating more cautious market sentiment. The relationship between BTC's spot price and implied volatility suggests that although traders are optimistic, they’re waiting for BTC to approach previous all-time highs before adjusting their volatility expectations.

Ethereum's option data points to further rally

In stark contrast to BTC, Ethereum (ETH) displayed remarkable resilience and outperformed major cryptocurrencies, gaining 23% overnight following favorable trade news. This rally catalyzed a surge in demand for short-dated calls, pushing front-end volatility expectations significantly higher. The response from the derivatives market was robust, inverting the term structure and indicating renewed bullish sentiment toward ETH, even as it’s trading well below its all-time high.

The ETH options market exhibited a shift from neutral to slightly negative skew, to a 10% bias favoring out-of-the-money calls, reflecting the market's confidence in ETH's potential to regain lost ground. Despite overall macroeconomic uncertainty, the demand for ETH options suggests that traders are optimistic about Ether’s future price movements.

In conclusion, April 2025 highlighted the complex interplay between macroeconomic factors and cryptocurrency market dynamics. While BTC faced challenges in eliciting strong responses from derivatives markets upon recrossing the $100K threshold, ETH's performance indicated a divergence in market sentiment. As traders navigate the evolving landscape, the potential for seasonal volatility patterns and the influence of macroeconomic developments will remain critical factors in shaping future market expectations.

Advanced

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Bybit X Block Scholes options volatility report (April 2025): Data suggests Bitcoin rally might not endure, but Ether sees further upside

Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.

After mostly trading sideways at the end of April 2025, a US-UK trade deal sparked a crypto rally. BTC surged past $100K for the first time since February, but it’s ETH's performance that captured the derivatives market's attention. 

A 23% increase in ETH's spot price led to an inverted term structure and a spike in front-end volatility. The put/call skew for ETH shifted from a bearish bias to a nearly 10% skew toward OTM calls. Other sentiment indicators, such as perp funding rates and futures yield, also supported the rally. In contrast, while BTC's funding rates and skew have increased, its implied volatility remains low at 40%, over 30 points below ETH's 7-day implied volatility.

Please check out the report’s highlights.

ETH’s record performance since 2021 was propelled by positive term structure

ETH has significantly outperformed BTC and the top 10 cryptocurrencies, marking its largest single-day gain since May 2021. The options market has reflected this enthusiasm, with implied volatility for short tenors rising sharply and inverting ETH’s term structure, thus contrasting with BTC's muted, positively sloped structure. The 7-day tenor for ETH is now trading at a 33-point premium over that for BTC. 

While puts dominate BTC's open interest, ETH is seeing the opposite trend. On May 8, 2025, options volumes surged over $120M, more than double the typical monthly volume, with $60M more in calls than puts. ETH now boasts a positive futures curve and funding rates, as well as a strong skew toward OTM calls.

ETH sees exceptionally bullish put/call skew

ETH's substantial outperformance in the current crypto rally has led to bullish sentiment in its derivatives markets. Funding rates have surged, futures yields are strongly positive and the put/call skew has shifted significantly toward OTM calls, now close to 10%. This starkly contrasts with early April, when the skew was 20% toward OTM puts. Although ETH has underperformed (relative to BTC and other "ETH killers"), it has rebounded in this rally, with the ETH/BTC ratio rising after spending most of the year declining.

Open interest for Bitcoin options increased, with implied volatility remaining suppressed

The announcement of the new US administration's first trade deal, nearly 30 days into Trump's 90-day tariff pause, jolted crypto markets, pushing BTC back up above $100K. Surprisingly, implied volatility has remained suppressed, failing to invert BTC's term structure, with front-end volatility trading at around an 18-month low of 35-40%. On May 8, 2025, options volumes surged, with call volume reaching $189M, reversing last week's trend of higher put volumes. Meanwhile, open interest rose steadily to exceed $300M, the highest level this month, but remains significantly larger for puts than for calls despite the price increase.

