SHIB and DOGE traders eye breakout

May 21, 2025

Reading time: 5 minutes

Solana’s Seeker phone ships in August, launches SKR token and Web3 trust layer

Key points:

  • Solana Mobile’s Seeker device will ship globally on August 4, paired with the launch of SKR—the native token powering its mobile ecosystem.

  • Solana also introduces TEEPIN, a cryptographic trust framework aimed at decentralizing user–app–device interactions.

News - Solana Mobile is taking another swing at crypto-native smartphones. The team has confirmed that its second-generation device, Seeker, will begin global shipments on August 4, after crossing 150,000 units sold in preorder. The $500 phone marks Solana’s renewed push into Web3 mobile after the Saga’s slow commercial start.

But this time, the hardware is just part of the story.

Alongside Seeker, Solana is launching SKR, a new token that will fuel incentives, ownership, and governance across the Solana Mobile ecosystem. SKR will be distributed to users and developers, aligning their contributions with platform growth in a “community-owned” digital infrastructure.

TEEPIN: Solana’s new mobile trust layer - Seeker also integrates TEEPIN (Trusted Execution Environment Platform Infrastructure Network), a new architecture enabling secure, on-chain authentication across three layers:

  • Hardware (device attestation via TEEs)

  • Platform (user and app verification)

  • Network (governance via Guardian nodes)

Solana Labs CEO Anatoly Yakovenko described TEEPIN as “a framework where trust isn't granted by a central authority but verified through cryptography.” Combined with features like Seeker ID, a hardware Seed Vault, and a reimagined Solana dApp store, the mobile platform aims to compete with Web2 ecosystems—without gatekeepers.

What’s next? - Solana is betting that open infrastructure, on-chain UX, and crypto-aligned incentives can make Web3 mobile mainstream. If Seeker succeeds where Saga stumbled, it could mark a major inflection point for decentralized mobile computing.

Dogecoin and Shiba Inu consolidate as whales exit, traders eye double-digit gains

Key points:

  • DOGE and SHIB are consolidating at key support zones following whale exits, but on-chain metrics hint at a potential breakout.

  • Funding rates and RSI trends suggest bullish momentum may build if resistance levels are cleared soon.

News - After an explosive rally in April, the market’s favorite dog-themed coins—Dogecoin (DOGE) and Shiba Inu (SHIB)—are showing signs of consolidation, but not capitulation.

DOGE is trading below $0.26, with recent whale outflows of over $40 million adding some short-term pressure. Still, technical patterns are intact: Dogecoin is forming a bull flag with support at $0.218 and overhead resistance around $0.233–$0.234. If momentum resumes, analysts say DOGE could surge toward $0.35–$0.45, a potential 52–114% upside from current levels.

SHIB, meanwhile, hit a local high near $0.00001492 before reversing 1.9%. Despite a 311% drop in whale netflows and a 68% decline in active addresses since December, SHIB still hovers above its 50-day EMA and key support near $0.000014. Analysts say holding this zone is crucial to prevent a retest of $0.000011.

On-chain signals hint at breakout - According to Coinglass data, both DOGE and SHIB have positive funding rates, meaning longs are paying shorts—a classic sign of bullish positioning. The Age Consumed index for both coins also shows spikes, often preceding local price reversals or rallies.

DOGE's RSI sits at 61, suggesting healthy upside momentum. SHIB shares a similar RSI structure, with price potentially targeting $0.000019–$0.000020 if buyers return.

What’s next? - Memecoin bulls are watching closely. If DOGE reclaims $0.26 and SHIB breaks above $0.000015, it could reignite a meme-led micro-rally. Until then, both assets remain at a technical crossroads—consolidating, but far from out.

Yield-bearing stablecoins Hit $11B as GENIUS Act boosts U.S. momentum

Key points:

  • Yield-bearing stablecoins now represent 4.5% of the stablecoin market at $11B, growing 13x since 2023.

  • The GENIUS Act passed a key Senate vote, potentially legitimizing yield-bearing assets for global institutional adoption.

News - Yield-bearing stablecoins are no longer a fringe experiment—they’re becoming a real force in DeFi. These income-generating tokens have surged to $11 billion in circulation, up from just $666 million in 2023, now accounting for 4.5% of the total stablecoin market.

Top protocols like Pendle, Ethena, and Sky dominate the landscape. Pendle alone holds 30% of TVL in this sector (~$3B), while Ethena’s sUSDe and Sky’s sUSDS/sDAI make up a combined 57% market share. Across 1,900+ stablecoin yield pools on 100+ chains, users now collect $1.5M in daily passive income, with over $600M paid out to date.

Regulatory winds shift in the U.S. - Momentum is building in Washington too. The GENIUS Act, which sets a clear legal framework for U.S.-issued stablecoins, passed a procedural 66–32 Senate vote and is headed to the Senate floor. Supporters say it could help establish a “unified digital financial system”—borderless, programmable, and yield-friendly.

Industry voices like DWF Labs’ Andrei Grachev and Bitget’s Vugar Usi Zade praised the clarity but noted gaps remain—especially regarding offshore giants like Tether. Meanwhile, the SEC’s approval of yield-bearing stablecoins as regulated certificates gives U.S.-based projects a green light to scale under formal rules.

What’s next? - With institutional players circling and regulators catching up, yield-bearing stablecoins may be on the cusp of a breakout. If adoption continues and U.S. policy crystallizes, this market could hit $75B by 2026, as projected by Pendle—ushering in a new phase of “crypto-native yield.”

