Crypto markets exhibited mixed signals on Wednesday and Thursday as investors awaited the Federal Reserve's interest rate decision. Bitcoin held above $80,000, later reclaiming $97,000, while the total market capitalization fluctuated between $2.7 trillion and $3.23 trillion. The Crypto Fear and Greed Index rose slightly to 21, remaining in the 'Fear' zone.
EOS (EOS) saw a dramatic 30% price surge on Wednesday following a major rebranding announcement. Developers revealed the network will be rebranded to Vaulta, with a mission to bridge traditional banking with Web3. A new banking advisory council, featuring executives from Systemic Trust, Tetra Trust, ATB Finance, and others, will guide this finance-focused initiative. The revamped platform will concentrate on wealth management, consumer payments, portfolio investment, and insurance. Technically, EOS formed a quadruple bottom pattern with a neckline at $1.5400, suggesting a bullish reversal as long as it holds above the key support level of $0.4295.
The Tron (TRX) ecosystem experienced significant activity. The TRX token itself rebounded to $0.2370 after founder Justin Sun hinted at launching a wrapped TRX on the Solana ecosystem. More notably, the Tron meme coin sector rallied, with its total market cap jumping over 20% to $184 million. The top performer, Sundog, surged over 70% in 24 hours. Data from CryptoQuant showed surging transaction volume on Tron's meme coin generator, SunPump, indicating robust investor interest and a potential migration from other ecosystems.
Pi Network (PI) achieved a long-awaited milestone, launching its Open Network mainnet on February 20. This allows users to trade PI coins on exchanges after six years of mining. However, the launch was met with immediate sell-offs, with the price plunging from $2.20 to below $1 shortly after going live. The token's utility is centered on facilitating peer-to-peer payments and powering decentralized applications (dApps).
Other notable movements included Loom Network (LOOM), which surged 87% before retracing, despite receiving an 'investment caution' tag from South Korean exchange Bithumb. Solana (SOL) faced continued bearish pressure, trading at $172.54 and breaking below a key ascending channel, with analysts warning of a potential drop toward $136 amid criticism over ecosystem scams.
