The recent cryptocurrency market correction has revealed a sharp divide in investor sentiment, with established giants like Ethereum (ETH) and Cardano (ADA) seeing massive accumulation by large-scale investors, known as “whales.” In stark contrast, the controversial Pi Network (PI) is struggling to gain traction, with its token price remaining stagnant despite efforts to build ecosystem utility.
Pi Network’s Hackathon Fails to Ignite Price
In an attempt to foster real-world utility, the Pi Network team launched a hackathon on August 21, inviting developers to build and deploy meaningful applications on its platform. The initiative, which runs until October 15, offers a prize pool of up to 160,000 PI tokens and requires all participants to complete Know-Your-Customer (KYC) procedures.
“This hackathon invites developers to build and deploy meaningful Pi Apps that empower real-world utility using Pi and help shape the ecosystem,” the official announcement stated.
Despite this forward-looking development, the market response has been muted. The price of PI failed to post any substantial gains following the news and remains in a downtrend. According to data from CoinGecko, PI is currently trading at approximately $0.36, representing a staggering 88% decline from its all-time high of around $3 in February. This sustained price drop has caused PI’s market capitalization to fall well below $3 billion, putting its position within the crypto top 50 at risk.
Ethereum Whales Embrace the Correction
While Pi Network investors face uncertainty, Ethereum whales are signaling strong confidence. Despite the price of the second-largest cryptocurrency slipping to roughly $4,320 over the past week, large investors have been actively buying the dip.
As recently reported by CryptoPotato, these influential market players purchased a colossal 400,000 ETH during the latest pullback. This accumulated stash, valued at around $1.7 billion, demonstrates a powerful conviction that the bull run is far from over. Such significant purchases not only reduce the amount of ETH available on the open market but can also encourage smaller retail investors to follow suit, potentially laying the groundwork for a future price recovery.
Cardano Whales Join the Accumulation Spree
Cardano is another project where whale activity is painting a bullish picture. Large ADA investors have significantly increased their holdings during the recent market turbulence. Popular X (formerly Twitter) user Ali Martinez revealed that Cardano whales have scooped up 150 million tokens in the past two weeks alone. Remarkably, two-thirds of that amount—approximately 100 million ADA—was accumulated in a single 24-hour period.
This aggressive buying comes as ADA trades at around $0.85, a level that many analysts see as a prime opportunity. Several influencers have shared optimistic forecasts for the asset:
AltGem Hunter on X has set future price targets at $2.68, $5, and even $10, noting that ADA must first reclaim the $1.16 level as support.
CryptosRus, a user with nearly 300,000 followers, spotted what he described as “a massive Inverse Head & Shoulders” pattern on ADA’s 9-day chart, suggesting the current valuation under $1 should be considered “a huge discount.”
The contrast is clear: while some projects are fighting for relevance, smart money appears to be doubling down on established networks, viewing the current market dip not as a crisis, but as a strategic opportunity.
