About one in four crypto tokens launched since 2021 have failed in the first quarter of this year amid a crypto market downturn and token creation becoming easier than ever, says crypto data platform CoinGecko.

Since 2021, nearly 7 million cryptocurrencies have been listed on CoinGecko’s token tracking tool GeckoTerminal, and over half, or 3.7 million tokens, “have since stopped trading and are considered failed,” CoinGecko research analyst Shaun Paul Lee said in an April 30 report.

“Alarmingly, the first quarter of 2025 alone saw the collapse of 1.8 million tokens,” he added, which is “the highest number of failures recorded in a single year.” It also comprises just under half of all failures and represents a quarter of all tokens launched since 2021.

CoinGecko recorded tokens with at least one trade before going defunct and only Pump.fun tokens that graduated, or completed the token creation platform’s bonding curve.

Lee linked the recent token die-off to “broader market turbulence” after Donald Trump’s inauguration in January, which saw Bitcoin (BTC) hit a peak high but was followed by a sharp downturn in the crypto market.

More crypto tokens used to survive 

Last year saw the second-highest number of token failures at 1.3 million, and in comparison, Lee said that the three previous years had a much lower attrition rate.

Lee attributed the ballooning number of tokens and their failures to the token creation tool Pump.fun, “which simplified the process of creating tokens, leading to a flood of memecoins and low-effort projects entering the market.”

Pump.fun went online in January 2024. CoinGecko’s report shows that last year had the largest number of new crypto tokens with over 3 million launched, compared to 2023, which saw just over 835,000.

“Before the launch of Pump.fun in 2024, cryptocurrency failures numbered in the low six digits. Project failures between 2021 and 2023 made up just 12.6% of all cryptocurrency failures over the past five years,” Lee said.

Pump.fun’s graduation rate, where token trading moves off the site, has never been particularly high, with roughly 98% of tokens failing. 

The platform’s best-performing week so far was in November 2024, when 1.67% of memecoins moved on to the open market.

Related: AI tokens, memecoins dominate crypto narratives in Q1 2025: CoinGecko

CoinGecko founder Bobby Ong said in a March 6 report that memecoin investor interest appears to have cooled after a series of bad launches, noting the fallout from the Libra (LIBRA) token launch.

Pump.fun had a weekly trading volume high after the launch of Trump’s memecoin on Jan. 18, but both crypto and stock markets were hit with extreme volatility starting in March following Trump’s threats of sweeping tariffs.

Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge

Key takeaways:

• XRP ETF approval odds rise to 85% following a SEC leadership change.

• Analysts predict XRP could rise to new all-time highs again in 2025.

XRP price dropped by 5% over the past 24 hours as US GDP data showed a shrinking economy.

However, a strengthening market structure and investors’ growing hope for a spot XRP ETF approval in the United States suggest that the altcoin might revisit its April peak at $2.36 in the short term. 

Technical charts currently show XRP (XRP) trading within a falling wedge pattern. A “falling wedge” is a bullish reversal chart pattern that comprises two converging trend lines that connect lower lows and lower highs. This convergence indicates weakening downward momentum. 

The pattern will resolve when the price breaks above the upper trendline at $2.40, and if this happens, buyers could target $3.74 next, representing a 71% increase from the current price.

The relative strength index (RSI) is above the midline, indicating that the market conditions still favor the upside.

However, to sustain the ongoing recovery, XRP price has to first hold the support at $2.20 and then overcome the resistance between $2.80 and $3.00.

Several analysts remain optimistic about the altcoin’s ability to rebound to all-time highs, with popular trader Dark Defender saying that the ongoing correction is part of an Elliott Wave pattern that will eventually see “XRP continue its climb to the top.”

Fellow trader Allincrypto believes XRP is “heading to $19.27” based on a breakout from a falling wedge pattern.

“Where we are pulling back is textbook perfect, and we had highlighted a falling wedge that was present on XRP that ultimately was just going for a continuation to $19.27.”

Related: What are XRP futures and how to invest in them?

Approval odds for an XRP ETF approval in 2025 rise

Bloomberg senior ETF analysts said that the five spot XRP ETFs, including Grayscale, 21Shares, WisdomTree, Bitwise, Canary, and Franklin Templeton, have an 85% chance of approval after the change in leadership at the US Securities and Exchange Commission (SEC).

This is a significant improvement from their prediction over two months ago that set the chances of an XRP approval in 2025 at 65%.

Similarly, the betting odds for an XRP ETF approval by Dec. 31 now stand at 80% on Polymarket. Over the past week, the probability of approval has swung 17% in favor of the bullish masses, which was around 63% on April 23.

