Initia Mainnet Goes Live, Here’s How to Claim the Airdrop Allocation

Monicah W

Initia Mainnet Goes Live, Here's How to Claim the Airdrop Allocation

The Layer-1 blockchain platform Initia launched its mainnet and airdrop on April 24. The official token is now live in the market and is gaining significant attention due to the new launch and hype around the crypto project. Interestingly, the blockchain platform allocated a significant amount of the airdrop to eligible users. Let’s discuss how to claim.

Initia Mainnet Live, But Airdrop Closes in 30 Days

The Initia mainnet launch is part of the blockchain project’s vision of building an Interwoven Economy. For the same, they have launched the INIT token with a fixed supply of 1 billion, and these will play a significant role in supporting growth, security, and governance.

Interestingly, 50M INIT tokens are allocated to the airdrop, which is 5% of the total supply. These tokens will be distributed among network testers, advocates, and early users of the platform. The Initia airdrop is live, but open for 30 days only, past which the unclaimed tokens will be unavailable.

Initia airdrop

The eligibility is decided based on the users’ testnet participation, social contribution, and other factors. Interestingly, in contrast to most crypto airdrops of 2025, INIT’s performance was least affected.

The token was launched with an initial price of $0.62 and surged to a high of $0.93 after a 50% rally. The uptrend is still maintained, as the token currently trades at $0.87 with a market capitalization of $132.09M, making it the perfect time to claim.

INIT Token price rally

How to Claim Initia Airdrop tokens?

Along with the Initia mainnet launch, the token has become a hit among investors, as the claim rate has topped more than 80% in the 24 hours. Various crypto analysts have pointed out the reasons behind this success, including long open registration periods, multiple account linking options, clear communication, and much more.

INIT airdrop claim

Although most have already claimed the INIT airdrop token, the remaining could follow these steps:

  1. Go to the Initia airdrop claim page
  2. Connect the crypto wallet (the same one that was involved in the testnet activities)
  3. Follow the steps provided on screen
  4. Pay gas fees and confirm the transaction
  5. The Initia token will be transferred to the wallet.

It is important to note that these tokens would not be available after 30 days, i.e., 24 May. Investors must claim their tokens before that. Interestingly, after the Initia mainnet, another mainnet is to go live soon, as the R2 testnet launched. Stay updated.

The post Initia Mainnet Goes Live, Here’s How to Claim the Airdrop Allocation appeared first on CoinGape.

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Kraken Expands to UK: Launches Crypto Derivatives Trading

Kraken Expands to UK: Launches Crypto Derivatives Trading

Cryptocurrency exchange Kraken has expanded its services in the United Kingdom with the launch of derivatives trading. The company is targeting professional investors in what constitutes the company’s second-largest market. The new offering has been gradually introduced in recent weeks and is now available to all qualifying clients who complete a specific onboarding process.

Kraken’s new offering is only for professional clients

Access to these derivative products is restricted to “professional clients” as defined by the U.K. Financial Conduct Authority (FCA). Kraken has identified derivatives as a key growth area. These products account for approximately 70% to 75% of total cryptocurrency trading volume across the market.

According to Alexia Theodorou, Kraken’s head of derivatives, while spot and derivatives volumes are currently balanced on the platform, “crypto derivatives are growing at a faster pace than spot” in the broader market.

“That’s why we are doubling down on derivatives, given the trends and ratios that we see as more and more institutional clients are entering the space,” Theodorou explained. The top cryptocurrency exchange considers it a big investment from their end in the UK.

The derivatives services are being offered through the Kraken Multilateral Trading Facility (MTF). It is a regulated platform operated by Crypto Facilities, which became the first crypto firm to secure an MTF license from the FCA in 2020. Kraken acquired Crypto Facilities in 2019 in a deal valued at over $100 million. Clients will access these services through Kraken’s futures broker based in Bermuda.

The post Kraken Expands to UK: Launches Crypto Derivatives Trading appeared first on CoinGape.

How Low Can Pi Network Price Go As Bearish Pressure Mounts?

How Low Can Pi Network Price Go As Bearish Pressure Mounts?

The recent bearish market forces caused Pi Network price to decrease by 30% during the past month. The price of Pi Network dropped below $1 while it tests the $0.9 support level after other altcoins along with Bitcoin showed a slight market recovery. The market trends and uncertain developments combine to worsen the existing value decrease experienced by Pi Network. The question remains as to how low will the PI price go as bear pressure mounts.

After its launch in February, the Pi Network price experienced a rapid increase, yet it is now facing a notable downward movement. The currency attained its highest value point at $2.98 before experiencing a quick market downfall. The mainnet launch failed to meet expectations by driving up the PI price since its launch coincided with a price decline.

