加密分析师飞凡

Top 10 altcoins set to explode in the bull market of 2025!

The crypto market may be approaching the altcoin season, providing investors with an opportunity to prepare for potential profits in 2025. Many altcoins are considered by traders to have great prospects.
Jupiter ($JUP ), a Solana-based decentralized exchange, has expanded its services to include spot trading of emerging and riskier memecoins. Although currently displaying a "head and shoulders pattern" that could lead to a drop in price, Hedera ($HBAR ) is also a project that is attracting attention due to its recent management changes and potential to become the first cryptocurrency bank. Despite some bearish indicators in the short term, Hedera's continued ecosystem expansion and partnerships make it an interesting option to hold until 2025.
Optimism ($OP) is also generating interest as Sony launches the first public testnet of its Soneium blockchain. While price volatility may be high in the short term, some experts believe there could be significant growth potential over the next six to 12 months. Uniswap ($UNI) is also on the radar, and its recent price action may be setting it up for strong performance in the coming years.

Other altcoins mentioned include Avalanche ($AVAX ), a project that recently launched V3 on the ERA mainnet; Helium ($HNT), which has gained a lot of attention due to its relationship with mobile networks; and Stacks ($STX), a Bitcoin’s second-layer solutions are often closely tied to Bitcoin’s price movements. Analysts suggest that these projects could see significant growth if the overall crypto market picks up.
The discussion also touched on memecoins, specifically those on the Base network. While opinions vary on their long-term viability, some believe memecoins will have a place in the crypto ecosystem. Popular meme coin Bald ($BALD) is also analyzed for potential price action on Base.
As always, investors are advised to conduct thorough research when exploring altcoin investments and make decisions based on their own risk tolerance. As significant price volatility is likely to occur in the coming years, diversification and prudent portfolio management remain important strategies for dealing with crypto market volatility.

Do you still believe in $ETH ? Does $ETH still have a future?

- Compared to the historical high of the last bull market, ETH's price is still down about 64%.

- In the past year, ETH has depreciated 80% relative to Solana and 60% relative to BTC.

If you bought ETH during the last major correction, as of today, you’ve only made about 15%; meanwhile, holding BTC during the same period has yielded as much as 500%.

Ethereum currently has three adjustment plans, let’s briefly explain:

1. Vitalik's “Radical VM” proposal

The core of Ethereum is the EVM. Vitalik suggests replacing the EVM with RISC-V, what does that mean?

The Ethereum EVM can be viewed as an old gasoline engine. It runs, but it's complex and has high fuel consumption. RISC-V is more like a streamlined engine, fuel-efficient, with a simple structure that is easy to maintain.
What does this mean for retail investors?

If the upgrade is successful, performing any operation on-chain (transfers, DeFi, minting NFTs) will be cheaper and faster, and the upgrade speed of Ethereum will also be faster.

2. Expand and speed up the mainnet (L1)

The earlier scalability roadmap emphasized “handing users over to Layer 2 (L2),” leading to L2s creating their own tokens, while ETH did not directly capture value. The EF has recognized that a strong mainnet (L1) remains fundamental, thus proposing:

First, increase the gas limit by 3-10 times in the next 1-2 years;
Then use zero-knowledge technology to long-term increase throughput by a thousand times;
Reduce confirmation time from several seconds to about 0.1 seconds.

3. Enhance L2 interoperability

Currently, each L2 operates like an independent small country: bridging is troublesome, fees vary, and contracts are not interoperable. The foundation has formed a dedicated team to make users and developers feel like they are still on the same chain.

Three months ago, the EF established a dedicated working group to promote two parallel paths:

1. User-level interoperability: making users feel “the entire Ethereum is still the same chain.”

2. Developer-level composability: allowing developers to call mainnet and other rollup contracts from any rollup, creating a single-chain experience.

