As crypto eyes another bull run heading into 2025, investors are on the hunt for next low-cap altcoins with strong fundamentals. According to an analyst, two tokens are quietly preparing for a surge, and they might just be early gems in the next DeFi wave.
Aerodrome (Base Chain): Undervalued and Generating Serious Fees
The first project turning heads is Aerodrome, a decentralized finance (DeFi) protocol on Base, Ethereum’s layer-2 network. While it’s not the biggest in terms of total value locked (TVL), Aerodrome is leading the Base ecosystem in fees and revenue.
TVL on Base has been rising rapidly, and stablecoin usage is trending upward. Among all Base protocols, Aerodrome dominates in revenue, far outpacing its peers like Morpho and Spark.
The Aerodrome token has been trading in a sideways channel since March, and this could be a prime accumulation zone. If prices dip toward the bottom of the range, it may offer a strong buying opportunity, especially if Bitcoin holds firm
BlackHole (Avalanche): The Breakout Newcomer
Next up is BlackHole, a brand-new DeFi token on Avalanche that’s catching fire. With $200 million+ in TVL and skyrocketing fees, it’s already out-earning top Avalanche protocols.
What makes BlackHole unique is its bridge infrastructure, enabling users to move tokens like PEPE between chains seamlessly. With growing rumors of Avalanche partnering with institutions, this infrastructure could become a critical piece of future adoption.
In just weeks, BlackHole crossed $1 billion in cumulative trading volume, and its active user base is growing.
Pi Network plunged by double digits over the past week, even as the broader crypto market shows signs of recovery. The altcoin’s market cap dropped to $4.1 billion, as PI continues to see intense selling pressure.
With bearish pressure intensifying, the token could soon revisit its all-time low near $0.40.
PI Risks Deeper Drop
Despite some strength across the broader market, investor sentiment toward PI remains weak, with technical indicators suggesting that its price decline could continue.
The Relative Strength Index (RSI), a key momentum indicator that tracks an asset’s overbought and oversold market conditions, continues to drop, indicating falling demand and growing selling pressure.
At press time, PI’s RSI is in a downtrend at 39.78. This RSI reading indicates weakening momentum and positions the token just above oversold territory, suggesting continued selling pressure could trigger further losses.
Furthermore, Pi Network’s on-balance volume (OBV) has also decreased, pointing to declining accumulation and reduced buyer interest. This indicator is at -1.26 billion at press time, falling by 15% in the past week.
The OBV measures buying and selling pressure by tracking volume flow relative to price movements. When OBV falls like this, more volume is tied to selling than buying. This indicates weakening investor confidence and potential for further price declines.
PI Token Risks Retesting All-Time Low
PI’s plummeting Chaikin Money Flow (CMF) supports the bearish outlook above. At press time, this indicator, which tracks how money flows into and out of an asset, is below the zero line at -0.15.
This negative reading reflects the strength of the sell-side pressure in the PI spot markets. If this trend persists, PI could revisit its all-time low of $0.40.
According to a CoinGecko report, meme coins were the most popular crypto trend in 2024. They accounted for 14.3% of total narrative interest—a significant rise from 8.3% in 2023.
Recent developments, however, present a contrasting narrative.
“There has been a significant drop in meme coin market cap since December. It’s the weakest narrative and not worth putting your money in it,” an analyst wrote on X.
As of March 5, the latest data showed the total meme coin market capitalization plummeted to $54 billion. This represented a 56.8% decline from its $125 billion peak on December 5, 2024.
Trading volumes have also taken a hit, dropping 26.2% in the past month alone. This has raised concerns about the “meme coin supercycle.”
“Is this the end of the meme coin supercycle?” crypto analyst Lark Davis questioned.
A meme coin supercycle refers to an extended period of rapid growth and speculation in meme-based cryptocurrencies. However, with declining numbers across the board, the community is now grappling with fears that the hype may be fading for good.
The second-largest meme coin, Shiba Inu (SHIB), has also suffered a substantial drop. Over the past month, it has slipped 10.6%. Similar trends have been observed in all 10 top meme coins.
The decline isn’t just affecting individual tokens—skepticism in meme coins as a whole appears to be rising. Elon Musk, for example, one of the most vocal supporters of DOGE, recently likened meme coins to “casinos.” He further cautioned against investing life savings in them. Meanwhile, Bitwise CIO Matt Hougan previously stated that the present time is the “end of the meme coin boom.”
Google Trends data further supports this waning hype. The search volume for “meme coin” has plummeted from a peak score of 100 in mid-January to just 8 last week. This suggested that public enthusiasm was fading as fast as it surged.
The impact of this downturn is being felt across the ecosystem, particularly on platforms that thrived during the meme coin mania.
Pump.fun, a popular meme coin launchpad, has seen its trading volume crash from $3.3 billion in January 2025 to just $814 million. This marked aa staggering 75.3% drop.
