- RaveDAO price crashed from $28 last Friday to below $1 today amid pump-and-dump allegations.
- Pi Network price dropped despite a crucial upgrade and smart contract introduction.
- AAVE price crashed as the total value locked plunged by over $5 billion during the weekend.
The crypto market remained on edge on Monday as investors focused on the ongoing Iran-US crisis. Bitcoin traded slightly below the key resistance level at $76,000, while most DeFi tokens were in the red amid a surge in hacks. This article explores some of the top cryptocurrencies to watch this week: RaveDAO (RAVE), Pi Network (PI), and Aave (AAVE).
RaveDAO Price in Focus as the Crash Continues
RaveDAO token has been in the spotlight over the past few weeks after moving from nowhere to a record high, with its fully diluted valuation (FDV) jumping to over $24 billion, making it one of the biggest players in the crypto industry.
RAVE price jumped from below $1 earlier this month to a high of $28.90. As BanklessTimes predicted, this surge was short-lived, as the token crashed by over 95% to its current price of $0.9550.
READ MORE: Tom Lee’s BitMine Stock May Catapult Soon: Here’s Why
The crash accelerated after ZachXBT, a top online investigator, accused the team of market manipulation. He noted that addresses linked to the developers controlled 95% of the supply, and some of those addresses showed suspicious activity on Bitget.
In his statement, he noted that the team knew who was involved in the pump-and-dump scheme. At the same time, he warned that other tokens, such as SIREN, MYX Finance, MemeCore, Pippin, and River, were likely subject to market manipulation on centralized exchanges.
Pi Network in Focus After Launching Smart Contracts
The Pi Network price has remained in a narrow range over the past few weeks and is down by over 40% from its March high this year. The token will be in focus this week as the network continues its crucial upgrade.
In a statement last week, the developers noted that they were now implementing the Protocol 22 upgrade, with a deadline of April 27. This upgrade will be followed by the final one, which will conclude in May.
One benefit of the upgrade is that it introduces smart contract capabilities on the network, enabling developers to build decentralized applications (dApps).
The developers announced that the first smart contract capability was live on the testnet. It launched subscription capabilities that will be useful for e-commerce, streaming, and online tools.
Still, as we noted on Sunday, Pi Network’s smart contracts face a major challenge: adoption. The smart contract industry is highly saturated, with networks like Ethereum, Solana, BSC, and Base accounting for the largest market share. As such, like many networks, such as IOTA and Cardano, there is a likelihood that Pi Network may not gain market share in the industry.
Aave in Focus After the Kelp Hack Led to a Dive in TVL
The AAVE price has been in a strong downward trend and is at risk of falling to a record low as total value locked (TVL) on the network plunged.
Data shows that TVL dropped by over $5 billion to $19.5 billion, from an all-time high of over $47 billion. The TVL dropped by over $5 billion during the weekend as the network suspended rsETH withdrawals.
Technical indicators suggest the Aave coin price has been in a strong downward trend over the past few months. The token remains below all moving averages and the Supertrend indicator.
Therefore, the token will likely continue falling, potentially to the key support level at $50, down from the current $80.
READ MORE: Worldcoin Price Analysis: Here’s Why Sam Altman’s WLD Token is Set to Soar
