MemeCore and H dominate a two speed week
The crypto market delivered a particularly insightful lesson this week on capital selectivity. While some assets recorded consecutive weekly highs, others suffered severe structural losses. Bitcoin broke through the $75,000 mark driven by sustained inflows into spot ETFs, with over $2 billion absorbed in eight days. This broadly favorable macro environment acted as fuel for assets capable of capturing attention. However, it was not enough to protect those with fragile fundamentals or technical structures.
For investors looking to understand cryptocurrencies beyond the simple price action of Bitcoin, this week perfectly illustrates why an individual analysis of each asset remains essential.
Humanity Protocol (H) stands out as the biggest winner of the week with a +45% surge, following three consecutive bullish weeks and approaching the $0.15 level. A short term pullback is becoming increasingly likely at these levels.
MemeCore (M) finishes second with a +25% weekly gain. The close above $4.30 represents the strongest candle of April. With six consecutive bullish weekly closes, the structure remains bullish despite a 5% pullback at the end of the week.
One point of caution however: with $23.4 million in daily volume against a market capitalization of $7.25 billion, the volume to market cap ratio reaches only 0.32%, well below the 5% expected during a healthy rally of this size. Liquidity could evaporate quickly in the event of a reversal. This point deserves the attention of any active trader on crypto exchanges. Such a low ratio signals that liquidity could dry up rapidly if the trend reverses, carrying a significant risk of slippage upon exit.
On the protocol side, MemeCore deployed a hardfork on March 25, 2026 introducing account abstraction, reducing transaction fees by 100x and improving network stability. The project is also targeting a regulated entry into the South Korean market through the acquisition of a KOSDAQ listed company to obtain a VASP license, a process taking a minimum of six months.
ENA: Healthy correction or the start of a reversal?
On the losing side, Ethena (ENA) takes the unflattering title of the biggest weekly loser. An honest reading of this drop requires putting the movement into context. The token had recorded gains of 23% and then 13.5% over the previous two weeks. This represents an increase of roughly 40% in two weeks, before hitting the key resistance at $0.13. The subsequent pullback is therefore mathematically logical.
However, several factors are exacerbating the correction beyond a simple technical cooldown. A targeted unlock of 18.6 million ENA to a single whale address generated direct and measurable selling pressure. At the same time, the $292 million exploit on the Kelp DAO LayerZero bridge on April 18 forced Ethena to suspend its own LayerZero bridges as a preventive measure. Although Ethena confirmed having no direct exposure and maintaining an USDe overcollateralization above 100%, the pause fueled a perception of operational and integration risk that weighed on the price.
The RSI remains in a non extreme zone and long term holders are starting to strengthen their positions. The current structure looks like a classic buy the dip setup, with a new breakout attempt above $0.13 as the next target to watch.
For those involved in crypto trading on DeFi assets, this type of post rally correction with an external trigger often represents a tactical window of opportunity, provided that the residual risk linked to upcoming unlocks is accurately assessed.
TRUMP loses its structure: A more worrying signal
The case of Official Trump (TRUMP) is structurally different from ENA and deserves a distinct analysis. The token closed the week down by more than 5% and ranks among the second biggest weekly losers. Unlike ENA, where the pullback looks like a healthy cooldown, TRUMP broke the $2.70 support on the weekly chart, a level it had defended for four consecutive weeks. This technical breakdown was accompanied by the offloading of 2.2 million TRUMP tokens by whale wallets, reinforcing the bearish pressure.
The difference between a correction and a loss of market structure lies precisely in this point. ENA underwent a correction on an asset whose trend remains upward on the weekly timeframe. TRUMP, on the other hand, broke its support floor while large wallets were actively distributing. This behavior is consistent with a position exit rather than a simple trimming.
ether.fi (ETHFI) also consolidated below $0.50, caught in the DeFi FUD generated by the Kelp DAO exploit and its perceived implications for the entire restaking ecosystem.
For investors looking to buy cryptocurrencies in this context, distinguishing between the two profiles of losers is essential: an asset correcting within an uptrend is a potential opportunity, whereas an asset losing its market structure alongside whale distribution is a signal for heightened caution.
Can political memecoins bounce back after this purge?
The divide observed this week between tokens in price expansion and tokens in distribution illustrates a phenomenon of rapid narrative rotation. Capital favored assets with an active community, visible protocol development, or Bitcoin exposure, at the expense of tokens whose price driver was primarily speculative or political.
Our analysis: the drop in TRUMP is more concerning than that of ENA. The breakdown of a weekly support defended for four consecutive weeks, combined with visible on chain whale distribution, is rarely a short term signal. For TRUMP to regain its appeal, it would require a Bitcoin recovery to levels that allow a return of maximum risk appetite, along with a narrative reason specific to the token. Neither is guaranteed in the short term.
To follow the price forecasts on these assets and identify critical technical levels, the upcoming weekly closes will be the most relevant indicators. Traders who want to invest in cryptocurrency on these setups must above all distinguish a temporary compression from a loss of structure, two situations that demand radically different strategies.
Sources
- TradingView
- Pure8Nature on X
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