Alright, here’s a synopsis of a few digital currencies that are creating buzz presently: PancakeSwap, EOS, and Pi Network.
The prior week presented a somewhat inconsistent scenario for virtual currency valuations. The Central Bank opted to maintain stable interest percentages, and the SEC concluded its petition opposing Ripple Labs.
Ethereum and the majority of other alternative cryptocurrencies remain within what one might term a technical downturn. The Cryptocurrency Anxiety & Greed Indicator continues to reflect considerable apprehension within the marketplace, and Bitcoin hasn’t succeeded in surpassing that $90,000 threshold.
There’s a perception that virtual currency valuations may persist under duress this week given that the marketplace is forecasting prospective levies from President Trump. Thus, which digital currencies merit your consideration? PancakeSwap (CAKE), EOS (EOS), and Pi Network (PI) are undoubtedly worthy of observation.
PancakeSwap, recognized as the foremost decentralized exchange on the BNB Chain, is garnering substantial interest of late. CAKE escalated to $2.82 the previous week, denoting a 105% surge from its nadir earlier in the month.
This escalation transpired as PancakeSwap reestablished its position as the DEX boasting the highest trading volume within the sector. Their weekly volume soared by 60% to $14.8 billion, eclipsing Uniswap’s $8.29 billion and Raydium’s $2.5 billion.
The upswing in PancakeSwap’s trading volume stems from the recent introduction of meme coins such as Mubarak and Brocolli on the BNB Chain.
Nonetheless, PancakeSwap must exercise prudence. The majority of meme coins typically surge initially, yet subsequently decline as insiders liquidate their holdings. PancakeSwap may encounter a parallel predicament to that encountered by PumpSwap Seizes 21% of Solana DEX Market Stake in Launch Period DEXes like Raydium and Orca several months prior. During that period, their trading volumes surged and subsequently plummeted in tandem with the Solana meme coin fad.
## EOS
The EOS token ascended to $0.6676 the prior week, representing a 55% surge from its trough this year. This resurgence materialized subsequent to EOS’s rebranding to Vaulta, emphasizing blockchain banking.
This rebranding will entail renaming the EOS token to Vaulta, and the novel ticker symbol will be disclosed in April. It will inherit EOS’s foundational infrastructure, encompassing integration with exSat (a Bitcoin banking remedy).
In the digital currency sphere, trademark overhauls can yield unpredictable results. Certain ones, for example, Fantom’s latest transition to Sonic, have been exceptionally triumphant, prompting unsurpassed peaks in aggregate secured worth and stablecoin market capitalization. Other ones, similar to Polygon’s switch from MATIC to POL or Elrond’s metamorphosis into MultiversX, have not completely accomplished the objective.
This week, everyone is observing Pi Network (PI) as its token value wrestles with a considerable decline. Subsequent to cresting close to $3, it is presently assessing a vital support threshold around $1. The endeavor to get recorded on significant trades like Binance, Coinbase, Kraken, and Upbit is doubtlessly assuming a part in this plunge.
Financial backers are likewise apprehensive about impending token deliveries. An incredible 188 million new tokens are scheduled to be delivered for the current month, with more than 1.6 billion more arriving at the market throughout the next year.
On the positive side, the Pi Network token gives off an impression of being framing a sliding wedge design, which could flag a likely bounce back later in the week or in April. Thus, everything isn’t misfortune and unhappiness for Pi Network right now!
