Recap of Pi Network Volatility and Ripple's Price Drop
An overview of the latest developments in Pi Network and Ripple amidst the recent cryptocurrency market fluctuations.
Recap of Pi Network’s and Ripple’s Recent Market Movements
The Pi Network’s native token has been impacted by the latest dip in the crypto market; however, it is currently in positive territory on a weekly basis. In contrast, Ripple’s XRP has seen a significant decline, dropping over ten percent during this timeframe.
Pi Network Updates
Pi Network, a notable yet contentious crypto venture, recently launched several ecosystem updates. Last week, they unveiled an upgrade intended to enhance the AI-enabled Pi App Studio, making it more beneficial for technical developers to quickly prototype applications and continue developing afterwards. Furthermore, the “My Apps” feature now includes improved functionality, featuring a search function, sorting options, and a management dropdown menu.
In addition, accounts on Twitter reported that Pi Network has become fully compliant with the European Union’s MiCA regulations. This compliance may contribute to the token’s resilience, shown by a price surge to $0.26 on November 20, although it has since dropped to $0.23, indicating a weekly gain of 7%.
PI Price
Ripple’s Decline
Conversely, Ripple’s XRP token has been severely affected by the collapsing crypto market, with its price plummeting to $1.90, marking the lowest point since April of this year. Recent activities from larger investors hint at a potential further downturn.
In the past month, these investors have sold around 1.4 billion XRP tokens, suggesting that panic selling might cause smaller investors to act similarly.
This sharp decline may also relate to the recent launch of two spot XRP ETFs in the USA, triggering a potential “sell-the-news” effect, where the market has already priced in the excitement leading to a price drop soon after.
Shiba Inu’s Performance
The recent downturn has also affected Shiba Inu, which has seen a 15% fall in its price over the last week. However, there are signs of a potential recovery, as efforts to reduce the overall supply of SHIB have surged, thus possibly increasing its value over time.
