- Sebastjan Bele
- Updated: April 18, 2025
- Reading time: 6 min
Mantra Crash, Raydium Launches LaunchLab, and Base Is Tokenizing Everything
The main story of the week was the dramatic collapse of Mantra (OM), which crashed over 90%, wiping out more than $5 billion in market cap and sparking renewed concerns over tokenomics and risk in high-flying altcoins.
On the Solana front, Raydium launched LaunchLab, its answer to Pump.fun — further fueling the memecoin infrastructure arms race. Meanwhile, Base came under scrutiny for promoting a token that briefly crashed 95%. The token has since recovered nearly all of its value, but the episode raised questions about vetting and trust on rapidly growing L2 ecosystems.
On the policy side, Fed Chair Jerome Powell hinted at a potential loosening of crypto rules for banks, signaling a possible shift in regulatory posture from the Fed.
And in a rare twist, it was a surprisingly quiet week from Donald Trump and the White House. As markets caught their breath, Bitcoin held firm around $85K, avoiding the sharp volatility that has defined recent weeks.
News:
- Layer 1 Mantra’s token falls 90% in sudden crash, community lead denies rug pull accusations
- Mantra crash triggers over $3 million in liquidations
- Bitcoin ETFs record strong inflow recovery streak
- DWF Labs opens U.S. office and invests $25M in WLFi tokens
- OKX officially expands to U.S. following $500 million DOJ settlement
- Ex-Revolut execs launch Bleap and team up with Mastercard for stablecoin payments
- RAY token up 8% as Raydium rolls out Pump.fun competitor LaunchLab
- Fed Chair Jerome Powell signals potential loosening of crypto rules for banks
- Base scrutinized over promotion of token that briefly dropped 95%
- China’s government is reportedly selling seized crypto assets
Table of Contents
Markets
Best Performers
This week’s best performers were led by Onyxcoin (XCN), which surged 53.38%, fueled by renewed speculative interest following the launch of its Goliath mainnet and anticipation surrounding the Onyx Smart Wallet. Raydium (RAY) followed closely, up 38.59%, continuing its strong momentum after launching LaunchLab, its new memecoin launch platform. Helium (HNT) gained 31.25% after the SEC dropped its lawsuit against Nova Labs, boosting sentiment around the network’s expansion efforts.
AB and Fartcoin (FARTCOIN) also posted notable gains of around 25%, with the latter seeing significant daily volume and volatility spikes throughout the week.
Chain Volumes
This week saw a shift in on-chain dynamics, as Solana claimed the top spot in 7-day trading volume with $15.698 billion, overtaking Ethereum for the first time in weeks. The surge is largely attributed to the ongoing memecoin frenzy and strong momentum from Raydium’s LaunchLab, which continues to attract speculative flow.
Ethereum, while still dominant in TVL and broader ecosystem strength, slid to second with $13.707 billion, marking a 23.35% drop in weekly volume. BSC also saw a decline, falling 3.25%, while Base and Arbitrum posted sharper drops of 7.84% and 21.59% respectively, as trading activity cooled off across several L2s.
On the flip side, Celo and Tron stood out with weekly volume increases of 81.39% and 29.83% respectively, showing renewed interest, especially in smaller-cap and regionally focused chains. Avalanche also edged into the green with a modest 0.80% uptick.
US Spot ETF Balances
US Bitcoin Spot ETFs
Current weekly inflows = $4.87 billion
Total Assets Under Management (AUM) = $97.78 billion*
US Ethereum Spot ETFs
Current weekly inflows = $110 million
Total Assets Under Management (AUM) = 8.19 billion*
*The data for BTC / ETH ETFs can vary, so we use Coinglass as our source.
Market Commentary
The macro landscape remains tense, with several countries currently in talks with the U.S. regarding tariff renegotiations. Federal Reserve Chair Jerome Powell noted that in the coming months, tariffs and policy changes—including in trade, immigration, fiscal, and regulatory areas—could increase inflation and restrain growth, though their effects remain uncertain. Meanwhile, global liquidity has surged to an all-time high and investors are increasingly bracing for shifts in economic policy.
Despite this environment, Bitcoin has yet to receive the traditional “safe-haven” bid that gold has. While BTC is up 3.64%, it’s still trading just below its EMA200 resistance at $85K, a level that has now been tested multiple times. From a technical standpoint, our outlook is bullish, especially if we get favorable macro news on tariffs. The first key target remains $90K–$92K, and a confirmed breakout would likely open the door toward $100K.
Other warning signals are flashing across the broader economy. U.S. swap spreads are rising, and credit default swaps on U.S. sovereign debt are widening, reflecting growing credit concerns. At the same time, markets now expect 3.5 rate cuts from the Fed in 2025, pushing the possibility of a “Fed put” closer into view. CryptoQuant analysts also suggest that Bitcoin may be undervalued, pointing to steep drops in exchange reserves—a potential sign of long-term accumulation and confidence in the asset.
Market performance this week paints a cautious but mixed picture:
- S&P 500: -3.4%
- NASDAQ: -4.59%
- Gold: +11.81% and printing a new all-time high
Meanwhile, the total crypto market cap stands at $2.66 trillion, with Bitcoin dominance ticking up to 63.0%.
What’s Next?
We’re starting to sound like a broken record, but at this point, it truly all hinges on the macro picture. Markets are watching tariff negotiations, central bank signals, and broader fiscal policy for cues—and until there’s more clarity, volatility will likely remain the theme.
Altcoins continue to struggle for attention, with nearly two-thirds of total crypto market cap now concentrated in Bitcoin. This BTC-heavy dominance underscores a market that’s still risk-averse, with capital rotating into perceived safer bets rather than speculative plays.
That said, if we do see a meaningful increase in global liquidity—whether through rate cuts, QE, or other easing policies—crypto could be a major beneficiary. But high-profile failures like the Mantra (OM) collapse continue to erode confidence on the alt side and could delay a full risk-on shift.
In short: the setup for a breakout is building—but we’re still waiting on macro to give the green light.
Meme of the Week
We hope you enjoyed this week’s edition of Diary of a Market Maker ! Stay tuned for more insights, updates, and market-moving highlights as we continue to keep you informed and entertained in the ever-evolving world of crypto.
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Until next time, happy trading and stay ahead of the curve!
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, or other professional advice. All opinions expressed herein are solely those of the author and do not represent the views or opinions of any entity with which the author may be associated. Investing in financial markets involves risk, including the potential loss of principal. Readers should perform their own research and consult with a licensed financial advisor before making any investment decisions. Past performance is not indicative of future results.
Jakob Brezigar
Jakob, an experienced specialist in the field of cryptocurrency market making, boasts an extensive international presence. With Orcabay, he has skillfully managed major operations and deals for a wide array of global stakeholders.
