Here’s everything most interesting about PI, XRP and SHIB.
The Pi Network’s native token has been on a roller coaster lately, following updates from the team and rumors of further progress.
Ripple’s XRP has fallen 4% over the past week, but recent whale activity suggests a further downtrend may be afoot. Meanwhile, an anonymous trader sold 800 billion SHIB tokens and made millions of dollars.
PI price fluctuation
The cryptocurrency started the business week on a positive note, briefly reaching $0.20 on April 29th. It remains unclear what prompted the resurgence, as one can speculate that it may have been sparked by community enthusiasm surrounding the transition to Protocol 22, which was expected to be completed a few days ago. This upgrade is the next step after the project previously deployed a migration to version 21.
Another potential driver could be milestones announced by the core team. In a recent blog post, they touch on advances in artificial intelligence and outline that “the hardest part of building trustworthy systems remains deeply human.” In this regard, Pi Network revealed that over 526 million verification tasks have been completed by 1 million verified individuals.
The resurgence of the PI has attracted attention, with some analysts predicting further increases in the future. For example, X user JAVON MARKS claimed that the token was showing a “clear breakout and retest of the resistance trend” and that this could be the harbinger of a major bull market. They predicted that PI could rise 1,400% to around $2.80 and that “this may only be an early stage in the process.”
However, PI was unable to maintain its momentum and went south on April 30th, dropping its valuation by double digits to about $0.17. At the time of this writing, it is trading around $0.18, marking a 2% daily rebound.
Do you know what an XRP whale is?
Ripple’s cross-border token has also been volatile lately, with its price currently hovering around $1.37, down 4% on a weekly basis.
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Even more concerning for bulls is the recent actions of large investors. Renowned analyst Ali Martinez revealed that the whale sold or distributed a whopping 1.1 billion XRP in just seven days, reducing its total holdings to less than 7.9 billion tokens.
A common theory in the cryptocurrency industry is that this group of investors may have information that smaller players do not have access to, meaning their purchases and sales are unlikely to be irrational. Moreover, their actions could cause panic throughout the XRP community, prompting other investors to cash out as well.
Earn millions with SHIB
Earlier this week, analytics platform Lookonchain revealed that the OG whale, which once spent less than $14,000 to acquire over 103 trillion SHIB, sold 800 billion tokens for nearly $5 million.
The group added that a few years ago, the anonymous trader sold 4.6 trillion coins and made about $37.6 million. While investors continue to hold approximately 100 trillion SHIB, the total return (including unrealized gains) has exceeded $660 million, representing a return of 48,000 times the initial investment.
Certain factors suggest that the recent selloff is not without logic. After all, while the price of the self-proclaimed Dogecoin killer has clearly fallen in recent months, stagnant activity on Sybarium, declining burn rate, and increasing number of tokens on centralized platforms suggest that a pullback could intensify in the near future.
