Most of the crypto market rode a green wave last week, with its market cap stabilizing at $3.06B at press time.
Bitcoin surged nearly 10%, floating around $94,400 at press time. Even Ethereum (ETH) climbed higher, up 13.5% in the weekly chart. In essence, most cryptocurrencies have seen steady gains, with some particular stars like Monero (XMR) and Virtuals Protocols (VIRTUAL) fetching double-digit increases.
But Pi Network’s token is just sinking deeper into the mud. CoinGecko data shows the PI token slipped 3% over the past seven days, now barely holding at $0.61. Stretch that out to two weeks, and the decline hits roughly 18%.
The collapse started mid-April, right after nearly 7 million PI tokens hit the market. Unlocks kept coming and showed no signs of slowing down. Over the next month, another 230 million PI will flood into circulation, with April 30 alone dumping 11.3 million tokens. Mass selling pressure is inevitable. Even loyalists can’t plug that kind of leak forever.
Pi Network Is Being Ghosted By These Exchanges
Making matters worse, major exchanges continue to ghost Pi Network, probably due to the amount of controversy the project has generated after its launch. For instance, Gate.io, OKX, and Bitget have already listed it.
But the major players like Binance and Coinbase have stayed silent, even though the former teased a community vote back in February, where 85% of users voted “yes” to listing PI, and then, nothing. No announcement, no follow-up.
Read more: Is Cardano (ADA) About to Break Above $0.88? This Analyst Thinks So
PENGU and XMR On Fire
While Pi Network burns, Solana’s Pudgy Penguins (PENGU) soared. PENGU jumped over 160% this week, hitting a local top of $0.014 on April 28 before stabilizing at $0.012. Its market cap briefly broke $880 million, sneaking into the top 100 before cooling off to around $815 million.
No single catalyst triggered the rally, but a perfect storm of bullish sentiment, Solana’s resurgence, and even World Penguin Day on April 25 probably helped. The community latched onto the momentum fast, with some calling for PENGU’s market cap to break $1 billion —assuming the hype machine doesn’t run out of fuel first.
Another altcoin that made headlines today is Monero (XMR), the privacy coin that surged over 50% in just a few hours, breaking above the $300 mark, as CryptoMode reported.