New Zealand has a unique crypto approach; it treats digital currencies as property rather than actual money. Crypto trading became legal in 2018 when New Zealand recognized it as property for tax purposes. The nation opts for clever crypto approaches, as the interest in digital asset investments is growing rapidly.
As of 2025, New Zealand is tightening its hold on security to enhance transparency and combat tax evasion in the region. While the country has not regulated specific crypto laws this year, it has indirectly impacted crypto with fintech laws.
July 9, 2025 – Ban of Crypto ATMs and Cap International Transfers At NZ$5,000
The New Zealand government took a bold step to ban crypto ATMs and cap international cash transfers at $5,000.
After the officials of New Zealand noted that crypto kiosks mainly attract users seeking anonymity to covert illegal funds, the government took an immediate decision to ban Bitcoin banks.
April 1, 2026– Introduction of OECD in Crypto-Asset Reporting Framework (CARF)
The Organisation for Economic Co-operation and Development’s (OECD) CARF, through the Taxation Act 2025, will come into effect in 2025.
It aims at enhancing transparency and combating tax evasion in the crypto space while establishing rules for crypto asset services providers (CASPs).
Crypto transaction reporting obligations for CASPs will be mandatory under this law.
March 31, 2025- Conduct of Financial Institutions (CoFI)
Under this legislation, fair conduct principles for financial institutions, including crypto, are compulsory.
While this legislation does not directly regulate crypto as a financial product, it does impact how financial institutions dealing with crypto assets conduct themselves.
March 2025- Financial Markets Authority (FMA) Regulatory Sandbox
FMA announced a regulatory sandbox for 2025, where fintech companies, including developing blockchain corporations, can test innovative products under supervision.
It also fosters collaboration between the government and the crypto industry, promoting consumer protection and market integrity.
March 29, 2025- Consumer and Product Data Act
This law introduces a legislated consumer data right (CDR) in the financial sector. While this law does not directly regulate crypto, it can indirectly impact data rights and data sharing in the digital industry and blockchain developments.
What is the New Zealand Government Saying About Crypto?
The Financial Market Authority (FMA) is the key regulator of cryptocurrency and digital assets in New Zealand. Currently, the agency is focusing on licensing and tax regimes while releasing warnings against crypto scams in the region.
The agency released a set of crypto scams in New Zealand while suggesting some tips for investments to avoid such situations. One of the biggest crypto risks in New Zealand, according to the FMA, is the inability to find out the entity offering services.
FMA said that due to big overseas crypto exchanges, it is hard to find out who is offering, buying, selling, or exchanging crypto, putting the assets at risk of theft. It stated–
“Because it is decentralised by nature, there’s no control by a single entity such as a government, bank, or financial institution – there are no restrictions on who can issue them.”
Crypto License in New Zealand 2025
Licensing: While there are no specific crypto licenses in New Zealand, crypto asset service providers (CASPs) and wallet service providers must register with the Financial Markets Authority (FMA) as financial service providers (FSPs) to obtain a crypto license to continue operations.
Compliance: CASPs, wallet service providers, and businesses involved with crypto must comply with anti-money laundering (AML), counter-terrorism financing (CFT), and the know-your-customer (KYC) obligations.
Reporting: Entities providing digital asset services may be required to report their transaction and other information to FMC, especially if any suspicious activity is discovered.
Crypto Tax in New Zealand 2025
Capital Gains Tax (CGT): CGT does not apply to crypto in New Zealand, as it considers crypto as property.
Income Tax: Earning and disposing of crypto is subject to general income tax in New Zealand.
The key advisor on government tax policies in New Zealand, the Inland Revenue Department (IRD), said in a statement–
“If you acquire crypto assets to dispose of them, you need to pay income tax on any profit you make. For example, if you buy or mine crypto assets to sell or exchange them. If you make a loss when you sell your crypto asset, you may be able to claim this loss.”
User Penetration Rate: Currently, the user penetration rate is projected to be 33.59% and is forecasted to increase to 34.78% by 2026. The number of crypto users is expected to reach 1.84 million by 2026.
Crypto Revenue: In 2025, the crypto revenue is projected to reach US$174.1 million, which is anticipated to show an annual growth of 15.37%, resulting in a projected total amount of US$200.8 million by 2026.
Crypto Holdings: No public information on the government’s crypto holdings in New Zealand is available; no indication or evidence that the government is investing or holding any digital assets.
Conclusion
Despite legal uncertainties, the crypto market in New Zealand is growing as the popularity of digital assets has spread worldwide. The government of New Zealand is currently taking a “wait and see” approach to cryptocurrency, not providing much clarity in the regulations. If the country provides legal transparency on digital assets, it may boost the adoption rate and expand the national economy.
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New Zealand has a unique crypto approach; it treats digital currencies as property rather than actual money. Crypto trading became legal in 2018 when New Zealand recognized it as property for tax purposes. The nation opts for clever crypto approaches, as the interest in digital asset investments is growing rapidly. As of 2025, New Zealand …