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Bybit X Block Scholes crypto derivatives analytics report (May 9, 2025): Ether’s put/call skew turns remarkably more bullish than Bitcoin’s

Altcoins

Memes

Dogecoin has been one of the most trending cryptocurrencies of 2021, but what's all hype about? We investigate in this article.

 is one of the most mentioned cryptocurrencies on social media, rising spectacularly in value and taking the crypto market by storm. Starting out as a meme coin in 2013, it’s become one of the most 

With Elon Musk completing his purchase of Twitter, there’s speculation he’ll integrate Dogecoin into Twitter, which is creating considerable hype. Not surprising, then, that Doge has shot into the 

. However, due to its uncertain nature, there’s plenty to consider before deciding to invest in it. You need to know a little about the coin itself, the people who run it — and its upcoming plans.

Dogecoin, whose name comes from an internet meme of a Shiba Inu dog, is a decentralized 

 with a large and active community. Since it’s a decentralized crypto, people can conduct peer-to-peer (P2P) transactions with it. Like all cryptos, it runs on blockchain technology.

 have a limited supply, but Dogecoin doesn’t. As of November 2022, around 132 billion DOGE are in circulation. Approximately 5 billion DOGE will enter the circulating supply each year, with an annual foreseeable 

Since there’s no central authority in a blockchain to regulate transactions, 

 are in charge. They confirm transactions and then update the information in a virtual ledger called a 

. Nodes require computational power, in addition to tremendous amounts of electricity, in order to solve complex mathematical problems that lead to confirmation of the transaction. 

In the case of the DOGE network, it rewards

 with Dogecoin to compensate for their efforts in a process called mining. The nodes who verify transactions on the Dogecoin blockchain are Dogecoin

, the information “block” is shared with the Dogecoin blockchain, and other nodes check the information it contains. This shared consensus mechanism, 

 (PoW), is used by many other cryptocurrencies, most notably Bitcoin.

To illustrate, if someone wishes to send you funds worth 50 Dogecoin, nodes on the DOGE blockchain “compete” to solve the mathematical problem in order to verify the transaction. After a node or

 pool verifies the transaction, other nodes will check its validity. If more than 50% of the nodes agree that the transaction is valid, then the payee in the transaction receives the 50 DOGE. This entire process is “decentralized,” meaning that there are no third parties that require additional fees to complete the transaction.

DOGE transactions are verified on a new block approximately every minute or so, which makes Dogecoin one of the most efficient cryptocurrencies in the world as compared to other large-cap cryptocurrencies, which may take hours to process transactions.

 or virtual), Dogecoin needs to be properly stored somewhere safe. When it comes to cryptocurrencies, crypto wallets are responsible for the security of your virtual funds. Let’s look at some options for storing cryptocurrency, such as Dogecoin.

: Dogecoin can also be stored in online hot wallets, such as those of Binance, Kraken, Dogecoin Core (software that makes your PC a node) or MultiDoge.

Nonetheless, crypto wallets don’t ensure the safety of an entire blockchain. Technically speaking, the Dogecoin blockchain or any other crypto blockchain can be hacked if one entity 

 in a blockchain. However, while this is theoretically possible, in order for it to occur, one miner or mining group would need to obtain enough hash power to take command of 51% or more of a blockchain network — which would require an almost incomprehensible amount of hashing power. 

While this type of attack has never occurred on Dogecoin’s network, in 2014 an individual named Ryan Kennedy used an alias (“Alex Green”) to create an exchange called “Moolah,” absconding with a large amount of Dogecoin in October of that year. He was

Before buying any cryptocurrency, ensure you’re using a safe crypto exchange. Every exchange is different, with various security protocols, transaction fees and numbers of cryptocurrencies supported. Some of the safest and most reputable crypto exchanges currently supporting Dogecoin include Bybit, FTX, Kraken, and Binance. 

The term “doge” originates from an internet meme representing a Shiba Inu dog. Ever since Bitcoin was launched, every other cryptocurrency that’s followed has either tried to be “as good as” Bitcoin — or better, by trying to resolve Bitcoin’s issues of scalability and accessibility. 

