GM,

Welcome to this week's Phenom Weekly Update, where the crypto world continues to serve up a mix of market volatility, regulatory developments, and technological advancements. Here's a snapshot of the latest happenings:

• Market Volatility Ahead of Federal Reserve Meeting: Bitcoin's price has experienced fluctuations, recently trading around $84,000. Analysts are closely monitoring the upcoming Federal Open Market Committee (FOMC) meeting, as its outcomes could significantly impact both traditional and crypto markets.

• Launch of Solana Futures on CME: The Chicago Mercantile Exchange (CME) has introduced futures contracts for Solana (SOL), marking a significant step in mainstream adoption. While initial trading volumes were modest compared to Bitcoin and Ethereum futures, analysts note that, when adjusted for Solana's market capitalization, the performance is promising.

• Microsoft Warns of Malware Targeting Crypto Wallets: Microsoft has raised alarms about new malware strains specifically targeting cryptocurrency wallets like Coinbase and MetaMask. This development underscores the importance of heightened security measures for crypto users.

• BlackRock's Foray into Tokenized Assets: Investment giant BlackRock, along with firms like Superstate and Centrifuge, has secured a portion of Spark's $1 billion allocation for tokenized asset initiatives. This move highlights the growing institutional interest in integrating traditional financial assets with blockchain technology.

Scroll down for all the latest news stories, memes and more that we’ve been reading this week.

Solana’s Ad Bombshell: Crypto Twitter Loses Its Collective Mind

This week, Solana decided to spice up the crypto scene with an advertisement that’s got everyone from degens to blockchain purists clutching their digital pearls. Titled “America is Back—Time to Accelerate,” the two-minute video was meant to hype their upcoming Accelerate conference in New York this May. Instead, it lit a match under Crypto Twitter, sparked a firestorm, and was yanked off Solana’s official X account faster than you can say “rug pull.” Lucky for us, the internet never forgets—you can still catch the chaos cuz its the internet.

So, what’s the ad about? Picture this: a guy named “America” sits in a therapy session, looking like he’s one missed block confirmation away from a breakdown. He’s ranting about wanting to reclaim his glory days of innovation—think crypto, AI, nuclear energy, the works. His smug therapist, armed with a clipboard and an air of sanctimonious superiority, suggests he ditch the tech talk and focus on inventing a new gender or obsessing over pronouns. “America” snaps, bellowing, “I want to invent technologies, not genders!” Cue patriotic music, a door-kicking exit, and a tagline that screams red-white-and-blue bravado. It’s a satirical jab at culture wars, wrapped in a blockchain bow.

Sounds bold, right? Well, Crypto Twitter didn’t see it that way. The ad racked up 1.4 million views in nine hours before Solana hit the delete button, but the damage was done. Here’s why it’s got everyone in a tizzy:

• The “Tone-Deaf” Tirade: Critics like Blocknative’s Sean O’Connor called it “so fucking tone-deaf,” pointing to real-world struggles like trans passport denials. Apparently, mocking gender discourse in 2025 isn’t the vibe when inclusivity’s the crypto buzzword.

• DEI Hypocrisy Alert: Just weeks ago, Solana’s Foundation was preaching diversity, equity, and inclusion at a Singapore conference. Now they’re dunking on pronouns? X users smelled a rat, accusing them of flip-flopping faster than a memecoin pump-and-dump.

• Cringe Overload: “Offensive, cringe, and pandering,” one user moaned. Even Solana co-founder Anatoly Yakovenko threw shade, hinting their old “Maren” ad was less of a dumpster fire. Ouch.

• Rage Bait or Genius?: Some, like @itzjoshuajake, argue it’s brilliant marketing—rage bait designed to go viral. Mission accomplished, I guess, but at what cost? SOL’s price dipped nearly 4%, suggesting the community’s not laughing all the way to the bank.

The fallout’s been a mix of savage takedowns and reluctant applause. David McIntyre, ex-Solana Foundation director, dubbed it “horrendous,” while others praised the risk-taking, even if it landed like a lead balloon. Solana’s staying mum—no official statement, just a quiet retreat to lick their wounds. Meanwhile, the ad’s still bouncing around X, proving crypto drama’s the gift that keeps on giving. Was it a misstep or a calculated middle finger to the woke crowd? Either way, Solana’s got our attention—and a PR headache to match.

READING CORNER

A collection of longer form content we are consuming this week 

NEWS

Quick Hitters from the week

1. Microsoft Warns of Malware Targeting Coinbase and MetaMask Wallets
   Microsoft has issued an alert about new malware strains designed to compromise Coinbase and MetaMask wallets, urging users to enhance security measures. 🔗 Read more

2. Bernstein Predicts Major Surge in Coinbase Stock
   Analysts at Bernstein project a significant rise in Coinbase’s stock price, citing increased institutional adoption and service expansion as key drivers. 🔗 Read more

3. Crossmint Raises $23.6M as Adidas and Red Bull Tap Its Tech
   Blockchain firm Crossmint secured $23.6 million in a funding round, with Adidas and Red Bull among the companies leveraging its infrastructure. 🔗 Read more

4. Solana Deletes Controversial Ad After Crypto Twitter Backlash
   Solana removed a recent advertisement following criticism from the crypto community, underscoring the sensitivity of marketing in the Web3 space. 🔗 Read more

5. ZachXBT Identifies Hyperliquid Whale as Cybercriminal
   Blockchain investigator ZachXBT has linked a prominent Hyperliquid trader using 50x leverage to stolen funds, exposing yet another case of illicit activity in crypto markets. 🔗 Read more

6. Crypto Companies Seeking Bank Charters as Regulations Shift
   With Trump’s administration signaling a friendlier stance toward crypto, more digital asset firms are applying for bank charters to streamline operations. 🔗 Read more

7. Gold Hits All-Time High While Bitcoin Slips
   As investors seek safe-haven assets, gold has surged to a record high while Bitcoin struggles, reflecting shifting market sentiment. 🔗 Read more

8. Strategy Unveils $500M Stock Raise to Buy More Bitcoin
   Strategy is launching a $500 million stock offering, reinforcing its commitment to increasing Bitcoin holdings amid market volatility. 🔗 Read more

9. Acting SEC Chair Orders Review of Crypto Custody Rule
   Acting SEC Chair Mark Uyeda has directed staff to reexamine a proposed rule tightening custody requirements for crypto assets, suggesting potential revisions or a rollback. 🔗 Read more

10. Robinhood Partners with Kalshi to Launch Prediction Markets Hub
    Robinhood is teaming up with Kalshi to introduce a prediction market platform, allowing users to bet on political, economic, and sports events directly through its app. 🔗 Read more

11. Russia Adopts Crypto for Oil Trade Amid Sanctions
    Facing continued economic sanctions, Russia has begun using cryptocurrencies to settle oil trades, signaling a major shift in global energy transactions. 🔗 Read more

12. BlackRock’s BUIDL Becomes First Tokenized Fund to Cross $1B
    BlackRock’s on-chain treasury fund, BUIDL, has surpassed $1 billion in assets, cementing its position as the largest tokenized fund in the market. 🔗 Read more

13. SEC to Stop Requiring Crypto Firms to Register as Trading Systems
    The SEC will halt its requirement for crypto firms to register as trading systems, potentially easing regulatory burdens for exchanges and DeFi platforms. 🔗 Read more

THE TWITTERVERSE

A collection of the most interesting stuff on Crypto Twitter this week

MEMES

For the (crypto) Culture

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