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Coinbase's layer 2 network, Base, faces criticism after what appears to have been a pump and dump scheme – which it may have inadvertently helped fuel. Base's official account on X (formerly Twitter) publicly promoted a memecoin called 'Base is for everyone', contributing to a sudden rise in value and an equally sharp decline of the asset.

This triggered a speculative wave that raised the market value of the token to an estimated $15 to $20 million within hours of its launch. Shortly after, however, the asset lost almost all of its value in a matter of minutes.

The joint motion of the SEC and Ripple to suspend the legal proceedings in their cross-appeal was approved. Both received an additional 60 days to reach an agreement on the amicable settlement of their legal dispute.

The Ripple case has been nearing a final resolution for over a month, but still faces procedural hurdles that keep the legal dispute open. One example of this is that the Commission cannot finalize any agreement before Paul Atkins is officially sworn in as chairman.

Federal Reserve Chair Jerome Powell indicated yesterday (15) that banking regulations for cryptocurrencies will be partially relaxed. He also reinforced that a rate cut in the short term remains unlikely.

In his speech at the Economic Club of Chicago, Powell highlighted the growing uncertainty generated by trade policy and reaffirmed the cautious stance adopted by the central bank.

Fed's Powell maintains aggressive outlook

Powell's statements coincide with the collapse of market expectations regarding a rate cut in May, with CME FedWatch indicating only a 16% probability. After the speech, U.S. stocks showed modest declines, reflecting investors' disappointment at the absence of dovish signals.

The São Paulo City Council approved, yesterday (15), the creation of a Parliamentary Inquiry Commission (CPI) to investigate the collection of iris data from the citizens of São Paulo.

The procedure, conducted by the company Tools for Humanity (TFH) through the World ID project, generated national concerns and repercussions. The practice caught the attention of the National Data Protection Authority (ANPD), which began to monitor the case.

Iris collection under analysis

Councilor Janaina Paschoal (PP) presented the proposal, approved with 39 votes in favor and four against. The CPI is expected to be installed within 15 days. The focus will be on the iris scanning operation conducted by TFH, with an emphasis on the collection of biometric data in peripheral regions of the capital.

Onyxcoin (XCN) has retreated 3% in the last 24 hours, even after accumulating a 95% increase in the last week. The slight correction raises doubts about the sustainability of the recent rally.

Technical indicators such as RSI, BBTrend, and EMA lines are beginning to signal a weakening of momentum. Below is a more detailed analysis of what the charts currently reveal for XCN.

XCN's RSI shows that buyers are trying to regain control.

Onyxcoin's Relative Strength Index (RSI) has retreated from 56.74 to 49.28 in just two days. The indicator, which ranges from 0 to 100, is widely used to measure market momentum and identify overbought or oversold conditions of an asset.

The Pi Network (PI) recorded a nearly 10% drop in the last 24 hours, with several indicators signaling an increase in bearish momentum. The DMI reveals a clear transition from a bullish trend to a bearish one, while CMF data corroborate the increase in outflows.

The EMA lines also indicate a possible 'death cross', which could further exacerbate losses. Below is an analysis of what the charts suggest for PI in the short term.

Bearish momentum grows as the DMI of the PI Network turns to a downward trend.

Raydium has just introduced LaunchLab, a new platform focused on token launches, aimed at competing directly with Pump.fun. Announced last month, the initiative had its full launch recently, generating great anticipation among community members.

Pump.fun and Raydium are in intense competition in the Solana ecosystem. Last month, Pump.fun launched its own decentralized exchange (DEX), and now Raydium has introduced its own launch platform.

DWF Labs, a Web3 investment firm, announced today (16) an investment of $25 million in World Liberty Financial (WLFI), backed by the Trump family. In addition, the company plans to open an office in New York, aiming to strengthen its relationships with regulators, financial institutions, and other industry stakeholders.

Although this partnership could create more liquidity opportunities for the U.S. crypto market, previous allegations against DWF raised concerns about political misconduct.

The memecoin TRUMP has accumulated a loss of 29% in the last month and now records a depreciation of over 90% from its all-time high. The sharp decline is accompanied by weakening momentum across various technical indicators.

Both signals indicate that buying strength has lost momentum, while the risks of further declines are increasing. Compounding the scenario, a large wallet withdrew millions in USDC shortly before a $317 million unlock expected next week, raising alarms about possible imminent selling pressure.

In the last 24 hours, the price of Pi Network (PI) recorded a drop of almost 12%, intensifying concerns among investors about the stability of the asset.

In light of this uncertain scenario, the analyst known as Dr. Altcoin presented a series of possible causes for the recent drop in the price of PI. At the same time, he highlighted factors that may contribute to preventing an even sharper devaluation of the asset.

Analyst does not rule out a price drop of PI to $0.3

According to Dr. Altcoin, several factors explain the recent devaluation of Pi Network, the main one being the large volume of unlocked PI tokens. Currently, about 6.8 million units are released daily, which contributes to a significant increase in the circulating supply of the cryptocurrency and negatively pressures its price.

