Pi Network Defies Crypto Crash as XRP Plummets 15%

Pi Network’s native token has demonstrated remarkable resilience during the latest crypto market crash, maintaining positive momentum while other major cryptocurrencies faced substantial declines. According to CoinGecko data, PI’s price surged to $0.26 on November 20 before retracing to $0.23, still representing a 7% increase on a weekly scale. This performance stands in stark contrast to the broader market downturn that has affected most leading cryptocurrencies.

The project’s ability to avoid the free fall experienced by other digital assets appears linked to recent ecosystem developments. Pi Network has introduced multiple updates, including an upgrade focused on the AI-powered Pi App Studio platform. This enhancement aims to make the feature more useful for technical developers by allowing them to quickly prototype applications and continue development on existing frameworks. The upgrade also improved the ‘My Apps’ section with a search function, sorting filters, and a dropdown menu for renaming or managing applications.

Another significant factor contributing to PI’s stability is the project’s achievement of full compliance with the European Union’s Markets in Crypto-Assets Regulation (MiCA). Multiple X accounts disclosed this regulatory milestone earlier this week, potentially boosting investor confidence in the controversial yet highly popular crypto project during a period of market uncertainty.

Ripple’s cross-border token XRP has been among the worst-hit assets in the broader crypto meltdown, with its valuation collapsing by double digits during the recent downturn. The token’s price plummeted to $1.90, marking the lowest level since April this year, according to market data. The situation appears particularly concerning given recent whale activity that suggests further declines might be imminent.

Over the past month, large investors have offloaded approximately 1.4 billion XRP tokens, with an additional 190 million coins sold recently. This substantial selling pressure from whales could potentially trigger panic among smaller investors, creating a domino effect that might lead to further price deterioration. The scale of these transactions indicates significant institutional movement away from the asset during the market crisis.

Analysts suggest the price drop could also be attributed to a ‘sell-the-news’ effect following the launch of two spot XRP ETFs in the United States. Canary Capital’s XRPC and Bitwise’s XRP ETFs represented significant milestones for the cryptocurrency, offering investors 100% exposure to the asset. However, the market appears to have already priced in the initial excitement surrounding these products, reacting with a sharp decline in the days following their official introduction.

Shiba Inu has not been immune to the crypto crisis, with SHIB’s price falling 15% over the past week. The meme coin, like many other cryptocurrencies, has felt the impact of the broader market downturn. However, certain underlying metrics suggest that a potential rebound might be forming despite the current price weakness.

One of the most notable developments for SHIB has been the explosive increase in its burn rate. As reported by CryptoPotato, the SHIB burn rate surged by over 2,000,000% on November 20. These burning efforts are designed to reduce the meme coin’s overall circulating supply, which could potentially increase its scarcity and value over the long term if demand remains constant or increases.

Another bullish indicator emerges from exchange data provided by CryptoQuant, showing that the amount of SHIB held on exchanges has reached a fresh four-year low. This trend indicates that investors are increasingly moving their holdings to self-custody solutions rather than keeping them on trading platforms. Such movement typically reduces immediate selling pressure, as assets in personal wallets are less likely to be liquidated quickly during market volatility. This combination of reduced supply through burning and decreased exchange holdings could create favorable conditions for price recovery once market sentiment improves.