Ethereum is back? Dogecoin active addresses surge

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This week brought another boost of excitement to the crypto market, with several altcoins finally showing signs of revival. But what’s driving this surge? Let’s dive into the key events in this week’s crypto digest.

quick weekly news

Ethereum is back?

Over the past seven days, Ethereum has grown by over 30%, sparking significant interest in the coin among retail investors. A clear indicator of this trend is the rise in searches with the incorrect spelling of the blockchain – “Etherium.” This was spotted by crypto influencer Kyle Chassé on X.
Source: Kyle Chassé on X

Meanwhile, CoinTelegraph reports a record overbought RSI level for the ETH.D metric, which indicates Ethereum’s share of the entire crypto market. A similar surge was last observed in 2021. As CoinTelegraph notes, historically, such extreme RSI levels on ETH.D have often marked the beginning of major pullbacks.

It appears that Ethereum, despite Bitcoin nearly returning to its peak, has been significantly undervalued by retail investors until now. This week’s remarkable rally could be a revival moment for $ETH.Ethereum is also actively working to improve the network’s scalability and user experience, with the mainnet launch of the Pectra update, which we covered last week. But it didn’t stop there – the Ethereum Foundation also announced a “Trillion Dollar Security Initiative” aimed at fortifying the security of its blockchain.

Dogecoin active addresses surge by 528%

However, Ethereum wasn’t the only altcoin that caught the attention of retail investors – $DOGE users also appear to be waking up. According to CoinTelegraph, active addresses for $DOGE have surged by over 500%, jumping from nearly 100K to almost 500K.

Typically, such a spike in active addresses is followed by a price increase shortly afterward. It looks like this time is no exception.
Source: Glassnode

At the same time, open interest in $DOGE also signals growing enthusiasm among retail investors, with a 63% surge compared to last week, according to Glassnode. “This decoupling suggests persistent speculative positioning, even as price momentum fades, a setup worth monitoring,” the platform noted.

There are two main factors driving this surge in retail interest: the overall recovery of the crypto market and the SEC’s acknowledgment of Nasdaq’s filing for the 21Shares Dogecoin ETF.

Crypto startups scaring away VCs with 80x valuations

Meanwhile, crypto startups appear to be facing increasing difficulties in raising new funds. Following a wave of crypto startups and VC investments in 2022, many funds are now coming to terms with the overvaluation of such projects.

As CoinTelegraph reports, Dan Tapeiro, CEO of the crypto-focused venture capital firm 10T Holdings, shared insights during an interview at the Consensus conference in Toronto on May 14. He claimed that many startups are chasing valuations far beyond their actual revenues, which leads to minimal returns for VCs and makes these investments far less appealing. He stated:

“For some reason, founders and CEOs think that they should be raising capital at 50 to 80 times revenue. So that makes it very hard for us to make a return for our liquidity providers.”

Valuation is a crucial metric not only for VCs but also for retail investors when a project’s token goes live. It typically translates into FDV, Fully Diluted Valuation, which represents the market cap of the token if all tokens were unlocked. The higher the project’s valuation, the more difficult it becomes to drive the token price up, leaving smaller upside potential for both retail investors and VCs.

A clear example of this issue is StarkNet, a previously well-known Ethereum Layer 2 project. Upon listing, it debuted with an FDV close to $15B. Since then, the token’s price has steadily declined, while the chain itself reportedly generates barely $1,000 in daily revenue.
Source: GoodCrypto

Kazakhstan to become ‘Central Asia’s crypto hub’ with reforms

Finally, let’s end this digest on a positive note with some encouraging news about global crypto adoption. On May 14th, 2025, the Kazakh media outlet Kazakhstanskaya Pravda reported that recent developments in digital mining and progressive policy changes could position Kazakhstan as a leader in the cryptocurrency space in Central Asia.

According to the article, a new initiative for crypto miners proposes a 70/30 power allocation model, where 70% of the energy supply will be directed to the national grid and the remaining 30% allocated to miners. The media noted that such an approach could help drive crypto adoption in Kazakhstan and potentially establish the country as a regional leader in blockchain innovation.

Notably, this push toward crypto adoption appears to be inspired by one of Kazakhstan’s largest neighbors, Russia, which ranks seventh worldwide for crypto adoption, according to Chainalysis. It seems Kazakhstan is determined to catch up with its neighbor.

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