PI Token Plummets Amidst Investor Concerns While Solaxy Gains Whale Support
The PI token has experienced a significant downturn, dropping 25% to its lowest point since February 22. This decline is driven by an oversupply of new tokens and the network’s failure to satisfy investor expectations of easy mobile mining, combined with the lack of major exchange support. Meanwhile, the attention of significant investors has shifted to Solaxy (SOLX), a promising Layer-2 scaling solution for Solana. Solaxy is gaining traction due to its potential to alleviate network congestion and the high staking rewards it offers. The shift in focus from PI to Solaxy is evidenced by substantial whale purchases during the SOLX presale, indicating a pursuit of potential growth opportunities in Solaxy.
Bearish
The PI token’s significant decline due to oversupply issues and lack of exchange support indicates a bearish outlook for the short-term, as traders lose confidence and seek more promising investments. Solana’s Solaxy is attracting investments thanks to its solutions for network congestion and high staking rewards, showing a market preference shift, which underlines potential long-term opportunities there. Thus, despite opportunities in Solaxy, the current sentiment for the PI token and the overall market concerning it remains bearish.