HBAR remains under strong bearish pressure. On-chain data indicates that the altcoin had more than US$ 10 million in net outflows in the spot market over the last three days.

A 'death cross' also appeared on the daily chart of HBAR, reinforcing the bearish scenario. This technical pattern reflects a loss of investor confidence and suggests the possibility of prolonged decline in the short term.

Hedera's decline deepens with increased spot outflows

According to data from Coinglass, the altcoin recorded spot outflows of US$ 11.21 million in the last three days, highlighting the bearish bias towards the asset.

The memecoin market is undergoing a transformation with the incorporation of Artificial Intelligence (AI), leading to a shift in blockchain preferences. Among the best memecoins in April, many are migrating to Base rather than continuing on Solana, intensifying competition in the blockchain space.

BeInCrypto analyzed these changes to guide investors in assessing this emerging trend of memecoins and AI, helping to identify which tokens deserve attention in the current landscape.

After suffering a historic price drop, Mantra's OM is making a significant comeback. The altcoin plummeted over 90% on April 13, falling from $6.30 to less than $0.50 in a matter of hours.

However, it has recovered with a gain of 25% in the last 24 hours. After the drop, Mantra (OM) is currently the biggest winner in the market and is poised to extend its gains in the short term.

OM leads market gains with a 25% rise

The sudden resurgence of investor interest in OM comes after a post on X (formerly Twitter) by Mantra CEO, John Patrick Mullin, on Tuesday (15), announcing plans to burn the team's token allocation.

In response to the recent collapse of the Mantra crypto (OM), CEO John Patrick Mullin proposed burning the OM tokens from the team to restore investor confidence.

This move comes as the OM token continues to show signs of recovery, with a double-digit appreciation in the last 24 hours.

Will token burning restore confidence in OM?

Mullin revealed his plans in a recent post on X (formerly Twitter).

I am planning to burn all my team tokens, and when we turn things around, the community and investors can decide if I recovered them, the post said.

After a prolonged period of decline, the memecoins of the Solana ecosystem are starting to regain momentum. Daily trading volumes have been growing rapidly, while most of the main tokens are recording significant valuations.

The intensification of network activity has contributed to Solana's recovery, which recently hit its lowest level in 12 months. Although the memecoin sector has been impacted by pump-and-dump schemes and tariff instabilities, these speculative assets are beginning to regain strength as macroeconomic concerns ease.

XRP gained an impressive 22% in just seven days, surpassing $2 for the first time in months. Technical indicators show signs of bullishness, but warning signs are also emerging.

Is the momentum sustainable or is a correction imminent? The current analysis provides answers for both scenarios.

XRP RSI Analysis

The Relative Strength Index (RSI) of XRP is currently at 60.5, which represents a significant decline from yesterday's value of 67.8.

This follows a strong rise of 34.7 just six days ago, suggesting that XRP recently transitioned from oversold conditions to levels close to overbought before pulling back.

The price of Ethereum has struggled to recover, hovering around $1,700 in recent days. Despite attempts to rise, ETH has not been able to gain significant momentum.

This lack of progress in the price movement has led to large sell-offs by Ethereum whales, intensifying the bearish sentiment.

Ethereum whales move to sell

In the last three days, addresses holding between 100,000 and 1 million ETH have aggressively sold around 1.19 million ETH, worth over $1.8 billion. The decision by these whales to offload large amounts of Ethereum highlights a shift in market sentiment, as they likely aim to offset potential losses with the stagnant recovery.

Gold prices surpassed $3,300 per ounce, setting a historical record as global markets face increasing volatility.

This increase reflects investor anxiety regarding economic uncertainty and highlights the significant impact of controversial tariff policies under President Trump's administration. Consequently, experts have issued conflicting forecasts on how this may influence Bitcoin.

What is driving gold to continue breaking records?

Bitcoin has been facing consistent difficulties in recent months, with recent recovery attempts falling short of expectations.

The leading cryptocurrency, currently priced at $83,768, has encountered resistance at $85,000 several times this month. This failure to break through the resistance is causing increasing uncertainty among investors.

Bitcoin investors are uncertain

The Bitcoin Fear and Greed Index reveals a predominant sense of fear among BTC holders. Since the beginning of March, this fear has intensified as market conditions remain unresponsive to positive signals. With Bitcoin's price stagnating and struggling to regain upward momentum, investor confidence continues to wane.

The total value of the cryptocurrency market (TOTALCAP) and Bitcoin continue to show minimal movements, with the latter falling below $85,000 again. Among altcoins, the Pi Network (PI) was the most affected, with a 16% drop in the last 24 hours.

In today's news (16):

Ethereum led the DApp platform market in the first quarter of 2025, with $1.021 billion in fee revenue, far surpassing competitors like Base and BNB Chain. While Ethereum's dominance continues, other networks like Arbitrum and Avalanche are growing but remain far behind in DApp fee generation.