Pi Network’s Major Announcement, Ethereum and Cardano Whales Go Crazy: Bits Recap August 22

TL;DR

• The team behind Pi Network introduced a special initiative that will last until mid-October. Despite the development, PI’s 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 holdings in the last two weeks.

Pi Network’s Latest Initiative

The controversial crypto project recently organized 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. 

The Pi Network team officially launched the Hackathon on August 21 and explained that the latest submission is due on October 15. 

“This hackathon invites developers to build and deploy meaningful Pi Apps that empower real-world utility using Pi and help shape the ecosystem – and compete for a chance to win up to 160,000 Pi in total prizes,” the announcement reads.

PI’s 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’s data), representing a staggering 88% decline compared to its all-time high of around $3, witnessed in February. 

Meanwhile, PI’s market capitalization tumbled well below $3 billion, putting the asset’s place among crypto’s top 50 club at risk.

ETH Whales Embrace the Correction

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

As CryptoPotato recently reported, those investors purchased 400,000 ETH during the latest pullback. The accumulated stash amounts to around $1.7 billion, demonstrating strong conviction among these market participants. 

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. 

What About ADA Whales?

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

As of this writing, ADA trades at around $0.85, with numerous analysts envisioning a major rally in the near future. X user AltGem Hunter thinks the next 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. 

CryptosRus also chipped in lately. The X user, who has almost 300,000 followers, spotted the formation of “a massive Inverse Head & Shoulders” on the asset’s 9-day price chart, suggesting that the current valuation under $1 should be considered “a huge discount.”