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Is Pi Network Really a Scam?

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2 months ago

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The Pi coin price has hit a new all-time high (ATH), sparking a bullish outlook for the crypto. This rally to a new ATH, especially amid the downtrend in the broader crypto market, has cast doubts about the scam allegations against the Pi network.

Pi Coin Price Hits New All-Time High

CoinMarketCap data shows that the Pi coin price has hit a new all-time high of $2.98 today, just six days after it hit an all-time low of $0.6. This development is more significant considering that the coin has defied the odds and rallied amid the recent crypto market crash, which led to a significant price decline for Bitcoin, Ethereum, Solana, XRP, and other major digital assets.

Pi’s rally to a new ATH has again raised discussions about whether the Pi network is a scam. Prior to the network’s mainnet launch, some crypto community members had described it as a scam, and also, after the launch, these scam allegations persisted as the Pi coin price crashed to new lows.

In fact, Bybit CEO Ben Zhou labeled the Pi network as a scam and reiterated that his exchange wouldn’t list the token. Meanwhile, in an X post, crypto influencer SHIB Gems opined that the Pi network is a scam even though he believes market participants can still make money from the coin.

Network Responds To Scam Allegations

In an X post, the Pi network responded to Ben Zhou’s scam allegations. The team stated that the network is not affiliated with, nor did it authorize or engage in any activity that is related to the Chinese police’s warning. They also added that the network has not been contacted by any police department in China regarding any scam incident.

The team further described the Pi network as a “legitimate platform.” According to them, this is obvious based on its six-year track record and over 60 million engaged users. They also explained that the delay in the network’s mainnet launch, which took place on February 20th, was deliberate to ensure the project was successful and fully developed before launch.

The delay also happened because the team wanted a well-established community to mitigate challenges other launches face, including actions that unaffiliated bad actors perpetrate. Meanwhile, they reaffirmed that the Pi network isn’t associated with the social media accounts that attacked the Bybit CEO and condemned those who made these comments against Zhou.

Pi Coin To Hit $10

Following the rally to a new ATH, crypto analyst Gem Hunter has predicted that the Pi coin price could still rally to as high as $10. He noted that despite other coins dumping and the market being bearish, Pi still hit $2.

The analyst alluded to a potential Binance listing, which looks to be among the reasons he is confident that the Pi coin price can trade above $5 and possibly hit $10. The analyst rightly predicted that Pi would hit $2.8, which has happened even before the top crypto exchange listed the coin.

Crypto community member Moon Jeff asserted that Pi is coming to Binance. He revealed that 192,000 Binance users had voted for the Pi listing on the top crypto exchange as of yesterday. On the other hand, 29,000 users have voted against the coin’s listing.

Seeing that most have voted in favor of a listing, Moon Jeff stated that Binance might list the Pi network soon enough. A Binance listing is undoubtedly bullish for the Pi coin and could send its price to new highs. However, it is worth mentioning that many Pi users have yet to receive their allocations. As such, the coin could witness significant selling pressure when users receive their tokens.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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PumpFun Moves $13M SOL To Kraken as Solana Price Consolidates, What Next?

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4 minutes ago

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April 21, 2025

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PumpFun has transferred 95,934 SOL, worth approximately $13.34 million, to Kraken, further adding to the total 1,818,889 SOL moved to the exchange in 2025, equating to around $324.06 million.

This move marks a continued trend of significant activity surrounding Solana (SOL), reflecting growing investor interest. As SOL consolidates its price following recent bullish trends, this development raises questions about the potential direction of the cryptocurrency.

PumpFun Whale Activity and SOL’s Recent Performance

According to blockchain data provider Lookonchain, PumpFun’s recent deposit adds to a growing list of whale activities. So far, in 2025, the total SOL moved to Kraken by PumpFun alone exceeds 1.8 million, highlighting a considerable volume of transactions. Solana’s price has shown notable strength, especially in light of recent whale movements, which tend to indicate investor confidence.

Solana’s price has recently cleared significant resistance levels, with many analysts suggesting the cryptocurrency is in a strong upward trend. A crypto analyst, Ted, has pointed out that the SOL price is showing bullish signs similar to the Q4 of 2022.

