This week in crypto, a lot happened across different ecosystems, with momentum reinvigorated by the broader market’s prevailing bullish sentiment. Besides Bitcoin’s (BTC) testing unchartered territory, the following are some of the updates you won’t want to miss.

For starters, Bitcoin established a new local top at $93,265 on Binance amid other BTC-related chatter. Other notable updates include developments on Telegram’s Hamster Kombat (HMSTR) and the Binance listing controversy.

Why HMSTR Soared Over 50%

Over the last seven days, the HMSTR token has soared over 50%, driven by the anticipated launch of the Hamster Kombat Season 2 airdrop. This play-to-earn (P2E) game rewards players in HMSTR tokens, combining engaging gameplay with tangible financial incentives.

The game’s success lies in its unique appeal, catering to the growing intersection of gaming and decentralized finance (DeFi). The rise also reflects broader trends in niche gaming tokens gaining popularity, particularly when aligned with a dedicated community. Analysts highlight the importance of timing and novel strategies in HMSTR’s unexpected ascent.

Nevertheless, some remain skeptical about season 2 of the project’s airdrop after the first one failed to impress participants.

“Hamster Kombat’s Season 2 won’t succeed unless they fix the big mistake of disqualifying 65%+ of their players. It feels like a planned move to get rid of many users after gaining from their effort. Yes, cheaters should be punished, but their system has failed to spot the real cheaters. Many who used key generators are still eligible, while honest players who spent months collecting 100-200 keys were unfairly disqualified,” said Keyur Rohit on X.

Shiba Inu’s S.H.I.B. Proposal

The Shiba Inu ecosystem is also featured in this week’s crypto trends, following the proposal to create a “Strategic Hub for Innovation and Blockchain” (S.H.I.B.) in the US. As BeInCrypto reported, Shytoshi Kusama, the pseudonymous lead developer of the Shiba Inu network, made the revelation.

The “S.H.I.B.” proposal seeks to transform Shiba Inu into more than just a meme coin by positioning it as a leader in blockchain innovation. The initiative emphasizes fostering a decentralized environment for developers, investors, and tech entrepreneurs.

If successful, this move could elevate the Shiba Inu ecosystem, providing long-term utility for its tokens. It could also reshape perceptions of meme coins in the crypto market.

Kusama’s proposal for a strategic blockchain hub in the US is designed to serve as a “Silicon Valley for crypto.” The estimated budget is $2.35 billion over five to ten years amid plans to establish the US as a global center for blockchain technology and sustainable development. Against this backdrop, the network plans to involve Donald Trump’s Department of Government Efficiency (D.O.G.E), which Elon Musk will co-lead.

“[It is] a visionary approach that our foundation WILL officially propose to this new administration now that this has been announced, and I believe that even a fraction of the funds gathered through D.O.G.E. will pay for these innovations,” Kusama stated.

Binance Listing Drama

Binance, the largest crypto exchange by trading volume metrics, was recently under scrutiny following its decision to list low-cap Solana-based meme coins PNUT and ACT. These tokens experienced sharp price surges post-listing, leading to accusations of market manipulation.

Critics argue that such listings often result in pump-and-dump schemes that benefit insiders. Binance, however, maintains that its listing process is rigorous and aimed at supporting diverse blockchain projects.

This controversy raises questions about centralized exchanges’ responsibilities and transparency, especially in volatile markets dominated by speculative trading.

Notably, the ACT rallied a thousand-fold in the immediate aftermath of the listing announcements. While the controversy caused the tokens to lose some of the ground covered, they are both trying to recoup some of the gains lost.  

Peter Schiff Calls Out Bitcoin

Renowned economist and Bitcoin skeptic Peter Schiff once again criticized the cryptocurrency. He recently claimed the pioneer crypto lacks intrinsic value and cannot serve as a reliable hedge in economic downturns.

Schiff argues that Bitcoin’s volatility undermines its position as “digital gold,” favoring traditional assets like precious metals instead. While Schiff’s views resonate with many traditional investors, Bitcoin proponents counter. They say that its decentralized nature and finite supply offer unique advantages, particularly in an era of uncertainty about fiat currency.

The Bitcoin skeptic also quashed hopes of a possible Bitcoin reserve in the US, contrary to Donald Trump’s previous assertions. According to Schiff, a Bitcoin reserve in the US would lead to a series of inflationary shocks that could destabilize the economy.  

“That would cause the market to crash, forcing the US government to print even more dollars to buy more Bitcoin to prevent the price from crashing, thereby diminishing the value of its Bitcoin reserve. Of course, a reserve of something you can never sell and must continuously buy is worthless as a reserve. To maintain the pretense that its Bitcoin reserve has actual value, the US government would be forced to keep buying, destroying the value of the dollar in the process,” Schiff explained.