Meanwhile, on April 29, the SEC postponed its decision on Franklin Templeton’s spot XRP ETF, setting a new review deadline on June 17.

The approval of these ETFs could unlock institutional capital, amplifying demand for the XRP. While approval timelines remain unclear, they would mark a step toward mainstream adoption for XRP.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Trading platform Robinhood has still managed to beat Wall Street estimates as its first-quarter revenues fell and its crypto trading volume cooled from a record high in Q4.

Robinhood’s Q1 results shared on April 30 show revenues fell 8.6% from the previous quarter to $927 million, topping Zacks analyst estimates by 3.16%.

The company’s crypto revenue plummeted nearly 30% quarter-on-quarter to $252 million from the firm’s record-setting Q4 2024.  

The drop could be partly attributed to the Trump administration’s tariffs, which triggered an 18% fall in the crypto market cap over the quarter.

Crypto trading volume on Robinhood also fell 35% over Q1 compared to the fourth quarter of 2024, which the firm attributed to a 10% drop in customer trades placed and a 27% fall in average notional volume per trade.

Robinhood CEO Vladimir Tenev said on an earnings call that crypto trading volumes would continue to fluctuate but the firm is more focused on capturing as much market share as possible.

Despite the fall from last quarter, Robinhood’s crypto revenue rose 100% from the same quarter a year ago, while trading volumes jumped 28% over the same period.

The firm also added $500 million to its now $1.5 billion buyback authorization program, aimed at boosting shareholder value and confidence in the firm’s financial health. The company has bought back $667 million worth of shares so far.

Shares in Robinhood (HOOD) rose 1.51% in after-hours trading on April 30 to $49.85 since the firm disclosed its Q1 results, Google Finance data shows. 

Tenev said Robinhood’s $200 million acquisition of Bitstamp crypto exchange is still looking likely to receive regulatory approval in the middle of 2025, which would enable it to serve institutional investors in the US.

Regulatory pressure also eased for Robinhood in Q1 after the Securities and Exchange Commission closed its investigation into the firm’s crypto business on Feb. 21.

Crypto tokenization remains a key focus for Robinhood

Tenev said Robinhood is still exploring integrating crypto tokenization into the company’s services.

Tokenizing private equities is a “huge unlock” for both individuals and companies that can solve a lot of problems in secondary market transactions, he said.

Related: Ripple $4B-$5B bid to purchase Circle rejected — Report

“I think that will unlock a ton of economic value for the crypto industry in the US,” Tenev said. 

The Robinhood CEO previously said crypto tokenization could let investors buy tokenized shares in big-name private firms like OpenAI and SpaceX within minutes.

“That’s been kind of our primary policy objective in Washington when it comes to crypto,” Tenev said.

Magazine: ZK-proofs unlock trillions in Bitcoin for DeFi — BitcoinOS and Starknet

Key points:

• Solana held the $140 support level for a week, a first in more than two months, highlighting traders’ growing confidence.

• SOL futures open interest hit $5.75 billion on April 30, showing strong institutional interest.

• With rising DEX volumes and a $9.5 billion TVL, SOL could rally to $200 before a potential spot ETF approval on Oct. 10.

Solana’s native token, SOL (SOL), fell 4% between April 29 and April 30 after failing to sustain the $150 level. Despite this short-term decline, traders seem more confident as the $140 support remained intact for a whole week, an outcome that hadn’t happened in over two months. 

As demand for leveraged SOL positions reached near record highs on April 30, traders are now reconsidering the chances of a SOL rally above $200.

SOL futures open interest climbed to 40.5 million SOL on April 30, marking a 5% increase from the previous month and nearing its all-time high. In dollar terms, this represents $5.75 billion in futures positions, ranking third in the cryptocurrency market and over 50% higher than the demand for XRP derivatives. This strong adoption of SOL derivatives points to growing institutional interest.

Data shows increased demand for bearish leveraged SOL positions

Traders often believe that increased demand for SOL futures signals rising optimism. However, since longs (buyers) and shorts (sellers) are always matched, a rise in open interest does not necessarily indicate a bullish outlook. To better understand leverage demand in SOL futures, one can look at the funding rate for perpetual contracts.

Currently, the funding rate on SOL perpetual futures is negative, which shows more demand for bearish positions. The last period of moderate optimism ended on April 25 after a failed attempt to break above $156. The lack of bullish leveraged positions may be partly due to the 43% price gain SOL saw in the three weeks from April 8 to April 29.

A $200 target for SOL may seem ambitious, but the token was trading near $195 in mid-February, even after decentralized application volumes had dropped by 80% from their January peak. While Solana has faced criticism for its heavy reliance on memecoins, there is more to the network than just speculation on new tokens.