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Ted suggests that SOL could see price levels between $160 to $180 by May 2025, with the potential for an all-time high later in the year. As whale activity continues, these predictions may influence market sentiment further.

Institutional Interest in Solana Surges

Institutional players’ participation is another factor that gives optimism to the SOL’s bullish run. Another player in the game is Galaxy Digital, though it has recently started making major withdrawals, pulling out about $77m worth of SOL from exchanges starting mid-April.

This also involved a substantial $19.5 million sell-off from Binance, showing faith in Solana’s potential. Other market players, such as Janover, also bought over $10m worth of Solana, validating the optimistic forecast for SOL price.

Such actions from institutional investors are usually viewed in the market as strong signs of confidence. Based on Galaxy Digital’s withdrawal, it could be estimated that large investors are preparing for higher SOL gains, which underlines the upbeat sentiment in Solana price. This increase in institutional support could enhance the overall market sentiment and help SOL rise in the short run.

Growing Number of Large Solana Holders

In addition to institutional interest like PumpFun’s, large retail investors are also becoming more active in Solana. Analyst Ali Martinez reported that the number of wallets holding 10,000 or more SOL increased by 1.53% in the past week.

This uptick, which grew from 4,943 wallets to 5,019, suggests that bigger holders are accumulating more Solana quietly. Such accumulation often occurs before broader market recognition, which can lead to price rallies.

This pattern of increasing wallet activity from significant holders further points to confidence in Solana’s potential. If these large investors continue to increase their positions, the demand for SOL could continue to rise, creating upward pressure on its price. The accumulation could be a sign that some are positioning themselves ahead of a potential breakout in price.

SOL Technical Analysis and Price Forecasts

The recent movement in Solana price has caught traders’ attention, with some analysts forecasting a continued rise. Another crypto analyst, Learnernoearner, suggested that an inverse head and shoulders pattern may be forming, indicating a potential long-entry opportunity.

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If Solana price experiences a brief pullback, this could provide an attractive entry point for traders.

Key technical levels for SOL price include support at $125, immediate resistance at $135, and a breakout zone at $178. If SOL price breaches the $178 mark, further targets could include $199, $216, and $238, and some even suggest a rally to $2000.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ark Invest Gains First Exposure to Solana With 3iQ ETF Bet

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1 hour ago

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April 21, 2025

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Ark Invest, the asset management firm owned by Cathie Wood, has gained its first exposure to Solana as the broader financial market expands its adoption of cryptocurrencies. The firm has added exposure to two tech investment vehicles via the 3iQ Solana Staking ETF (SOLQ). Market analysts believe this move validates SOL, a front-runner for spot altcoin ETF in the US.

The Ark Invest Solana Exposure

According to the Citywire report, the ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF) have SOLQ in their respective portfolios. These Cathie Wood’s funds bought 237,500 shares of SOLQ apiece, validating the Solana fundamentals.

Canadian regulators approved the 3iQ SOL ETF for trading earlier this month, alongside other crypto funds from Purpose, Evolve, and CI. These ETF products went live on schedule on April 16, placing them in line for mainstream exposure.

As Ark Invest revealed in its press release, the Solana architecture and its design for speed and efficiency make it ideal for the next generation of the internet. With the bet, the Cathie Wood firm has made history as the first U.S.-based ETF to gain exposure to Solana.

Beyond Ark Invest and Solana: Portfolio Diversification Goes Mainstream

Asset management firms are shifting toward crypto products, a move beyond ARK and SOL. As CoinGape reported earlier, Charles Schwab has revealed plans to launch crypto trading later this year. The firm, with $10 trillion in assets under management, may add more credence to the nascent asset class if it pulls through with its plans.

Under President Donald Trump, the improving crypto regulation landscape has given asset managers like Ark Invest the long-sought leverage to bet on the market. The precedent was set earlier with spot Bitcoin and Ethereum ETF approval in 2024.

