Since launching 12 years ago, Bankless Times has brought unbiased news and leading comparison in the crypto & financial markets. Our articles and guides are based on high quality, fact checked research with our readers best interests at heart, and we seek to apply our vigorous journalistic standards to all of our efforts.
BanklessTimes.com is dedicated to helping customers learn more about trading, investing and the future of finance. We accept commission from some of the providers on our site, and this may affect where they are positioned on our lists. This affiliate advertising model allows us to continue providing content to our readers for free. Our reviews are not influenced by this and are impartial. You can find out more about our business model here.
Pi Network price has plunged and is now hovering near its all-time low. After soaring to a record high of nearly $3 in February, Pi Coin has plunged to $0.35, erasing over $18 billion in value as its market capitalization has slumped to $2.7 billion.
The ongoing Pi crash has prompted more crypto investors to explore alternatives, seeking to capitalize on the ongoing altcoin season. One of the tokens going viral is Pudgy Pandas, which is trending on most Chinese social media sites.
Pi Network has been one of the most disappointing cryptocurrencies this year following its mainnet launch, when most people expected it to thrive.
After initially going parabolic after its mainnet launch, Pi Network price embarked on a major downturn that has pushed it to a record low.
The crash is mostly due to the ongoing token unlocks, which add to its supply each day. Token unlocks are usually bearish as they increase an asset’s supply. It is often seen as the opposite of a token burn when cryptocurrencies are incinerated and removed from circulation.
Additionally, Pi Network’s price has been ignored by crypto exchanges, with most tier-one platforms not listing it. Indeed, the coin has not had any major exchange listing since its launch in February.
It remains unclear why crypto exchanges have ignored it, but most have listed smaller meme coins. One reason could be the ongoing centralization, as the Pi Foundation owns and controls most of the tokens. Additionally, it is possible that Pi has been unwilling to pay the listing fees charged by some top exchanges.
The Pi Network price has also plummeted, despite significant efforts to boost its ecosystem, as it is considered a ghost chain. Efforts have included the launch of the Pi Network Venture Fund and the creation of the Pi AI Studio.
With the viral Pi Network price crashing, many crypto investors are moving to Pudgy Pandas, a new crypto project that launched its presale on Monday.
Pudgy Pandas, an Asian crypto project going viral, has raised over $800 million from investors to date, and it is likely to cross the $1 million milestone either on Wednesday or Thursday.
Pudgy Pandas has become highly popular in Asian countries like China, South Korea, and Vietnam because of their relationship with pandas, which are some of the most beloved animals in the region.
Unlike penguins, which are in their millions, there are fewer than 2,000 pandas, which has helped to create a sense of scarcity. Most importantly, as part of its tokenomics, the developers have set aside funds that will go towards panda conservation efforts.
With Pudgy Pandas going viral in Asian countries, there is a possibility that American and European investors will jump on the bandwagon as they have done in the past. In most cases, trends start in Asian countries and then spread to other countries in Europe and the United States. Hurry up and buy Pudgy Pandas here.
This content includes marketing materials. Neither BanklessTimes nor the article’s author endorses any products mentioned here. Users should perform their own research before making decisions related to the token.
We`ve got crypto covered – every trend, every insight, every move that matters. Add us to your feed and stay ahead of the market.
Since launching in 2012, Bankless Times is dedicated to bringing you the latest news and informational content within the alternative finance industry. Our news coverage spans the whole crypto-sphere so you’ll always stay up to date — be it on cryptocurrencies, NFTs, ICOs, Fintech, or Blockchain.