However, these solutions cannot resolve a core consensus for ETH: Ethereum's market capitalization is too high, leading most speculators, both inside and outside the circle, to turn to cheaper L1 options with greater upside potential.
#Strategy增持比特币 #

Binance has finally announced their delisting criteria, which consists of three parts. Based on these three criteria, I will list tokens with a higher risk of being delisted:

1. Team and Governance

The project lacks ongoing development or appears to be abandoned.
Insufficient or low-quality development updates.
Poor communication and transparency between the team, community, and Binance.
The project has failed to respond to Binance's regular due diligence requirements.
Significant disruptive changes in the team or ownership structure.

2. Market Performance and Trading Activity

Trading activity remains sluggish or market depth is insufficient.
Significant crashes or price manipulation behavior has occurred.
There is evidence or suspicion of price manipulation or fraudulent trading activities.
Ongoing negative feedback or loss of community trust.

3. Product and/or Network Security

Potential vulnerabilities, security flaws, or attacks on the project.
Unreasonable or significant increases in token supply, or major changes in token economics that harm holders' interests.
The project has failed to meet new legal or regulatory requirements.
Evidence of fraud, negligence, or other unethical behavior that undermines the integrity of the project.

Currently, high-risk tokens that can be identified based on non-internal information are as follows:

1. The highest risk is the tokens that Binance has just removed some trading pairs from, meeting the criteria of low liquidity/trading volume:

$RAY (Raydium)
$TNSR (Tensor)
$VANA (Vana)
$VANRY (Vanar Chain)
$WOO (WOO Network)

2. $ZEC (Zcash)
Product/Network Security - Regulatory Compliance Risk (Criteria 3)

3. $ARK (ARK)
The project is relatively old, with low trading volume and market attention (Criteria 1, Criteria 2)

3. $GHST(Aavegotchi)
Trading activity/market sentiment is extremely poor (Criteria 2)

4. $CELR (Celer Network)
Has experienced user asset loss due to DNS hijacking incidents, poor trading activity (Criteria 2, Criteria 3)

5. $WAVES (Waves)
Stablecoin within the ecosystem (USDN) has experienced serious de-pegging, causing a crisis of community trust (Criteria 2)

#特朗普暂停新关税

No amount of good news can stir up waves now; retail investors are truly scared, and market makers are completely disregarding their reputation, cutting losses ruthlessly. #特朗普暂停新关税

If you can persist for a month, you can announce the return of the counterfeit season. #以太坊的未来

The only traffic password in a bear market is FUD; mastering it can quickly turn you into a top influencer.

The cryptocurrency market has a difficult-to-detect investment trap

There are always people who make a fortune in one sector and then jump into a completely different sector with the same large position

Even increasing their position/leverage significantly—resulting in a total loss; this usually happens in a bull market.

For example: many people may have quickly earned their first pot of gold by struggling in the front lines (such as chain oil, grabbing rewards, DeFi)

And then they charge into the MEME market with the same amount of capital, completely ignoring that it is a game with different rules, risks, and required skills.

At the same time, people seriously underestimate the role of luck in a bull market.

If you can make a lot of money in a short time, it’s not always because your skills are exceptional. There is often a significant element of luck and randomness involved.

Looking at it over a longer period, can these lucky people really achieve stable profits? The shorter the time frame, the more randomness and interference factors there are.

Countless people can go from zero to a million fortune, and then back to square one overnight. The most intuitive example is that if you have paid attention to the trading leaderboard of exchanges, you will find that over 90% of traders do not last until the next cycle.

Cryptocurrency is a market where narratives iterate very quickly, which means you may face new tracks or new ways of playing at any time. No matter how much you earned before, you should remain humble and try to participate in new tracks and ways of playing with a conservative attitude.

For example, only allocate 1-5% of your funds to the AI Agent gold rush, then spend time slowly learning and sorting out investment logic. If you start by putting in more than 70% of your funds, you will experience a 99.9% drop just a few days after the market ends.

$ALPHA
#币安HODLer空投SIGN

Share some commonly used and effective techniques summarized by several senior airdrop experts in practice

For retail investors, the risk of betting on airdrops is far lower than MEME:

1. Prioritize using features that generate real protocol revenue, participate in governance votes that have actual influence, or become early deep users of newly launched modules.

