Layer-1 (L1) coin IP has emerged as the market’s top gainer today, defying the broader crypto downturn to post a 4% increase in the last 24 hours.
However, despite the price surge, warning signs are flashing under the surface. On-chain activity remains muted, suggesting the rally may not be backed by strong fundamentals.
Traders Bet Against PI Despite Price Rise
While most cryptocurrencies traded lower on the day, PI has bucked the trend to record gains. However, the rally may not last long, with on-chain metrics signaling growing skepticism among traders.
For example, amid its 4% rally over the past day, IP’s daily trading volume has dipped 38%, indicating that fewer participants support the upward price move.
When an asset’s price rises while its trading volume falls, it suggests that fewer participants are driving the price movement. This indicates weak buying momentum or a lack of broad market support behind the IP price rally.
Such conditions make the coin’s rally unsustainable, increasing the risk of a reversal or pullback.
Furthermore, IP’s funding rate remains negative, reflecting that many traders in the futures market are taking short positions—betting that the price will fall. As of this writing, this stands at -0.14%.
The funding rate is a periodic fee paid between traders in perpetual futures markets to keep contract prices aligned with the spot price. When the funding rate is negative, short traders are paying long traders, indicating that the majority of the market is betting on a price decline.
In IP’s case, the negative funding rate indicates that many traders anticipate a reversal of its recent price rally. This reflects the persistent bearish pressure that has kept the coin’s performance subdued over the past several weeks.
Can IP Rebound? Token Eyes $3.17 If Demand Returns
As of this writing, IP trades at $2.75, hovering above a key support level at $1.59. If demand weakens, IP risks plunge below this floor and potentially fall under the $1 mark.
However, a resurgence in new demand for the altcoin could invalidate this bearish outlook. In that scenario, IP’s price may rebound toward $3.17. A successful break above that resistance could propel the IP token price toward the $4.41 level.
As PI Day approaches, many Pi Network users or Pioneers could lose their accumulated Pi coins.
The risk comes following widespread complaints about the inability to complete the Know Your Customer (KYC) verification process.
Growing Frustration Among Pi Network Users
In a late February announcement, the Pi Network team stated that users who fail to complete KYC and migrate their balance to Mainnet within the extended grace period—ending at 8:00 AM UTC on March 14, 2025—”risk losing most of their mobile balance.”
“…the end of the Grace Period is inevitable to make sure the network can move on in its new phase without large sums of unverified and unclaimed mobile balances. Thus, this is the last chance for any Pioneer to complete the required steps to avoid forfeiting their past mobile balances,” read the announcement.
This announcement has sparked widespread frustration among Pioneers. Based on discontent shared on X (Twitter), many claim they have attempted but failed to complete KYC. Crypto enthusiast Rod Thompson called the situation the biggest con job of crypto, with up to 10,000 PI Coins on the line for him.
“The Pi Network has been earning ad revenue for every one of my daily mining sessions, but I’m going to lose over 10,000 pi coins because people I haven’t spoken to in two years haven’t done KYC. At least one of them passed away over a year ago. That’s over $10,000 due to me for my efforts,” Thompson lamented.
Thompson is not the only Pioneer questioning the fairness of the Pi Network system. Another user, S.O.H., described the situation as “mass social engineering on blockchain.” Meanwhile, others, such as Ahmady Ala, reported that despite mining Pi for six years, they have yet to be allowed to complete KYC.
Pioneer’s screenshot on KYC issues with Pi Network. Source: Ahmady Ala on X
In the same tone, some users have had their KYC documents pending for over two years without resolution.
“My KYC verification has been pending for 2.5 years. Even if it won’t be approved, shouldn’t there be an option to reapply?” user H. Ibrahim posed in frustration.
Unfair Reward Distribution, Centralization, and Migration Delays
In addition to KYC-related frustrations, many users have reported balance inconsistencies. They claim their unverified balance keeps increasing while their transferable balance is significantly reduced.
This makes the migration process confusing, and the lack of transparency leads some to label Pi a “scam network.” Another major concern is the alleged unfair distribution of rewards.
“I mined consistently for 4 years, stayed loyal to Pi Network, brought in 39 people, and even completed KYC for 17 of them—yet I got nothing. Meanwhile, others with no referrals and irregular mining have more Pi than me. How is that fair?” another user, Mango Fan Token, stated.
Meanwhile, despite claiming a user base of 60 million, on-chain data indicates only about 11 million active users. This led to concerns over Pi Network’s actual adoption rate.
Additionally, questions about centralization have emerged. Some critics argue that the project’s control mechanisms limit the potential for a truly decentralized network. Another issue plaguing the network is the failure of many users to migrate their Pi coins to Mainnet.
BeInCrypto reported recently that Pioneers have struggled with transferring their balances, even after fulfilling all required steps. Some users, frustrated by prolonged lockup periods, have resorted to selling their PI Coin accounts on unofficial markets, raising further concerns about the platform’s credibility and long-term viability.
While criticism of the network continues to mount, Pi Coin has recently seen double-digit gains as investors gear up for Pi Day. Some analysts speculate that the surge is driven by optimism surrounding potential developments on March 14.
Pi Network (PI) Price Performance. Source: CoinGecko
CoinGecko data shows that PI Coin’s price was $1.71 as of this writing, up nearly 15% in the last 24 hours. However, whether the price momentum can be sustained in the face of ongoing technical issues and community dissatisfaction remains uncertain.
