Pi Network (PI) is crashing again, with PI’s price dropping another 25%, leaving many wondering if the mobile mining dream is finally dead.
Early investors are bailing as the token keeps tanking.
Meanwhile, some whales are wasting no time and are pouring money into Solaxy (SOLX) instead – betting on its Solana scaling solution as the next big thing.
Pi Network Crashes and Hits Lowest Level Since Launch
Pi Network, founded by Stanford graduates, lets anyone mine tokens from their phone with just a daily tap.
This project had enormous buzz back in early February, but things aren’t looking so great now.
Its native PI token has crashed to $0.86, causing its market cap to shrink to just $5.9 billion.
Trading volumes jumped 66% in the last day, but that’s likely due to investors cashing out while they can.
PI is now sitting at its lowest price since February 22 – and is on track to rack up its eighth red day out of the last nine.
What’s especially concerning is that there’s no bottom in sight.
Despite all those millions of “Pioneers” tapping the mine button every day, the market seems to be sending a clear message: the Pi Network experiment might be over.
Why Pi Network is Tanking – Token Unlocks and Exchange Issues Explained
But why is Pi Network tanking so hard right now?
There’s not one reason, but rather several negative factors hitting all at once.
The biggest problem is the token unlocks in the next 30 days – around 124 million PI (worth approximately $108 million) flooding an already shaky market.
That’s a ton of new supply with nowhere to go but down.
Then there’s the exchange problem.
Big exchanges like Binance still haven’t listed PI, even after years of hype from the team and community.
Without these big exchange listings, there’s not enough liquidity or new buyers to absorb all the selling pressure.
The silence from Pi Network’s team isn’t helping either.
Their communication has been spotty at best, leaving investors guessing and coming up with different theories.
So, is Pi Network officially dead?
Crypto has seen plenty of projects bounce back from the brink, so it might be too early to write PI off completely.
But to survive, it desperately needs either a high-profile exchange listing or some genuine utility beyond its mining gimmick – and fast.
Whales Abandon PI for Solaxy as Large SOLX Purchases Signal Growing Interest in New Layer-2
While Pi Network struggles, smart money is flowing elsewhere.
Specifically, there’s growing evidence that whale investors are quietly positioning themselves in Solaxy, Solana’s first Layer-2 scaling solution.
Just yesterday, Etherscan data showed a whale purchasing 8.6 million SOLX tokens – approximately $14,300 worth – in the ongoing presale.
This isn’t an isolated event either – several other large purchases have been spotted in the past week, suggesting that high-net-worth investors are getting in early.
Why the rotation from projects like Pi Network to Solaxy?
The answer likely lies in utility and timing.
While Pi Network hasn’t delivered on its promises beyond the mobile mining aspect, Solaxy tackles a real problem – Solana’s congestion issues – with a Layer-2 scaling solution that processes transactions off-chain.
Solaxy’s interoperability with Ethereum is another big draw, essentially offering the best of both blockchains.
Add in the enormous staking rewards (149% APY), and it’s easy to see why those whales are jumping from PI to SOLX.
Even YouTubers like Cilinix Crypto are getting involved.
With over $27 million raised in presale already, plenty of investors seem to believe in Solaxy’s future potential.
Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
Readers are also advised to read CryptoPotato’s full disclaimer.
The post PI Tanks Another 25% as Traders Dump and Some Whales Eye Solaxy appeared first on CryptoPotato.
