Pi Network Defies Market Downturn as XRP Crashes and SHIB Burn Rate Skyrockets

Pi Network's native token PI has demonstrated unexpected resilience in a bearish cryptocurrency market. Despite a broader crash that saw major assets like Bitcoin and Ethereum decline over 20%, PI's price increased by 7% on a weekly scale, trading around $0.23 after peaking at $0.26 on November 20. This performance is linked to recent ecosystem upgrades, including enhancements to the AI-powered Pi App Studio for developers, and achieving full compliance with the European Union's Markets in Crypto-Assets Regulation (MiCA).

Ripple's XRP, however, faced a severe downturn, with its price collapsing to $1.90—the lowest since April—amid heavy whale selling. Large investors offloaded approximately 1.4 billion tokens over the past month, including an additional 190 million recently, potentially triggering panic selling. The decline may also stem from a 'sell-the-news' effect following the launch of spot XRP ETFs by Canary Capital and Bitwise in the U.S., which had been anticipated by the market.

Shiba Inu (SHIB) experienced a 15% weekly drop, but signs of a rebound emerged as the burn rate surged by over 2,000,000% on November 20, reducing its supply. Additionally, SHIB holdings on exchanges hit a four-year low, indicating reduced selling pressure as investors move to self-custody.

Technical analysis for PI highlights bullish indicators, such as a Money Flow Index breakout on November 16 and improving On-Balance Volume, with a negative correlation to Bitcoin near -0.87. Resistance is noted at $0.25, with support at $0.23, suggesting potential for further gains if buyers push past key levels.