Week's Notable Cryptocurrencies: Pi Network, Cetus, Optimism
Amidst the ongoing struggle of the broader cryptocurrency market to regain momentum, a few digital assets have emerged as standout performers, demonstrating resilience in the face of turbulence.
One such asset is Bitcoin, which touched a record-breaking $112,000 last week, but has since dropped to $107,000. The market capitalization of all coins tracked by CoinGecko stands at $3.49 trillion.
Three other tokens that have caught the attention of investors are Pi Network, Cetus Protocol (CET), and Optimism (op4.66%). Despite mounting trade-related risks weighing on investor sentiment, these three projects have shown relative resilience.
Pi Network, founded by Nicolas Kokkalis and Chengdiao Fan in 2019, has been in the spotlight this week due to the upcoming unlock of over 70 million tokens worth $53 million. Most unlocks are scheduled for May 28, when 15.2 million coins will become accessible.
However, the coin has been under pressure in the past few weeks, falling from a monthly high of $1.6692 to $0.7766. this decline is mainly due to concerns over token dilution as large token unlocks have released millions of new PI tokens into the market, increasing supply and pressuring prices downwards.
Cetus Protocol, the biggest decentralized exchange on Sui, made headlines last week as hackers drained tokens worth millions of dollars. The protocol managed to freeze $162 million worth of funds before the hackers could move them completely. Cetus is now aiming to reach a whitehat settlement with the hackers and is offering a $5 million bounty to help identify the culprits and take legal action.
Optimism, a top Layer-2 network, is set to unlock $23.4 million worth of coins this week, representing 1.88% of the float. These unlocks are part of the regular monthly releases. Despite dropping from a high of $2.7715 in November last year to $0.7320 today, Optimism has remained below the 50-day and 100-day moving averages and has formed an ascending broadening wedge, a popular bearish reversal pattern.
Binance lists trading pairs for Pi Network token, recognizing its growing popularity amidst the ongoing resilience shown by the project, despite concerns over token dilution. Cetus Protocol, a decentralized exchange on Sui, has been navigating a recent security breach, successfully freezing $162 million worth of funds before they could be moved completely, with an aim to reach a whitehat settlement and offer a $5 million bounty for identification of the hackers. As Optimism, a top Layer-2 network, prepares to unlock $23.4 million worth of tokens this week, the coin continues to trade below its moving averages, forming an ascending broadening wedge, potentially signaling a bearish reversal. Tron, the popular crypto platform, has been eyeing expansion into the decentralized exchange (DEX) market, aiming to compete with established platforms like Uniswap and PancakeSwap. XRP, the third-largest cryptocurrency by market cap, is contending with regulatory challenges, as the ongoing SEC lawsuit continues to cast a shadow over its future.
