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Weekly Beluga Insights

This week was relatively uneventful for the majors, with BTC and ETH both holding steady at the same prices we started the week with. The opposite can be said for a number of altcoins, however, and no better example than the spectacular crash of Mantra on Sunday. After a stealthy rise to the top of the RWA sector, their native token OM went from $6 to under $0.40 in just a few minutes wiping out over $5B in market cap. Surprisingly we still don’t have all the details as to how this could have happened, but from what I can tell it seems this was a combination of an already-inflated price, horrible liquidity, and large holders who couldn’t cover their margined positions in time. The large holder component is the main detail that is still uncertain, as in order to have caused a crash this size the position would have had to be in the hundreds of millions. The question now is, who could have owned that much of the supply?

Despite it being Good Friday, traders did not give the Catholic Church’s mascot Luce a break as we saw the memecoin representing the mascot fall over 70% in an instant. LUCE was not the only victim of the dump, however, as it seems a number of other memecoins trading on Bybit saw similar price action. This points to a single player likely being involved in all of those coins being liquidated, which tracks with the fact that much of the volume within the memecoin space is done by a few actors. To sum things up, the fact that the most notable things to happen this week were a few flash crashes of low liquidity coins indicates we might be stabilizing on a broader level.

Major Movers of the Week

🧑‍🌾 Weekend Farming - Powered by Airdrop Acres

This week’s spotlight is on Defi App, an emerging ecosystem project generating real buzz in the farming scene. Still in its early stages, Defi App is positioning itself as a next-gen DeFi dashboard and aggregator, built to simplify and gamify how users interact with DeFi across chains. With clean UI, cross-chain compatibility, and a focus on building a sticky points system, it’s already catching the attention of early farmers looking for outsized reward potential.

What makes Defi App compelling is its approach to rewarding consistent engagement rather than just wallet activity. Their points system tracks actions like swaps, referrals, staking, and quest completions, all through a streamlined dashboard that makes daily interaction feel like progress rather than a chore. While no token is live yet, their documentation and in-app hints all point toward a future airdrop — and one that could resemble previous “dashboard darlings” like DappRadar or DefiLlama if the traction holds. Early speculation is growing, with farming communities placing it firmly in the “likely airdrop” category.

If you’re looking to get in early on a project that combines simplicity, incentives, and smart user flow — Defi App is worth exploring. To stay active and begin farming across projects like this, check out airdropacres.com and let automation do the heavy lifting.

Tweet of the Week

Diabolical work.

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Disclaimer

The content on this site is for informational purposes only and should not be construed as investment advice. While Beluga strives to ensure the accuracy and timeliness of information, there may be discrepancies when comparing our data to that of financial institutions, service providers, or specific product websites. Always consult with a professional before making any financial decisions.

Will McKinnon is the Head of Content for Beluga and has spent every day for many years trading coins. For that reason there are too many to name, however his largest holdings by a significant margin are Ethereum and Bitcoin. NFA DYOR