Top Digital Assets Weather Turbulent crypto Market
As the crypto market struggles to gain traction, some digital assets are standing out.Bitcoin (BTC) recently dipped to $107,000 from its peak of $112,000, and the market cap fell to $3.49 trillion,according to CoinGecko. Amid this, Pi Network (PI), Cetus Protocol (CET), and Optimism (OP) show resilience.
Pi Network is facing a critical week. On May 28, over 15.2 million tokens worth $53 million will unlock. By June, 261 million coins and 1.57 billion in 12 months will follow. These unlock events can put downward pressure on the price, especially with weak demand. Recently, Pi Networkās price fell from $1.6692 to $0.7766.The launch of Pi Network Ventures, a $100 million fund for startups, didnāt help. It lacked a plan for tier-1 exchange listings and didnāt address centralization concerns.
Cetus Protocol, a major decentralized exchange on Sui (SUI), faced a security breach. Hackers drained millions in tokens, but the protocol managed to freeze $162 million. A community vote to unlock the frozen funds is underway, with Sui leading the effort. CET token value plummeted from $0.2568 to $0.1300 due to the incident.
Optimism is also undergoing token unlocks this week. $23.4 million worth of coins will unlock, representing 1.88% of the float. OP tokenās price has fallen from $2.7715 to $0.7320. It has dropped below its 50-day and 100-day moving averages, signaling a bearish trend.
These events highlight the ongoing challenges in the crypto market. Despite this, Pi Network, Cetus Protocol, and Optimism remain significant players to watch.
