Cryptocurrency enthusiasts are buzzing as the value of Pi Network’s PI token surged by 15% within the last 24 hours, reaching a price point over $1.70 and rekindling debates about its market potential.
With its expanding community base and increasing exchange activity, some analysts are now questioning whether PI could potentially challenge Cardano’s established position in the crypto rankings during the second quarter of this year.
Battle for Crypto Market Dominance Heating Up
The latest price movement has positioned PI as the 11th-ranked cryptocurrency with a market capitalization of approximately $12.4 billion, marking a 38% recovery from its recent lows.
Technical analysis shows that PI’s price is following a strong uptrend backed by a confluence of key support levels, while daily trading volumes have exploded to $960 million – a staggering 131% increase.
Despite this impressive growth trajectory, PI faces significant hurdles before it could realistically threaten Cardano’s 8th position. ADA currently commands a $25.2 billion valuation, requiring PI to more than double its value to approximately $3.57 per token to become competitive.
This challenge is further complicated by concerns about potential selling pressure as more PI tokens enter circulation over time.
PI’s distinctive approach to cryptocurrency mining has fostered unprecedented accessibility compared to traditional mining methods.
By enabling everyday smartphone users to participate without specialized equipment or technical expertise, Pi Network has amassed over 70 million users worldwide – many of whom have been accumulating tokens for years before the recent mainnet launch.
This approach has proven particularly successful in regions where financial inclusion remains challenging. Following Pi Network’s open mainnet transition last month, previously mined tokens became tradable, triggering the current wave of market activity.
The ecosystem continues to evolve, with new applications and an emerging peer-to-peer marketplace that could potentially enhance real-world utility and drive further adoption.
Will Solana L2 Solaxy Eclipse Pi Network?
Solaxy ($SOLX) will officially enter the market via exchange launches this year as the first Layer 2 solution for Solana, addressing the network congestion issues that plague the L1 blockchain during high-traffic periods.
By adding a processing layer to Solana’s infrastructure, Solaxy aims to make transactions cheaper, faster, and more reliable than Pi Network’s.
SOLX – Solaxy’s native cryptocurrency – will also help to connect Solana, Ethereum, and Solaxy together. This combination will provide tremendous benefits for Web3 builders and users across leading industry sectors like AI, Web3 gaming, meme coins, NFTs, and real-world asset (RWA) tokenization.
Currently in presale with over $26 million raised, SOLX tokens are priced at $0.001662. Early participants can access an impressive dynamic APY of up to 156% pa through Solaxy’s staking program.
Investors should note that the SOLX price will increase throughout the remaining stages of the presale, making earlier participation potentially more profitable.