With key agencies like the Securities and Exchange Commission (SEC), Commodity Futures and Trading Commission (CFTC), and Federal Deposit Insurance Commission (FDIC) now aligned to crypto, more firms may soon join the diversification move.

Crypto ETFs and Role In TradFi Embrace

Despite the generally positive regulatory environment, many traditional financial firms are still skeptical of direct exposure to crypto. While many, like Ark Invest, do not mind the volatility, custody remains a major challenge.

More relatable products like Spot XRP ETF have been lodged with the SEC to mitigate this. With asset managers going all out in their bid, Solana, Hedera, Litecoin, and Dogecoin, among other assets, are also awaiting potential approvals from the SEC.

While the market regulator was skeptical of these kinds of products in the past, it now takes a different stance. Market experts expect approval before the end of this year.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Analyst Reveals How High XRP Price Can Go If This Happens

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2 hours ago

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April 21, 2025

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XRP price seems to be headed for a dramatic turning point, with various analysts citing bullish chart patterns that indicate a probable price spike over the next few months. The fourth-largest crypto is showing a strong technical setup on the 6-month candle chart, with formerly limiting resistance points now eliminated.

XRP Price Displays Eliminated Resistance And Bullish RSI

Technical analyst Dark Defender has posted a tweet that shows a 6-month candle chart indicating these “Eliminated Resistance” levels and a “Bullish RSI” (Relative Strength Index) indicator. The chart indicates that XRP has broken above significant historical resistance levels that previously capped price action.

Several price targets have emerged from analysts tracking the cryptocurrency. The analysts’ projections range from approximately $3.75 to over $18 in the coming months. Despite these bullish technical signals, sentiment indicators remain cautious, and the Fear & Greed Index shows a reading of 39. This places it in the “Fear” category.

The 6-month candle chart for XRP/USD shared by analyst Dark Defender highlights two key technical factors that could support a potential price surge. First, the chart identifies multiple “Eliminated Resistance” levels that XRP has now cleared. This removes previous price ceilings that constrained upward movement in past cycles.

These eliminated resistance zones appear at different points on the historical chart, with the most recent breakthrough occurring in the latest completed candle. According to Dark Defender, this technical development raises an important question for traders: “Is it Bullish or Bearish in the next 6 months?” The analyst indicates that the present candle will close at the end of June 2025, giving the traders a time frame for possible price action.

The second important technical signal highlighted is a “Bullish RSI” reading. The Relative Strength Index, at the lower part of the chart, is shown to be on the rise, moving into bullish levels above the 70 level. This momentum indicator shows increasing buying pressure behind XRP’s recent price action.

XRP Could Soon Hit $5

CryptoBull analyst provides additional technical analysis, labeling the pattern as a massive bullish falling wedge with an even larger bullish triangle encompassing the wicks. The analyst predicts a breakout from the patterns and a target price that could see XRP go as high as $5 before finally landing at a base of $3.85.

There have been suggestions by analysts about specific price targets for XRP in their outlook. Dark Defender shared short-term to medium-term target prices of $3.75, $5.85, and a wildly high target at $18.22.

CryptoBull offered a more detailed price action prediction and indicated that XRP is going to breakout in the near future with price action that can include a wick up to $5 and close around $3.85.

Amidst these modest predictions, certain analysts even predicted the XRP price to reach $280. Another analyst, Captain Faibik, instructed followers to continue purchasing XRP. He further added that the next increase will be “explosive” to the $5 level in the mid-term. Multiple analysts in agreement at the $5 level indicate it might be a key target for traders and investors.

Though analysts are optimistic, the prevailing mood in the market is cautious. CoinCodex indicates their latest forecast predicts that XRP could drop by 8.35% to $1.95 on May 21, 2025. CoinCodex also predicts that XRP had 13 days of gain in the previous 30 days (43%), and price activity has averaged 7.48% in the last 30 days.

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Vignesh Karunanidhi

Vignesh Karunanidhi is a seasoned crypto journalist with nearly 7 years of experience in the cryptocurrency industry. He has contributed to numerous publications, including WatcherGuru, BeInCrypto, Milkroad, and authored over 10,000 articles

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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