Solana Slumps Amid LIBRA Fallout, Pi Network Surges Ahead of Mainnet Launch

Altcoin Update: Solana Weakens Amidst LIBRA Fallout, Pi Network Gains Traction Ahead of Mainnet Launch

In recent developments, the cryptocurrency market has witnessed a shift in investor sentiment, with Solana (SOL) experiencing a downturn amidst the fallout from Facebook's LIBRA project, while interest in the Pi Network has skyrocketed ahead of its mainnet launch.

Solana, a high-performance blockchain platform, has been on a downward trajectory since the inauguration of the US president. The decline intensified on 14 February, following the launch of LIBRA, a stablecoin project by Facebook. Since then, Solana has lost nearly 20% of its value, trading at $168 with visible bearish signals suggesting further declines before potential upswings.

Meanwhile, the Pi Network, a community-driven cryptocurrency project, has gained significant traction as its mainnet launch approaches. Google Trends data confirms a surge in interest in the Pi Network, with searches for "Pi Network" soaring to 56 between 9 and 15 February, more than double the previous highest score of 26 recorded in March 2021.

The Pi Network has crossed 110 million downloads, with an average of 110,000 daily users in the past month. The project's app attracted over 540,000 new users within 24 hours on 17 February. Additionally, Binance, one of the world's largest cryptocurrency exchanges, opened community voting on the potential listing of PI.

As the cryptocurrency market continues to evolve, investors are keeping a close eye on these developments. While Solana faces headwinds, the Pi Network's growing popularity and upcoming mainnet launch present an intriguing opportunity for enthusiasts and investors alike.