{"id":90463,"date":"2025-08-22T10:44:20","date_gmt":"2025-08-22T10:44:20","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=90463"},"modified":"2025-08-22T10:44:20","modified_gmt":"2025-08-22T10:44:20","slug":"pi-networks-major-announcement-ethereum-and-cardano-whales-go-crazy-bits-recap-august-22","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=90463","title":{"rendered":"Pi Network\u2019s Major Announcement, Ethereum and Cardano Whales Go Crazy: Bits Recap August 22"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

The team behind Pi Network introduced a special initiative that will last until mid-October. Despite the development, PI\u2019s price continues to underperform.<\/span>
\n Ethereum whales bought over $1.7 billion worth of ETH during the recent pullback, signaling confidence in the long-term rally.<\/span>
\nLarge investors owning ADA were also active, adding 150 million tokens to their holdings in the last two weeks.<\/p>\n

<\/a><\/span><\/h2>\n

Pi Network\u2019s Latest Initiative<\/h2>\n

The controversial crypto project recently <\/span>organized<\/span><\/a> a Hackathon, which enables users to receive rewards in the form of the native token PI. All members willing to participate in the initiative are required to complete the necessary Know-Your-Customer (KYC) procedures.\u00a0<\/span><\/p>\n

The Pi Network team officially <\/span>launched<\/span><\/a> the Hackathon on August 21 and explained that the latest submission is due on October 15.\u00a0<\/span><\/p>\n

\u201cThis hackathon invites developers to build and deploy meaningful Pi Apps that empower real-world utility using Pi and help shape the ecosystem \u2013 and compete for a chance to win up to 160,000 Pi in total prizes,\u201d the announcement reads.<\/span><\/p>\n

PI\u2019s price failed to post any substantial gains following the disclosure and remains in red territory on a weekly scale. As of this writing, it trades at approximately $0.36 (according to CoinGecko\u2019s data), representing a staggering 88% decline compared to its all-time high of around $3, witnessed in February.\u00a0<\/span><\/p>\n

Meanwhile, PI\u2019s market capitalization tumbled well below $3 billion, putting the asset\u2019s place among crypto\u2019s top 50 club at risk.<\/span><\/p>\n

ETH Whales Embrace the Correction<\/span><\/h2>\n

The price of the second-largest cryptocurrency has also slipped in the past week and currently trades at roughly $4,320. Nonetheless, <\/span>important<\/span> factors, such as the increased whale activity, suggest that the bull run might be far from over.\u00a0<\/span><\/p>\n

As CryptoPotato<\/em> recently <\/span>reported<\/span><\/a>, those investors purchased 400,000 ETH during the latest pullback. The accumulated stash amounts to around $1.7 billion, demonstrating <\/span>strong<\/span> conviction among these market participants.\u00a0<\/span><\/p>\n

Furthermore, big buys reduce the amount of tokens available on the open market, while smaller players may be encouraged to join the ecosystem as well.\u00a0<\/span><\/p>\n

What About ADA Whales?<\/span><\/h2>\n

Large Cardano investors also increased their exposure during the turbulent times. The popular X user Ali Martinez revealed that they <\/span>scooped up<\/span><\/a> 150 million tokens over the past two weeks. Interestingly, <\/span>66% of that amount was <\/span>accumulated<\/span><\/a> in <\/span>the span of<\/span> just 24 hours.\u00a0<\/span><\/p>\n

As of this writing, ADA trades at around $0.85, with numerous analysts envisioning a <\/span>major<\/span> rally in the near future. X user AltGem Hunter <\/span>thinks<\/span><\/a> the <\/span>next<\/span> targets are $2.68, $5, and even $10. To explode to such levels, though, ADA must first flip $1.16 and turn it into support.\u00a0<\/span><\/p>\n

CryptosRus also chipped in lately. The X user, who has almost 300,000 followers, <\/span>spotted<\/span><\/a> the formation of \u201ca massive Inverse Head & Shoulders\u201d on the asset\u2019s 9-day price chart, suggesting that the current valuation under $1 should be considered \u201ca huge discount.\u201d<\/span><\/p>\n

The post Pi Network\u2019s Major Announcement, Ethereum and Cardano Whales Go Crazy: Bits Recap August 22<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR The team behind Pi Network introduced a special initiative that will last until mid-October. Despite the development, PI\u2019s price continues to underperform. Ethereum whales bought over $1.7 billion worth of ETH during the recent pullback, signaling confidence in the long-term rally. Large investors owning ADA were also active, adding 150 million tokens to their […]<\/p>\n","protected":false},"author":0,"featured_media":90464,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-90463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/90463"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=90463"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/90463\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/90464"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=90463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=90463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=90463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}