2. Plan in advance for new public chains, L2, or ecosystems that have not yet become popular but have huge potential.

3. Build a wallet matrix with different 'personas'; some wallets simulate 'DeFi miners', while others simulate 'NFT collectors'. Focus on 'account nurturing' to maintain long-term, moderate activity of the wallets rather than short-term concentrated volume.

4. Obtain higher quality, earlier, or even semi-private information through some on-chain tools.

5. Improve efficiency, for example: monitor Gas fluctuations and interact during low periods; prioritize using L2 or applications with high Gas efficiency; sometimes look for interaction paths that can achieve multiple potential airdrop conditions with one operation.
$TIA
#币安上线INIT

This week's secondary market catalysts summary:

$AAVE Aave is discussing deployment on Aptos. If approved, this will be Aave's first non-EVM deployment.

$GMX GMX has chosen LayerZero as the preferred messaging infrastructure provider for GMX Multichain.

$ENA The blockchain Converge from Ethena has released the technical specifications for its chain. They are collaborating with Arbitrum and Celestia to develop technology.

$UNI Uniswap has launched Uniswap v4 incentives on Unichain. Millions of $UNI have been allocated to the Gauntlet pool.

$OP Euler Finance is expanding to Optimism. They have received a $500,000 $OP token grant to incentivize this expansion.

$PENDLE Pendle is updating its fee structure to support a more robust and sustainable ecosystem. This is in preparation for the Boros version release.

Cross-chain clearing and settlement layer Everclear has launched its mainnet. They have increased support for Solana and added infinite rebalancing capabilities.

$JUP Jupiter has launched Jupiter Pro. Users can now access real-time analytics, Smart Likes sentiment tools, net purchase metrics, and MEV protection trading.

$MKR The sub-protocol Spark Protocol from MakerDAO has deployed $50 million to SyrupUSDC. The initial cap is set at $100 million.

$EUL Euler has gone live on the BNB chain. It supports looping strategies, has four curators, and offers $100,000 in incentives.

$OP Optimism has launched SuperStacks. Before June 30, users can earn XP by using interoperable assets in DeFi pools on the Superchain.

#BNBChainMeme热潮

MicroStrategy's operations in the first quarter can be described as a tragedy:

Bitcoin purchased in the first quarter: 80,715 coins

Total expenditure: $7.66 billion

Average price: $94,922 per Bitcoin

Bitcoin price on the document submission date: approximately $76,400

The unrealized losses on the held Bitcoin in the first quarter exceeded $5.9 billion

Fortunately, the strategy increased its holdings between April 7 and 13, purchasing 3,459 BTC at an average price of $82,631, but this is only a small part of the risk.

What truly poses a risk to the market is the new preferred stock issued by the strategy, STRF—10% annual cash dividend new perpetual preferred shares.

It's important to note that MicroStrategy has a core issue:

Using non-cash-generating assets (Bitcoin) to pay off fixed, cash-required debts (bond interest, preferred stock dividends). The cash flow from its core software business is insufficient to cover these growing obligations, especially after issuing high-interest (10%) STRF preferred shares.

This mismatch makes the company exceptionally vulnerable when Bitcoin prices fall or remain stagnant, and during times of tight liquidity.

This has been viewed as a dangerous signal by some traditional institutions, for a simple reason: in the current macroeconomic environment, providing a fixed 10% cash dividend usually indicates financing difficulties or extremely high risk premiums for a non-financial or high-growth startup.

This implies that the market may perceive investing in this company as highly risky, requiring exceptionally high returns to compensate, which further exacerbates its cash flow pressure.

MicroStrategy is executing a gamble; if Bitcoin prices rise significantly in the coming years, and if (Micro)Strategy can successfully manage its debt, then Michael Saylor will be hailed as a "strategic genius."

But if the Bitcoin market enters a long-term bear market or faces a severe liquidity crisis, then this strategy could lead to catastrophic consequences, far more destructive than any previous black swan events.

$COW
#Solana激增

Beware of VC coins with staking models, whether it's node staking or liquidity staking.

