Most of the crypto market rode in a green wave last week, with the market cap that stabilized $ 3.06B at the time of press.
Bitcoin climbed almost 10%, floating around $ 94,400 at the time of press. Even the Ethereum (ETH) climbed higher, up to 13.5% on the weekly chart. In essence, most cryptocurrencies have seen steady acquired, with some particular stars such as Monero (XMR) and Virtuals (Virtual) protocols that take double digit increases.
But the PI network's token just sank into the mud. Coingecko data shows the PI token that has slipped 3% over the past seven days, now barely holding $ 0.61. I -loneliness for up to two weeks, and the refusal hits about 18%.
The fall began in mid -April, after nearly 7 million PI tokens hit the market. Unlocking continues to come and do not show signs of slowing down. Next month, another 230 million PI flooded in circulation, with only April 30 dumping 11.3 million tokens. The pressure of sale of mass is inevitable. Even the loyalists cannot afford the type of leak forever.
The PI network is that -ghost of these exchanges
Worse, the major exchanges are ongoing the ghost PI network, probably due to the amount of controversy developed by the project after its launch. For example, the gate.io, okx, and bitget are already listed.
But major players like Binance and Coinbase kept quiet, even the former teasing of a community vote back in February, where 85% of users voted “yes” to list PI, and then, nothing. No announcement, no follow-up.
Read more: Cardano (ADA) is about to break up above $ 0.88? Analyst thinks of it
Pengu and XMR on fire
While the PI network was on fire, Solana's Pudgy Penguin (Penguin) was burning. Pengugu jumped more than 160% this week, pressing a local top of $ 0.014 on April 28 before stabilizing $ 0.012. Its market cap broke $ 880 million, which sneezed at the top 100 before cooling up to $ 815 million.
No single catalyst has been ralling, but a perfect storm of bullish sentiment, Solana's resurrection, and even World Penguin Day on April 25 perhaps helped. The community went to momentum quickly, with some calling for Pengu's market cap to break the $ 1 billion – -Suming the hype machine would never run out of fuel first.
Another Altcoin who created titles today is the Monero (XMR), the privacy coin that moved more than 50% in just a few hours, which breaks above the $ 300 mark, as reported by the cryptomode.