Solana (SOL) is up 28.4% over the past month, but its momentum has slowed. After briefly touching $184, it has gained just 0.78% in the last seven days. Despite this, Solana continues to dominate DEX metrics, leading all chains with $27.9 billion in weekly volume.
The broader ecosystem remains active, with multiple Solana-based apps among the top fee generators. However, technical indicators such as RSI, Ichimoku Cloud, and EMA lines suggest the rally may be losing steam, signaling a potential period of consolidation or correction ahead.
Solana Leads DEX Market With $27.9 Billion Weekly Volume and Surging App Activity
The weekly DEX volume for Solana surged by 45.78%, signaling a strong resurgence in on-chain activity after decreasing activity between March and April.
This rise is a spike and part of a broader trend, with volumes consistently staying above the $20 billion mark over the past month.
Top Apps and Chains by Fees and Revenue. Source: DeFiLlama.
Adding to its momentum, Solana is home to four of the past week’s ten highest fee-generating apps and chains. This includes familiar platforms and newcomers, showing a healthy diversity in the ecosystem.
Believe App, a newly launched Solana-based launchpad, stands out in the recent surge. In the last 24 hours alone, it generated $3.68 million in fees—surpassing well-established platforms like PancakeSwap, Uniswap, and Tron.
Momentum Cools for SOL as Indicators Turn Neutral
Solana’s Relative Strength Index (RSI) has dropped to 51.99, down from 66.5 just three days ago, signaling a clear loss of bullish momentum.
Over the past few days, the RSI has hovered between 44 and 50, reflecting a more neutral market sentiment after previously nearing overbought conditions.
The RSI is a momentum indicator that ranges from 0 to 100, with values above 70 indicating overbought conditions and below 30 signaling oversold territory. At 51.99, Solana sits in the neutral zone, which typically suggests a period of consolidation or indecision.
If the RSI rises above 60 again, it could point to renewed bullish strength; if it dips below 45, further downside pressure may follow.
The price is hovering near the Kijun-sen (red line) and Tenkan-sen (blue line), both of which have started to flatten—indicating a slowdown in momentum.
The Chikou Span (green lagging line) remains above the candles, suggesting that the broader trend still has a bullish bias. However, the lack of distance between it and the current price action reflects weakening strength.
The Kumo Cloud (green and red shaded area) ahead is still bullish, with the leading span lines spread apart, providing support beneath the current price.
However, with candles now closely interacting with the Kijun-sen and failing to strongly break above the Tenkan-sen, the short-term sentiment appears cautious.
If the price can push decisively above the blue line, momentum may return, but any drift into the cloud could signal the start of a more prolonged consolidation phase or potential trend reversal.
Solana’s Bullish EMA Structure Faces Momentum Slowdown
Solana’s EMA lines remain bullish, with the short-term moving averages positioned above the longer-term ones. However, the gap between these lines is narrowing, suggesting that upward momentum is weakening.
Solana price recently failed to break past a key resistance level, and although a retest could open the path toward reclaiming the $200 zone, the lack of strong follow-through raises questions about the trend’s strength.
Complementing this cautious outlook, the Ichimoku Cloud and RSI indicators point to a potential cooldown. Solana recently held above an important support level but remains vulnerable—if that support breaks, further downside could follow.
The broader structure still leans bullish, but the market appears to be at a crossroads. The next move likely depends on whether buyers can reclaim initiative or sellers push through key lower levels.
World Liberty Financial (WLFI)’s USD1 stablecoin has surpassed a $2 billion market capitalization.
The milestone comes amid a significant expansion in the stablecoin sector, with experts predicting it could surge to $2 trillion in the coming years.
USD1 Stablecoin’s Growth: From $128 Million to $2 Billion
WLFI co-founder Zach Witkoff shared the development in the latest X (formerly Twitter) post.
“Proud to announce that @worldlibertyfi USD1 stablecoin has officially crossed $2 billion in market cap. Proud of the team, onwards!” Witkoff posted.
Data from BeInCrypto shows that USD1 experienced significant growth over a short period. On April 28, its market cap was $128 million. However, by the next day, it surged to $1 billion.
“Congratulations to the @worldlibertyfi team on USD1 reaching a $1 billion market cap,” BitGo wrote on X.
This highlights the increasing adoption and trust in USD1. The ascent positions it as one of the fastest-growing decentralized stablecoins in the market since its launch in late March.
Data from Dune’s blockchain analytics platform provides further insight into the factors driving this expansion. A series of minting events in the last week of April catalyzed the stablecoin’s market cap increase to over $2 billion.
These minting activities align with WLFI’s strategic efforts to expand the token’s circulation. Earlier this month, the DeFi project proposed a USD1 airdrop to early supporters. As BeInCrypto reported, the airdrop is intended to test the on-chain distribution system, reward adopters, and enhance visibility ahead of a full-scale deployment.
USD1’s rise, however, has not been without scrutiny. The project has drawn attention due to President Donald Trump’s involvement, raising concerns among lawmakers about potential conflicts of interest.
Despite this, USD1’s market performance indicates strong investor confidence. The stablecoin’s rapid growth suggests it may continue to play a significant role in the digital asset market. However, its future will likely depend on both market dynamics and regulatory developments.
