As broader crypto markets wrestle to regain momentum, a handful of digital belongings stand out amid the turbulence.
Bitcoin (BTC), which surged to a file excessive of practically $112,000 final week, dropped to $107,000, whereas the market cap of all cash tracked by CoinGecko dropped to $3.49 trillion.
Pi Network (PI), Cetus Protocol (CET), and Optimism (OP) have emerged as prime tokens to observe, exhibiting relative resilience regardless of mounting trade-related dangers weighing on investor sentiment.
Whereas most main cryptocurrencies face headwinds from weakening momentum and macroeconomic uncertainty, these three tasks are drawing our consideration.
Pi Network
Pi Network worth shall be within the highlight this week as over 70 million extra tokens price $53 million are set to be unlocked. Most unlocks will occur on Might 28, when 15.2 million cash will come on-line.
Pi Network, based in 2019 by Nicolas Kokkalis and Chengdiao Fan, unlocks new tokens each day. Some 261 million cash set to be launched in June and 1.57 billion within the subsequent 12 months. Unlocks decrease the value by growing the quantity in circulation, particularly when there is no such thing as a demand.
The Pi coin worth has been underneath stress prior to now few weeks, falling from a month-to-month excessive of $1.6692 to $0.7766. This crash accelerated after the builders launched Pi Network Ventures, which is able to make investments $100 million in startups utilizing the Pi coin.
Whereas an ecosystem fund is a constructive transfer, the coin dropped as a result of the announcement didn’t embrace a plan to get extra tier-1 trade listings. The builders didn’t deal with the centralization points and the elevated provide by means of token unlocks.
Pi Network has fashioned a bearish flag sample on the eight-hour chart, pointing to extra draw back, probably to this month’s low of $0.5545.
Cetus Protocol
Cetus, the most important decentralized trade on Sui (SUI), made headlines final week when hackers drained tokens price thousands and thousands of {dollars}. The protocol managed to freeze $162 million price of funds earlier than the hackers moved them utterly.
In a press release, Cetus hoped for a profitable group vote to unlock the frozen $162 million price of funds. Sui mentioned that it was designing the on-chain vote, which is able to doubtless occur this week.
Cetus can be aiming to succeed in a whitehat settlement with the hackers. It has additionally supplied a $5 million bounty to assist determine the hackers and take authorized motion.
CET, its native token, has been in a freefall, shifting from a excessive of $0.2568 on Might 22 to $0.1300, its lowest stage since April 23.
Optimism
Optimism, a prime layer-2 community, shall be within the highlight this week because it unlocks $23.4 million cash, accounting for 1.88% of the float. These unlocks are a part of the common month-to-month releases.
OP token has dropped from a excessive of $2.7715 in November final yr to $0.7320 right now. It has remained beneath the 50-day and 100-day shifting averages. It additionally fashioned an ascending broadening wedge, a preferred bearish reversal sample.
Maverick Protocol, dYdX, Celo, and Velas Finance are a few of the different cryptocurrencies with massive token unlocks this week.