On February 20, 2025, the lowest Pi price reached $0.6152 while experiencing an enormous 72.61% decline from its peak value. The market continues to show uncertainty because confidence levels are unstable despite some price recovery.

Why Is Pi Network Price Crashing?

The Pi Network value has dropped significantly because more than 99.3 million Pi currency tokens will soon become available for unlocking. Out of the total $91 million valuation the tokens represent, they will enter daily circulation using a 3 million token release schedule for the next 30-day period.

The market will receive its biggest unlock of 6.8 million tokens when April 3 arrives. The upcoming large unlocks for May and June worry the market due to potential liquidity surges and increased sell-offs.

The price devaluation becomes apparent because Pi Network missed the opportunity to be listed among the leading cryptocurrency exchanges, such as Binance, Coinbase, and Upbit. Although users in South Korea find Pi Network very popular, many exchanges, including major platforms, have barred Pi from their platforms.

Holders continue to display concern about Pi project tokenomics because the Pi Foundation holds a large percentage of the total supply which leads to increased fears and panic selling events.

Will Pi Price Recover Soon?

The price of PI has experienced major fluctuations during recent weeks. The price currently challenges $0.8304 support after losing ground from its initial $1.00 peak. The market value of PI Network currently exists within a consolidation pattern which presents an expected price region from $0.70 to $1.00.

The MACD indicator signals bearish characteristics because both its lines exist under the zero threshold. The current RSI value measures 32 which suggests that BTC approaches a condition where it could become oversold. A market reversal might come into play whenever buying pressure strengthens.

How Low Can Pi Network Price Go As Bearish Pressure Mounts?
Pi Network Price Chart: TradingView

The PI price shows signs of continued resistance at present support areas. The value retaining its $0.70 value could enable a positional shift toward the higher zone of $1.00. A failure at current market support might push the token toward $0.50 in relation to wider market conditions.

The post How Low Can Pi Network Price Go As Bearish Pressure Mounts? appeared first on CoinGape.

Consensys’ $300 Million Bet: Big Money Buys the Dip as Ethereum (ETH) Attempts Breakout

Ethereum has seen a period of consolidation under the resistance of $2,681 for the past month. Despite this, the price action has been relatively stable. 

However, with significant investor accumulation, led by Consensys and others, Ethereum might experience a turning point, potentially signaling a rise in price.

Ethereum Finds Demand From Investors

Investor sentiment has shifted in favor of Ethereum, with a noticeable uptick in accumulation since the beginning of June. After consistent selling toward the end of May, investors have bought over 300,000 ETH, amounting to $778 million since the beginning of June. This growing accumulation signals increased confidence in Ethereum’s future price potential.

One of the key players in this bullish sentiment is Consensys, which reportedly bought over $300 million worth of Ethereum from Galaxy Digital, according to Arkham. This move highlights rising conviction in Ethereum’s long-term value as large entities continue to secure their positions. As these institutional players show confidence in ETH, it could pave the way for broader investor trust.

Ethereum Exchange Net Position Change
Ethereum Exchange Net Position Change. Source: Glassnode

Looking at Ethereum’s macro momentum, the IOMAP indicator reveals a strong demand zone between $2,378 and $2,454. This zone holds over 65.11 million ETH, worth nearly $169 billion, making it unlikely for significant sell-offs to occur in the near future. This large accumulation provides stability and protection against sharp declines in Ethereum’s price, which is contributing to the growing bullish sentiment.

As Ethereum remains well-supported by these large investors, the accumulation pattern appears solid. The absence of selling pressure from holders in the demand zone reduces the risk of a drastic price correction, which could otherwise impact the price of ETH.

Ethereum IOMAP
Ethereum IOMAP. Source: IntoTheBlock

ETH Price Awaits Consolidation Breakout

Ethereum is currently trading at $2,611, still under the key resistance of $2,681. In order to break past this resistance, Ethereum will need further momentum, which could be driven by the ongoing accumulation and positive investor sentiment.

If the local support at $2,583 remains intact, ETH may successfully flip the $2,681 resistance level. Such a breakout would likely propel Ethereum toward the next resistance point at $2,814, extending its recent gains.

Ethereum Price Analysis
Ethereum Price Analysis. Source: TradingView

However, if broader market sentiment turns bearish or if selling pressure increases, Ethereum could see a dip to $2,500. A drop to this level would invalidate the bullish outlook and prolong the current period of consolidation, making it essential for ETH to maintain its support levels.

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