The broader crypto market has steadily risen over the past 24 hours, adding $100 billion to its market cap to reach $3.2 trillion. Bitcoin (BTC), which has faced resistance at the $96,000 level for the past three days, is now trading at $97,203.
Out of the top ten Layer 1 native tokens, only Litecoin made gains of over 1%, soaring by 5.68% over the week. Ethereum (ETH) and Cardano (ADA) also avoided the red trend plaguing the Layer 1 sector with 1.88% and 0.49% gains, respectively.
As most of the established Layer 1 tokens struggle to make gains, investors are turning to the recently launched Pi Network (PI), which joined the market with a bang. Investors are also showing increasing interest in Solaxy, which is preparing to release a Layer 2 blockchain designed to improve Solana’s scalability.
PI Debuts After Six Years of Building its Foundations And Exceeding its Goals
The Pi network has been around for six years, operating as an enclosed mobile-first mining model. Attracted by the simplicity of the mining process which required no expensive hardware, over 60 million users downloaded its app over the years and mined PI.
Today, PI decided to transition from an enclosed ecosystem to a fully connected blockchain, as it strives to help its users conduct business with verified individuals and organizations.
Four days ago, the Pi Network team announced the project had met its goals for its Open Network’s release, exceeding its original targets in nearly all fields. Over 19 million “Pioneers” verified their identities through Pi’s KYC solution, surpassing the 15 million requirement.
Pioneers, Open Network will launch at 8am UTC on February 20, 2025! With millions of KYC-verified Pioneers and a thriving utilities-driven ecosystem, Open Network expands available opportunities, which allows Pioneers to connect Pi with external systems for use in real-world… pic.twitter.com/AdpXNhpcUD
— Pi Network (@PiCoreTeam) February 11, 2025
While most blockchains thrive by offering anonymity, Pi’s pursuit of an identity-verified community could introduce a unique type of blockchain-based utility. The project has proven its viability during the 2024 PiFest event, which saw nearly one million users from 160+ countries participate in exchanging Pi for goods and services.
Pi Network joined the market today and soared from $1.6996 to $2.0471 in minutes, representing a 20.44% jump for those buying it on launch, while users who mined and held it for years saw gains of over 2,000%.
The token’s launch was followed by listings from OKX, Bitget, and Gate.io, with Binance holding a poll that allows its community to decide whether it lists Pi Network. If Binance decides to list PI, which 86% of the current voters are in favor of, the token could explode again.
Solaxy Nears $23 Million Raised for its Solana Layer 2 Solution
With over $500,000 raised over the past 48 hours, Solaxy is nearing the $23 million mark as it prepares to release its Layer 2 blockchain that will help Solana deal with its congestion issues that often result in slow and failed transactions for its users.
Using a system called rollups, Solaxy’s goal is to improve Solana’s scalability by bundling transactions and processing them in its stead. The transactions would still finalize on Solana’s mainnet, retaining its robust security while providing users with faster transactions and lower gas fees.
Currently, SOLX costs $0.00164 each, but that price isn’t here to stay. Tomorrow, Solaxy’s presale will enter its next stage, which will see its price go up, leaving investors with limited time to add the token to their portfolios at a lower entry point.
Investors can purchase SOLX via its presale website or Best Wallet’s apps using ETH, BNB, SOL, USDT, or a credit or debit card. No minimum investment is required.
With $22.5 million raised and a 77,000-strong community on X (Twitter) and Telegram, Solaxy is one of the most hyped projects today, which has ClayBro, a meme coin expert, bullish on its future.
He anticipates an explosive launch for SOLX, as he believes the upcoming meme coin bull run will drive demand for a Layer 2 solution that can address Solana’s scalability issues.
Although the volatile nature of the crypto market leaves no room for guarantees, Solaxy’s unique approach to the market and early presale success may be enough to help it explode on launch.
The post Pi Network, Solaxy Predicted to Explode – Hidden Gem in the Market appeared first on CryptoNinjas.
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