Ethereum News Today: Pi Network Launches Developer Incentive Program Amid 88% Price Drop

Generated by AI AgentCoin World
Friday, Aug 22, 2025 7:03 am ET1min read
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Aime RobotAime Summary

- Pi Network launched a 2-month hackathon offering 160,000 PI in prizes to boost developer engagement and token utility.

- PI's price dropped 88% to $0.36 since February, with market cap below $3B despite KYC-based participation requirements.

- Ethereum whales bought $1.7B worth of ETH during price pullbacks, signaling long-term confidence in the second-largest crypto.

- Cardano whales accumulated 150M ADA (66% in 24 hours), with analysts predicting potential price targets up to $10 if $1.16 resistance breaks.

- Market consolidation sees Bitcoin near $113,000 while Pi's viability depends on adoption, technical progress, and partnerships amid whale-driven crypto dynamics.

Pi Network has unveiled a new initiative designed to boost developer engagement and community participation, with the goal of enhancing the utility of its native token,

PI
. The Hackathon, launched on August 21, will run until October 15 and offers up to 160,000 PI in prizes for developers creating impactful applications on the Pi ecosystem [1]. To participate, users must complete Know-Your-Customer (KYC) procedures. Despite this development, PI’s price remains underperforming, trading at around $0.36, a 88% drop from its February all-time high of nearly $3. Its market capitalization has also fallen below $3 billion, raising concerns about its ranking among the top 50 cryptocurrencies [1].

Whale activity in the

Ethereum
ecosystem has shown a different trend. During the recent ETH price pullback, large investors purchased over 400,000 ETH, valued at approximately $1.7 billion, signaling confidence in the long-term potential of the second-largest cryptocurrency. These purchases are seen as a bullish indicator, as they reduce circulating supply and may encourage broader market participation [1].

On the

Cardano
side, large investors added 150 million
ADA
to their holdings within the last two weeks, with 66% of that accumulation occurring within 24 hours. This surge in whale activity suggests strategic positioning ahead of potential price action. ADA is currently trading at around $0.85, and some analysts, including X user AltGem Hunter, have predicted potential price targets of $2.68, $5, and even $10 in the near future. However, the token must first break above $1.16 to validate these forecasts [1].

The broader market is currently in a consolidation phase, with

Bitcoin
trading near $113,000 and the crypto sector awaiting key macroeconomic signals such as the Federal Reserve Chair’s speech at the Jackson Hole symposium. Against this backdrop, Ethereum and Cardano’s movements are being closely monitored for signs of either a breakout or continued correction [3].

While Pi Network’s latest initiative has sparked

optimism
among its supporters, the market remains cautious about its long-term viability. The token’s transition from a mobile-mining-based social experiment to a competitive digital asset will depend on user adoption, technical progress, and external partnerships. In contrast, Ethereum and Cardano’s whale activities highlight the growing significance of large investors in shaping short-term market dynamics and investor sentiment.

Sources:

[1] Pi Network's Major Announcement, Ethereum and Cardano Whales Go Crazy: Bits Recap August 22 - https://cryptopotato.com/pi-networks-major-announcement-ethereum-and-cardano-whales-go-crazy-bits-recap-august-22/

[2] ADA to ETH: Cardano Price in Ether - https://www.coingecko.com/en/coins/cardano/eth

[3] Price Analysis - https://cryptonews.com/news/price-analysis/