Dogecoin’s creators, Jackson Palmer and Billy Markus, wanted to create a lighthearted cryptocurrency with a “fun” approach, basing their cryptocurrency on the internet meme of a Shiba Inu dog and launching it on December 6, 2013. Although the Dogecoin community embraced the coin as a “fun” investment, Dogecoin quickly acquired serious uses, including 

Thus, a cryptocurrency that began as a joke quickly morphed into something much more substantial. 

Ultimately, the biggest factor in Dogecoin’s growth has been its backing by Tesla CEO Elon Musk, who has actively posted on social media for the past decade. Considered a 

 investor, Musk can heavily influence crypto prices by transacting large amounts of coins at one time and through his social media reach (most notably through his recent purchase, Twitter). Followers’ knee-jerk reactions to his posts can create 

 that causes rapid spikes or valleys in the price of DOGE. (And no, Musk was never the CEO of Dogecoin.)

Intriguingly, just days earlier, Musk had run a poll on his Twitter account asking if Tesla should accept Dogecoin, with an overwhelming number of respondents voting “yes” — which prompted Musk to accept Dogecoin 

 a month later, hinting at future purchasing power (using DOGE) for SpaceX merchandise.

In addition to its reputation as a “fun” crypto, Dogecoin is one of the most 

, adding to its cachet and popularity in an age of anthropogenic global warming. Musk has dropped hints that Twitter could function as a “super app” and a competitor for China’s WeChat. For instance, Dogecoin could potentially be used as a currency for transactions, though this is speculative — and yet one more source of price volatility while the Dogecoin community waits for Musk’s larger plans involving Dogecoin to materialize.

 was $0.0002. Although it experienced brief spikes, its price remained in this range through 2016, and then began to experience peaks during the bull runs that began in 2017.

By May 5, 2021, DOGE had reached a remarkable all-time high of $0.73, with a 

 of $56 billion, pushing it to the top five cryptocurrencies by market cap.

At the time of this writing (November 1, 2022), DOGE is trading at around $0.14 after pumping 100% in the past two weeks, which began with Musk’s official acquisition of Twitter. DOGE has a current market cap of almost $19 billion, ranking it above other Layer 1 blockchains such as Solana, Cardano and Polkadot.

 that Dogecoin may keep increasing in value, both in the short and long term. Its price could reach $0.28 in 2024, and $0.36 by 2026.

 a decrease in the price of DOGE in the long run, and at a much slower rate, with a high of only $0.02 by 2025.

, who predict a relatively small decrease, both short- and long-term, with DOGE’s price potentially reaching $0.15 by the end of 2025.

, foresee a much larger increase, predicting DOGE could increase to $0.27 by 2026. However, in order to grasp where Dogecoin may head, let’s look at some factors which can determine its price. 

Is It Worth Investing in Dogecoin (DOGE)?

The low value of Dogecoin makes it an ideal asset for new investors to buy, experiment and familiarize themselves with the crypto world. Therefore, the use of Dogecoin for low-value transactions, or for tipping creators on social media, may continue to grow. However, the volatile nature of the currency and its constant supply make it a weak contender as an investment asset. 

Simply put, experts opine that Dogecoin is safe as a transactional currency but not as a speculative asset, or as a store of value. It might lack the cutting-edge technology of Bitcoin or Ethereum, but its utility is indisputable. 

To conclude, Dogecoin has become one of the most popular cryptocurrencies in the crypto market. While it may seem to investors that Dogecoin has “missed the boat” in terms of making large gains, there’s still the potential to grow. However, only time will reveal Dogecoin’s true potential.

While Dogecoin may not be a “serious” cryptocurrency, investing in it can indeed still be very profitable, as has proven the case for many investors in early 2021. With investment in any asset (crypto or not), there are risks involved. As the old mantra goes: Only invest what you can afford to lose. And as always, do your own research before you invest.

What Is Dogecoin (DOGE) and How Does It Work?

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What Is Dogecoin (DOGE) and How Does It Work?

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