More recently, Schiff made another quip at the Trump Media & Technology Group (TMTG), sarcastically urging them to bet on Bitcoin.

El Salvador’s Bitcoin Pivot

Meanwhile, while Peter Schiff remains skeptical about Bitcoin, El Salvador’s decision to adopt BTC as legal tender continues to yield notable benefits. Recent developments reveal that the country leveraged Bitcoin-driven economic gains to repurchase sovereign debt at a discount.

This milestone highlights the potential for cryptocurrency to bolster national finances despite initial skepticism from global financial institutions. President Nayib Bukele’s administration credits Bitcoin’s role in improving tourism, remittances, and investor confidence. This signals the success of the country’s bold experiment in integrating cryptocurrency into national policy.

According to data on Arkham, the El Salvador government now boasts a Bitcoin portfolio of 5,935 BTC, which is valued at $520.50 million at current market rates.

Ethereum price started a downside correction below the $3,250 zone. ETH is now consolidating near $3,000 and might attempt a fresh increase.

• Ethereum started a short-term downside correction below the $3,250 zone.
• The price is trading above $3,200 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance at $3,185 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it remains stable above the $3,000 zone.

Ethereum Price Hits Support

Ethereum price failed to extend gains above the $3,450 zone and started a downside correction like Bitcoin. ETH declined below the $3,320 and $3,250 support levels.

The bears even pushed the price below the $3,120 zone. It tested the $3,000 support zone. A low was formed at $3,031 and the price is now consolidating losses. It might soon test the 23.6% Fib retracement level of the recent decline from the $3,340 swing high to the $3,031 low.

Ethereum price is now trading below $3,200 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,120 level.

The first major resistance is near the $3,200 level. There is also a connecting bearish trend line forming with resistance at $3,185 on the hourly chart of ETH/USD. The main resistance is now forming near $3,265 or the 76.4% Fib retracement level of the recent decline from the $3,340 swing high to the $3,031 low.

A clear move above the $3,265 resistance might send the price toward the $3,320 resistance. An upside break above the $3,320 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,450 resistance zone.

More Losses In ETH?

If Ethereum fails to clear the $3,200 resistance, it could continue to move down. Initial support on the downside is near the $3,040 level. The first major support sits near the $3,000 zone.

A clear move below the $3,000 support might push the price toward $2,950. Any more losses might send the price toward the $2,880 support level in the near term. The next key support sits at $2,740.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,040

Major Resistance Level – $3,200

Crypto investors are increasingly greedy as Bitcoin and other meme coins continue their strong bull run. The crypto fear and greed index moved to the extreme greed zone of 85, a trend that could continue in the coming weeks. 

Bitcoin soared to over $93,000, solidifying it as the best-performing asset in the last 15 years. Similarly, Ethereum and Solana jumped to $3,200 and $215, respectively.

Meanwhile, investors turned to Vantard, one of the fastest-growing token sales of the year, which has raised almost $1 million in the past few weeks.

Donald Trump and the Federal Reserve

The main reasons why the crypto fear and greed index has moved to the green zone are Donald Trump and the Fed.

Donald Trump won last week’s election by a huge margin, making him the first crypto-friendly president in the United States. He owns crypto tokens worth over $6 million and is also raising money for the World Liberty Finance project. 

Therefore, Trump is expected to appoint regulators who are friendly to the crypto industry, which will be a breath of fresh air for an industry that has struggled under Gary Gensler. In his reign, Gensler has sued numerous companies like Ripple Labs, Immutable X, Uniswap, and Kraken.

The Federal Reserve has also contributed to the ongoing crypto rally. It has already slashed interest rates two times this year, and analysts expect it to continue the process. In most cases, risky assets like cryptocurrencies and stocks do well when the Fed is cutting rates.

Vantard token sale is thriving

The ongoing crypto bull run explains why investors are piling into Vantard, an upcoming crypto project that is raising money from investors.

Vantard is inspired by Vanguard, a company whose assets have surged to over $8 trillion in the past few decades. Its goal is to create the first meme coin index fund that tracks the best tokens in the industry.

This is a noble goal considering that meme coins are some of the best-performing assets this year. For example, Dogecoin has jumped by over 102% in the last seven days, while Pepe, Dogwifhat, Bonk, and Floki have soared by over 70% in the same period.

Analysts believe that meme coins will continue powering ahead in the coming months. In a statement today, Matthew Sigel of VanEck, predicted that Bitcoin would jump to $180,000 in 2025. His case is based on technicals and fundamentals, which he believes are strong. 

One of the top fundamentals is the ongoing Bitcoin ETF inflows. These funds now hold over $95 billion in assets, with the iShares Bitcoin ETF having over $42 billion. 

Therefore, if these predictions are accurate, it means that other meme coins will do well. In most cases, meme coins thrive when Bitcoin is in a strong momentum. You can buy the Vantard token here.