Pi Network’s native token has been on a roller coaster lately, following the team’s updates and rumors of further advancements.
Ripple’s XRP has slipped by 4% over the past week, while the recent whale activity suggests that an additional downtrend could be on the way. Meanwhile, one anonymous trader made millions after selling 800 billion SHIB tokens.
PI’s Price Swings
The cryptocurrency started the business week on the right foot, briefly touching $0.20 on April 29. It remained unclear what triggered the resurgence, as one could speculate that the community enthusiasm surrounding the migration to protocol 22, which was expected to be completed a few days ago, could have been among the catalysts. The upgrade is the next in line after the project previously rolled out the migration to version 21.
Another potential driver could have been the milestone that the Core Team announced. In a recent blog post, they touched upon the advancement of Artificial Intelligence, outlining that “the hardest part of building reliable systems is still deeply human.” On that note, Pi Network revealed that over 526 million validation tasks had been completed by one million verified individuals.
PI’s revival drew attention, and some analysts envisioned a further rally ahead. X user JAVON MARKS, for instance, argued that the token has shown a “clear breakout and retest of a resisting trend,” which could be a precursor of a massive bull run. They forecasted that PI might explode by 1,400% to around $2.80 and that “this may only be the beginning stages of the process.”
However, PI could not keep the momentum and headed south on April 30, with its valuation falling by double digits to around $0.17. As of this writing, it trades at roughly $0.18, representing a 2% daily rebound.
XRP Whales Know Something?
Ripple’s cross-border token has also seen heightened volatility lately, with its price currently hovering around $1.37, down 4% on a weekly basis.
What’s even more concerning for the bulls is the recent behavior of the large investors. The renowned analyst Ali Martinez revealed that whales have sold or distributed a whopping 1.1 billion XRP in just seven days, thus reducing their total holdings to less than 7.9 billion tokens.
It is a common theory in the crypto space that this cohort of investors might have information that smaller players don’t have access to, meaning that their purchases or sell-offs are rarely irrational. Moreover, their actions could spark panic across the XRP community and prompt other investors to cash out as well.
Making Millions With SHIB
Earlier this week, the analytics platform Lookonchain disclosed that an OG whale who once spent less than $14,000 to acquire over 103 trillion SHIB has sold 800 billion tokens for nearly $5 million.
The entity added that a few years ago, the anonymous trader sold 4.06 trillion coins to pocket approximately $37.6 million. The investor continues to hold almost 100 trillion SHIB, while the total profit (including unrealized gains) exceeds $660 million, representing a 48,000x return on the initial investment.
Certain factors suggest that the recent sell-off doesn’t lack logic. After all, the price of the self-proclaimed Dogecoin killer has been on an evident decline over the last several months, while stalled activity on Shibarium, a reduced burn rate, and an increased number of tokens on centralized platforms hint that the pullback may intensify in the near future.
The post Pi Network (PI) Price Volatility, Ripple (XRP) Whales on the Move, and More: Bits Recap May 1 appeared first on CryptoPotato.
