Cryptocurrency values exhibited a mixed trend last week following the Federal Reserve’s decision to keep interest rates steady and the U.S. Securities and Exchange Commission terminating its appeal against Ripple Labs.
The sentiment in the crypto market remained in the fear territory, as Bitcoin (BTC) struggled to surpass the $90,000 mark. Similarly, Ethereum (ETH) and many altcoins continued to exhibit signs of a technical bear market.
Market participants may experience heightened tension this week as they await President Trump’s response regarding reciprocal tariffs. Notable cryptocurrencies to monitor will include PancakeSwap (CAKE), EOS (EOS), and Pi Network (PI).
PancakeSwap
PancakeSwap, the leading decentralized exchange on the BNB Chain, is expected to attract attention this week due to its recent performance. CAKE surged to a peak of $2.82 last week, reflecting a 105% increase from its lowest level earlier in the month.
This rally occurred as PancakeSwap reclaimed its position as the largest DEX in terms of trading volume. Its weekly trading volume rose by 60% to $14.8 billion, outpacing Uniswap’s $8.29 billion and Raydium’s $2.5 billion.
The uptick in PancakeSwap’s volume can be attributed to a recent wave of meme coins introduced on the BNB Chain, such as Mubarak and Brocolli.
However, PancakeSwap faces the challenge that most meme coins typically experience a brief surge before plummeting as early investors divest. Consequently, it may encounter a scenario similar to that of Solana DEXes like Raydium and Orca a few months back, when their volumes skyrocketed and then collapsed as meme coin valuations deteriorated.
EOS
The EOS token climbed to $0.6676 last week, marking a 55% increase from its year-to-date low. This recovery followed EOS’s rebranding to Vaulta, which aims to focus on blockchain banking solutions.
The rebrand will transition the EOS token to Vaulta, with the new ticker set to be revealed in April. It will retain EOS’s infrastructure, including integration with exSat, which offers Bitcoin banking options.
Historically, the impact of rebrands on networks has been varied. Some, like the recent Fantom rebranding to Sonic, have been highly successful, resulting in significant increases in total value locked and market cap for stablecoins. In contrast, others have failed to meet expectations, as seen with Polygon’s token transition from MATIC to POL and Elrond’s shift to MultiversX.
Pi Network
The Pi Network (PI) token will be under scrutiny this week due to its recent decline. It has plummeted from an all-time high of nearly $3 to a significant support level around $1. This downturn coincided with the absence of exchange listings from platforms like Binance, Kraken, Coinbase, and Upbit.
Investors in the Pi Network are also apprehensive about upcoming token unlocks, which will release 188 million new tokens this month and an additional 1.6 billion over the following year.
On a more optimistic note, as illustrated above, the Pi Network token appears to be forming a falling wedge pattern, indicating a possible rebound later this week or in April.