Solana ranks second in total value locked (TVL), with $9.5 billion in deposits, including liquid staking, collateralized loans, automated yield platforms, and synthetic derivatives. Several Solana decentralized applications are among the top fee earners, with Meteora collecting $19.1 million in seven days, followed by Pump-fun with $18.6 million and Juto with $14.6 million.

Solana network dominates volumes on decentralized exchanges

Since April 14, Ethereum’s average base layer transaction fee has been $0.65 or less, yet Solana’s decentralized exchanges have seen nearly 90% higher trading volumes. Even when including the entire Ethereum layer-2 ecosystem, Solana led the past week with $21.6 billion in decentralized exchange activity.

Positive highlights from the Solana network include an 87% weekly increase in Raydium’s volumes and a 58% rise in Meteora activity. So, even if demand for bullish leveraged positions stays flat, SOL’s price could eventually reflect the improved onchain metrics.

Related: More than 70 US crypto ETFs await SEC decision this year

From a trading perspective, SOL could also benefit from the possible approval of a spot Solana ETF in the United States. Analysts believe the final deadline for the US Securities and Exchange Commission’s decision is Oct. 10, with a 90% chance of approval. Still, SOL might rally above $200 before this event, as the network is well-positioned to attract new retail investors.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Key takeaways:

• Traders remain cautious about ETH’s price action, but optimistic sentiment is beginning to return.

• The May 7, Ethereum Pectra upgrade could boost investor sentiment, but ETH’s price action shows investors are still hesitant to open new positions.

Ether (ETH) has been trading below $1,900 since March, leading investors to question whether the failed attempt to reclaim $4,000 in December 2024 signaled the end of an era for the leading altcoin. Concerns continue to mount as derivatives market data shows that professional traders remain cautious about ETH’s price outlook. 

ETH monthly futures should trade at a premium of 5% or more compared to spot markets to compensate for the longer settlement period, but this indicator has held below the neutral threshold.

Part of the lack of enthusiasm stems from disappointment with the United States government, as Ether was classified alongside other altcoins in the “Digital Asset Stockpile” Executive Order on March 6. The Trump administration decided that only Bitcoin (BTC) was significant enough to be included in its own “Strategic Reserve.” In practical terms, altcoins already held by the government could be retained, but not newly acquired.

Ether’s market cap falls below its top four rivals 

For the first time ever, in April 2025, Ether’s market capitalization dropped below the combined value of its four largest competitors: Solana (SOL), BNB, Cardano (ADA), and Tron (TRX).

After rebounding from lows near $1,400, Ether’s total market capitalization now stands at $217 billion, which is enough to surpass the combined value of its four main competitors. However, unless Ether consistently outperforms these rivals, sentiment is unlikely to improve. Some traders have high hopes for the upcoming ‘Pectra’ network upgrade, but current derivatives data does not reflect a bullish outlook.

Ether’s decline has also coincided with weak demand for the Ethereum spot exchange-traded fund (ETF) in the United States. Institutional interest was lacking, despite ETH’s price rising from $2,400 to $4,000 between October and December 2024. In contrast, Bitcoin ETFs saw assets more than double, growing from $50 billion in October 2024 to $110 billion currently.

Ethereum leads in TVL, but there’s a catch

Although Ethereum remains dominant in terms of total value locked (TVL), it has struggled to match Solana’s integrated user experience or Tron’s dominance in the stablecoin sector. Traders appear uninterested in Ethereum’s higher decentralization or improved security, especially for activities involving frequent deposits and withdrawals, where layer-2 solutions provide limited benefits.

The absence of demand for leveraged bullish ETH positions does not necessarily mean that professional traders expect further price declines. If whales and market makers were unwilling to offer downside protection, this would be reflected in the ETH options markets, signaling increased risk of a market downturn.

Contrary to some expectations, put (sell) options are trading at levels similar to call (buy) options. Notably, professional traders are now more comfortable with downside risks than they were two weeks ago. While ETH derivatives are not signaling strong bullish sentiment, they also do not suggest that professional traders are worried about further declines at current price levels.

Related: 3 Ethereum charts flash signal last seen in 2017 when ETH price rallied 25,000%

There is a chance that the upcoming ‘Pectra’ network upgrade could positively affect Ether’s price. Scheduled for May 7, this event might renew investor interest in the project by closing the gap with some of its competitors. Staking mechanisms designed for institutional investors could result in more ETH being locked in validator nodes, reducing the circulating supply. Historically, Ethereum upgrades have often been associated with brief spikes in ETH’s price.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.