The project team actually allows investors and the team to stake tokens that should be locked up, and the rewards generated from staking can be freely sold and circulated, commonly known as false locking.

Importantly, this creates more selling pressure than simple unlocking. For example:

Assuming the team or institution has 100 tokens, with a 1-year lock-up period and 3 years of linear release, and a staking annual yield of 12.5%.

If the team or institution stakes these 100 locked tokens and earns a 12.5% annual reward, they can receive 12.5 freely circulating tokens in the first year, equivalent to receiving 50% of the tokens linearly released each year during the lock-up period. The longer the lock-up period, the more tokens the team or institution has, leading to greater selling pressure.

This is a betrayal of the community. They typically do not publicly disclose the rights to stake locked tokens, while promoting the project's prospects and team lock-up, they simultaneously sell tokens to the community, resulting in a token curve that is highly similar, with a drop of 90%.

#加拿大推出SolanaETF

There are two overlooked 'MEME Season' engine-level events

1. Virtuals Protocol introduced the 'Genesis Launch' mechanism for AI agents

2. Pump.fun has reopened its live streaming feature to everyone

- The 'Genesis Launch' of Virtuals belongs to the asset distribution model, increasing the broadening of initial holders, plus Virtuals itself serves as an AI narrative MEME launcher, essentially allowing retail investors to participate earlier in high-multiple AI memes, thus creating a wealth effect flywheel.

- The restoration of Pump.fun's live streaming feature means that Pump.fun's path to absorb liquidity through attention has been reopened
$VIRTUAL
#币安上线WCT

Are retail investors still willing to believe the narrative? There are so many sectors in crypto now:

Defi
Memes
AI
L1/L2
RWA/Stables/Tokenization
NFT
Gaming
DePIN
DeFAI
AI Agents
BTC Ecosystem/BTCfi

Every institution is optimistic about 1. Stablecoins 2. RWA 3. AI

But the only sectors that can provide wealth effects and high speculative opportunities for retail investors are 1. MEME 2. Gamefi NFT 3. A few L1s,

The wealth effects of other sectors might not have much to do with retail investors.

$ACH

#比特币与美国关税政策

Bitcoin VS Altcoins, and the continuous rise of Bitcoin's dominance (the big pie sucking blood) has been the core contradiction in the crypto world in recent years.

In fact, for secondary traders,

understanding the contradiction and capital flow patterns between Bitcoin and altcoins can help you avoid getting caught in the vortex of macro and crypto noise.

First, Bitcoin is seen as digital gold, a representative of value storage.

Altcoins are often viewed as speculative objects born alongside narratives.

The contradiction between the two:

BTC's "value storage" vs Alt's "disruptive applications/high growth potential".

The limited total market capital is allocated between BTC and numerous altcoins.

In a bull market, funds chase high returns flowing into Alts; in a bear market or sideways market, funds seek stability flowing back to BTC or stablecoins.

The entire crypto cycle operates under two capital flow patterns:

Capital Flow Pattern 1: BTC → Alts usually occurs at the start or mid-point of a bull market when market sentiment is optimistic. Investors allocate some BTC profits or new funds into altcoins, seeking higher beta returns.

Capital Flow Pattern 2: Alts → BTC/Stablecoins When the market turns bearish, risk events occur, or altcoin bubbles become too inflated, funds will withdraw from the altcoin market. Some flows back to the relatively stable BTC, while others are exchanged for stablecoins (like USDT, USDC) for hedging and waiting.

Together, this constitutes a complete cycle of bull market capital: Fiat → BTC/ETH/stablecoins (inflow channel) → Hot Alts (chasing hot spots) → Profit-taking/hedging → BTC/stablecoins → Fiat (outflow) or waiting for the next opportunity.

Therefore, judging the trend of the altcoin market is much easier than judging the trend of Bitcoin. A breakthrough in BTC often boosts the confidence of the entire altcoin market. You can completely formulate altcoin speculation strategies after confirming the trend of Bitcoin, and after reasonable profits, exchange altcoins for USDT or Bitcoin.

