Pi Network’s (PI) Volatility, Ripple’s (XRP) Price Crash, and More: Bits Recap November 21
Pi Network’s native token has been affected by the latest crypto market crash, but its price remains in green territory on a weekly scale. Ripple’s XRP has performed much worse, with its valuation collapsing by double digits within this period.
In the following lines, we will touch upon these two cryptocurrencies and check what’s happening with Shiba Inu (SHIB).
PI’s Recent Performance
Pi Network, a controversial yet highly popular crypto project, has introduced multiple ecosystem updates as of late. Last week, the team rolled out an upgrade primarily focused on the AI-powered platform, Pi App Studio.
It aims to make the feature more useful for technical developers, allowing them to quickly prototype applications and then continue development on top of them. It also improves the “My Apps” section, which now includes a search function, sorting filters, and a dropdown menu for renaming or managing applications. Shortly after, the team revealed how Pioneers can maximize the upgrade.
Earlier this week, numerous X accounts disclosed that Pi Network has achieved full compliance with the European Union’s Markets in Crypto-Assets Regulation (MiCA).
These advancements could be the main reasons why PI hasn’t been in a state of free fall (just like many leading cryptocurrencies) lately. Its price surged to $0.26 on November 20 but has since retraced to $0.23 (per CoinGecko’s data). Still, this represents a 7% increase on a weekly scale.
PI Price, Source: CoinGecko
XRP’s Brutal Crash
Ripple’s cross-border token is among the worst-hit by the broader crypto meltdown. Its price plummeted to $1.90, the lowest level since April this year, while the recent whale activity suggests a more substantial collapse might be on the way.
Over the past month or so, large investors have offloaded approximately 1.4 billion tokens, and recently they sold an additional 190 million coins. Such heavy selling could spark panic among smaller players, prompting them to follow suit and potentially triggering a domino-style wave of further declines.
It is important to note that the asset’s price drop could also be attributed to a possible “sell-the-news” effect related to the launch of the two spot XRP ETFs in the USA – Canary Capital’s XRPC and Bitwise’s XRP. Even though these products were huge milestones (given their 100% exposure to the asset), the market had supposedly already priced in investor excitement and reacted with a plunge in the days after the official introduction.
How’s SHIB Doing?
The crypto crisis hasn’t bypassed Shiba Inu, whose price has fallen 15% over the past week. However, certain indicators suggest that a rebound might be on the horizon.
As CryptoPotato reported, the SHIB burn rate exploded by over 2,000,000% on November 20. Such efforts aim to reduce the meme coin’s overall supply, thereby potentially increasing its value over time.
Furthermore, the amount of SHIB held on exchanges hit a fresh four-year low, indicating that investors are continuing to switch to self-custody. This could be interpreted as a bullish factor, as it decreases immediate selling pressure.
SHIB Exchange Netflow, Source: CryptoQuant
The post Pi Network’s (PI) Volatility, Ripple’s (XRP) Price Crash, and More: Bits Recap November 21 appeared first on CryptoPotato.
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