The price of the PI network crashed on Thursday, and the sale pressure continued on Friday as the much -awaited mannet disappointed investors.
After an initial bounce after its menet launch, the price of PI Coin (PI) exceeded 50%, eliminating about $ 6 billion in the market price. According to coinmarketcap, the coin market capitalization was initially $ 10 billion before leaving up to $ 4.1 billion.
PI network price accident was in line with our earlier analysis, We cited increased sales by Pioneers and the fact that recent aircrafts such as Hamster Kombat and Vermahol have crashed.
To consider top PI network rivals
Top PI networks are the options bitcoin (BTC), benance coin (BNB), polekdot (dot), and channel (link) to consider some of the rivals or to consider.
Bitcoin
The PI network was designed as a possible alternative to bitcoin, which offers smart contract capabilities and ecosystems of DAPP. However, bitcoin has been historically one of the best performing cryptocurrency, growing from $ 1 to $ 109,200 in 2009 this year.
Bitcoin has strong basic things. Its ETFs are looking at strong flows, while bitcoin exchange balances are falling. In addition, as we have recently written, it has created a cup and handle pattern and a fast flag that can make it higher with time.
Binen coin
BNB is another PI network rival worth considering due to its strong basic things and technical indicators. Its ecosystem is extended by, supported by Dapps such as pancakexwap and thela. Recently, the volume handled in its dex network flipped the atherium and solana.
It is also excessive deflation, as the network burns BNB tokens worth more than $ 1 billion in each quarter. The BNB price has also created a cup-and-handle pattern that can push it above $ 1,000 in the near period.
chain link
Chanlink is another major option of PI network due to its strong market position. As the largest Oracle network in the Crypto industry, it provides essential services to major platforms such as AAV and compound.
Chenlink is also a big player in the Real World Asset Toking Industry through its cross chain interoperability protocol. CCIP is a protocol that facilitates communication and asset transfer in various blocks.
The project has participated with major institutions including Swift, UBS, ANZ, World Liberty Financial and Coinbase. Additionally, speculation is increasing that SEC may approve a spot link ETF later this year.
polka dot
Polkdot is a more contradictory PI coin rival as its price has recently crashed. Its main catalyst is the infection running for the polecadot 2.0, which will introduce the developments of the developers. With the Polkadot 2.0, one will not need to go through a longer and expensive parachen auction for construction on blockchain.
From a technical point of view, Polkadot has formed a fourth-fourth pattern, a famous rapid indicator. It is also in the accumulation phase of Wyckoff theory, which usually occurs before a markup phase. It can take its price at a 50% retracement level at $ 30, which represents a 500% increase from current levels.