Weekly Crypto Market Insights

【Macro Perspective】

Potential new role of $BTC ? There are rumors in the market that Sino-Russian energy transactions may use #Bitcoin for settlement.

If true, its symbolic significance outweighs the short-term settlement volume and may mark a new narrative for BTC in bypassing the traditional financial system and responding to geopolitical pressures. The key lies in the confirmation of the news and whether it will trigger more similar attempts. #Macro

【Core Dynamics of DeFi: Lending, Stablecoins, and Liquidity】

1. Morpho launches the “Migrate” feature, allowing users to compare and migrate Aave/Compound positions with one click. This directly impacts existing giants by competing for liquidity through enhanced yield transparency and reduced migration costs. The competition in the DeFi lending space is heating up. #Lending #Yield Optimization

2. Opportunities and challenges under multi-chain expansion: Euler Finance lands on Avalanche, continuing its strategy for seeking new growth curves. Whether it can successfully establish itself in the Avalanche ecosystem depends on its product fit, integration with local protocols, and ability to provide differentiated advantages. Pay attention to its early TVL and user growth data. #DeFi

3. DeFi filling gaps in specific ecosystems: Lista DAO plans to launch a P2P lending platform on BNB Chain. It aims to meet specific lending needs within the BNB ecosystem. Investors should focus on its risk control mechanisms, cold start performance, and whether it can synergize well with existing BNB DeFi projects. #Lending

4. Stablecoins: M^0 stablecoin infrastructure launches on Solana, with KAST issuing the first product. It introduces new stablecoin options to the SOL ecosystem, and its collateral model, governance structure, and market acceptance will be key to its success. #Stablecoins #Solana

5. LST liquid staking: Origin Protocol leverages its Curve AMO strategy on the Base chain to build deep liquidity for $OETH on Curve, enhancing capital efficiency and LST composability in the LSTfi space. #LST #Liquidity

6. Protocol revenue feeds back into tokens: Aave DAO decides to use treasury funds to buy back $AAVE , aligning with its new economic model. The goal is to boost market confidence and empower tokens, but its actual effect needs to be assessed in conjunction with the scale, sustainability, and overall market environment of the buyback.

【Risk Warning】

Synthetix's native stablecoin $sUSD deviates from its $1 peg, currently priced at 0.88U#币安投票上币

Which project teams are still active in the bear market?

Selecting quality assets and appropriately adjusting positions at the bottom is basic operation.

1. Everclear repurchases 75% of protocol revenue in $CLEAR every quarter.

2. Shardeum mainnet is scheduled to launch on April 15th, claiming to be the world's first EVM auto-scaling public chain.

3. Kamino Finance's Kamino Meta-Swap is said to be the most aggressive aggregator on Solana, specifically designed to address high slippage and poor quotes, ensuring the best prices for any token swaps.

4. $MNT, Mantle launches Mantle Banking, bridging crypto and fiat, similar to a “bank account” in the crypto world.

5. Optimism officially launches Interop Devnet, fully connecting the $OP chain, super linking close to L1 positioning.

6. f(x) Protocol launches fxSAVE, an income-generating asset based on $wstETH strategy, with a clear yield path, serving as a core supplementary product for f(x) V2 stable pool logic.

7. $ONDO, Ondo Finance is advancing Ondo Chain and Ondo Global Markets, with the direct goal of bringing US stocks on-chain, creating underlying infrastructure for on-chain securities markets.

8. $FXS , Frax Finance integrates $FXS , frxETH, sfrxETH into Solana.

9. $UNI , Tether launches USD₮0, deployed to Unichain,

10. Swell Network rebrands to Swolechain, with adjusted strategy
#加密市场回调 #巨鲸动向

One major reason why retail investors find it difficult to make money in this cycle is: Token Economics

Do you remember what attracted retail investors to cryptocurrencies?

If you are honest with yourself, you have to admit:

The core motivation for diving into the crypto world is nothing more than the desire to hit a few 10x or 100x coins.