Crypto.com secures MiFID license with Allnew deal to expand EU derivatives

Key points:

  • Crypto.com acquired Cyprus-based Allnew Investments to secure a MiFID license, enabling crypto derivatives trading across the European Economic Area.

  • This move follows its earlier MiCA approval and mirrors a growing trend among exchanges using M&A to enter regulated EU markets.

News - Crypto.com just took a major step toward expanding its European footprint. The company announced on May 21 that it has acquired A.N. Allnew Investments, a Cyprus-based financial firm, to obtain a MiFID (Markets in Financial Instruments Directive) license from CySEC.

The license grants Crypto.com the legal right to offer crypto financial derivatives across all 27 EU nations, plus Iceland, Liechtenstein, and Norway. It builds on the platform’s MiCA license secured in January, which authorized custody and spot exchange services.

“Our brand has grown significantly in Europe,” said CEO Kris Marszalek, “and we look forward to giving users new ways to engage with the platform.”

Exchanges turn to M&A for derivatives expansion - Crypto.com isn’t alone. Competitors are racing to scale in the tightly regulated EU derivatives market—and acquisitions are their vehicle of choice.

  • Kraken recently gained a MiFID license through its own Cyprus-based entity

  • Coinbase spent $2.9 billion to acquire Deribit, signaling deep commitment to global crypto futures

  • Gemini and DeFi protocol Synthetix are also doubling down on Europe’s rising derivatives demand

The common thread? Licensing via acquisition—a faster route to regulatory legitimacy.

What’s next? - As MiCA enforcement tightens, the EU is shaping up as the next major battleground for regulated crypto derivatives. With MiFID now in hand, Crypto.com is officially in the ring—and chasing market share alongside the industry’s biggest players.

Did you know?

  • Ripple's partial legal victory over SEC: In 2023, Ripple achieved a partial legal victory against the U.S. Securities and Exchange Commission (SEC), which had alleged that Ripple's XRP token was an unregistered security. The court's decision provided some clarity on the regulatory status of XRP, influencing the broader cryptocurrency market.

  • Bitcoin halving reduces block rewards: On April 20, 2024, Bitcoin underwent its fourth halving event, reducing the block reward from 6.25 BTC to 3.125 BTC. This event, occurring approximately every four years, decreases the rate at which new Bitcoins are created, potentially impacting the cryptocurrency's value.

  • Haliey Welch's $HAWK coin scandal: In December 2024, Haliey Welch, known for her viral "Hawk Tuah" phrase, promoted the $HAWK memecoin, which crashed within 24 hours, prompting an FBI investigation. Though Welch was cleared of wrongdoing, she faced significant public backlash and is now the subject of an upcoming documentary detailing the incident.

Top 3 coins of the day

dogwifhat (WIF)

Key points:

  • At press time, WIF was trading at $1.03, up 6.15% over the last 24 hours.

  • It reclaimed the $1.00 level after briefly slipping below its 9-day SMA earlier this week.

What you should know:

WIF bounced back with a 6% daily gain after retesting support near $0.95, successfully reclaiming the $1.00 mark. The rally was partially driven by heightened trader interest, as WIF became the most mentioned crypto ticker in a one-hour window—fueled by speculation about a clean breakout above $1.00. Analysts also highlighted early bullish signs, with the token forming higher lows and maintaining structure despite previous selling pressure. The Elliott Wave Oscillator (EWO) remained in positive territory, and consistent volume supported the price recovery. If bullish sentiment holds, WIF may attempt to retest the recent high near $1.25. On the flip side, failure to stay above $1.00 could trigger a pullback toward the $0.88–$0.90 range.

Pepe (PEPE)

Key points:

  • At press time, PEPE was trading at $0.0000136, up 3.88% over the last 24 hours.

  • It held steady after last week’s rally, consolidating gains above the $0.0000120 zone.

What you should know:

PEPE added nearly 4% on the day, showing signs of stabilization after a high-volume breakout earlier this month. The rally was reinforced by a surge in open interest—climbing to nearly $600 million—and a flip to positive funding rates, indicating increased bullish sentiment among leveraged traders. Analysts also pointed to a possible bull flag breakout, with the memecoin consistently holding support near $0.0000125. The Parabolic SAR dots stayed below the price, signaling ongoing upward momentum, while the MACD remained in positive territory despite a slight tapering of the histogram. If buying pressure intensifies, PEPE could target the $0.0000165–$0.0000200 zone. A drop below $0.0000120, however, might trigger a retest of $0.0000105.

Maker (MKR)

Key points:

  • At press time, MKR was trading at $1,724, down 0.17% over the last 24 hours.

  • It continued consolidating near the $1,700 midline after rejecting resistance near $1,950 earlier this month.

What you should know:

MKR posted a marginal loss as it extended its sideways movement, showing signs of consolidation between $1,700 and $1,950. The price stayed close to the 20-day Bollinger Band midline, indicating a neutral-to-mildly bullish posture despite recent selling pressure. The Bollinger Bands remained moderately wide, suggesting that volatility had compressed slightly following the earlier rally. Meanwhile, the RSI hovered near 55, reflecting balanced momentum without indicating overbought or oversold conditions. Volume remained subdued, confirming a lack of strong directional conviction. If bulls regain momentum, MKR could attempt to break through resistance near $1,950. On the downside, support lies near the lower band at $1,440.

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