But token economics is like a cruel game with hidden rules; it is a carefully designed trap for retail investors:

The project teams and early investors hold absolute advantages, and when the tokens finally flow into the hands of ordinary investors, you find that the tokens have already reached unsustainable highs.

Project teams, venture capital firms, and early investors often enjoy floating profits of 100-1000 times, but they need enough 'retail investors' to take over to cash out smoothly. So how do they make retail investors willing to take over? The answer is information advantage and FOMO; you can't deny that almost all the tokens you got stuck with during a bull market were purchased due to market FOMO.

Many retail investors are even reluctant to check how shocking the gap is between the initial circulating market value and the fully diluted market value; many retail investors have no idea that their tokens might have billions or even tens of billions in market value unlocking above them in the future.

Most disappointing for retail investors is when after thorough research and selection, they discover that the project they are confident in—due to its fundamentals, high development potential, and strong team—seems to be a leading market investment, or one that could bring them several times or even tens of times returns. Yet, they find that behind its tokens lies a huge unlocking volume and terrifying fully diluted market value.

The crypto market has ultimately formed a stark survival rule—while there indeed exists a feast of wealth that multiplies by hundreds or thousands, the main seats at the table never belong to retail investors. Most of the dividends from token appreciation were already divided up by insiders during the private placement stage.

Unless we force project parties and institutions to change their predatory token economic designs and break the current game rules, decentralized wealth distribution will always be a joke.

Trump's actions have indeed exceeded market expectations

Originally thought that a 20% tariff would be the ceiling, but it turned out to be just the starting point.

It was supposed to be a day when negative news was fully priced in, but the market discovered that the bad news is endless.

It has been proven that it is still too early to talk about bottom fishing.

Let's take a look at the specific tariff situation (as shown in the figure):

This has led to many products from East Asia and Southeast Asia being priced inversely—import price > selling price, and it may even be that tax > selling price.

Moreover, tariffs do not only affect exporting countries; the corresponding tariffs or price increase policies of exporting countries will lead to significant inflation in the United States. The current capital market cannot withstand such an economic slowdown and is bound to fall endlessly, coupled with the rising cost of living for ordinary people. It is still uncertain whether this tariff policy can be sustained.

Additionally, the so-called return of manufacturing advocated by Trump also requires time; after all, factories cannot be built in a day. Local manufacturing of goods certainly requires long-term investment and planning. Furthermore, during his previous term, Trump's tariff policies did not improve employment issues or farmers' crop market problems. Instead, the tariff policies are more likely to make the MAGA group the most unfortunate victims.

What needs to be clarified now is which items align with Trump's return policy and which items are inherently strong in the U.S. The former may have a chance to bottom fish, while the latter may experience a slight decline and then become stronger, of course, this is a speculation under the premise that the U.S. economy does not enter recession.

$ZRO

#鲍威尔发言 #加密市场回调

For cryptocurrency, non-aggressive FUD is the best marketing

Do you remember the 'zombie' token list published by Forbes on this day last year?

These are the tokens with a market cap over 1 billion but no trading activity, including $XRP \ $ADA \ $XLM and others.

But in reality, if you had purchased these tokens, you would have outperformed over 90% of secondary investors in the last market cycle.

The market is that magical; in other words, these FUDed tokens often have greater exposure. When the market improves and the speculative atmosphere increases, these tokens tend to attract a large amount of quick capital due to the attention effect. The reason is simple: in a bull market, attention outweighs fundamentals.

From this perspective, if you are paying attention to the secondary market, please keep an eye on the large-cap tokens that have been FUDed but have not shown significant declines during this period, even those with large market caps like $ETH, $SOL, or $DOGE. Keep an eye on them and buy them at the right time.
#美国加征关税 #币安投票上币

It's impossible to take out money; accumulating tokens is just about receiving small amounts without spending any. After all, there’s no cost to it. What difference does it make if I sell 1 billion FDV or 100 million FDV? If retail investors don't understand the harvesting networks in the crypto space, their money will be taken away quickly. $ACT
$MASK
#美国加征关税