The crypto market was highly volatile last week as the war in Iran continued and the US published weak jobs numbers. Bitcoin price soared to $74,000 and then pulled back to $66,000 as inflation concerns remained. This article explores some of the top crypto to watch this week, including Polkadot (DOT), Pi Network (PI), and Sei (SEI).
PI Network in focus ahead of Pi Day
Pi Network has been one of the best-performing coins in the crypto industry this month as it surged to its highest level since December. It has jumped by over 80% from its lowest level this year, outperforming Bitcoin and most altcoins.
Pi Network will be in the spotlight this week because March 14th is Pi Day, a global day that commemorates the mathematical constant pi. It is marked that day because it coincides with the dates (3.14).
In most cases, this day is celebrated by mathematicians and often includes things like buying and eating pies.
Pi Network has historically used this day to make some major announcements, which often impact the price.
For example, the team released the outcome of a test involving OpenMind, a company it invested in last year. The test involved using its validators to provide computing power to the company.
In the future, more validators will be enrolled to the program and earn returns. The Pi Day also comes during the ongoing protocol upgrade to v23. A major upgrade is currently underway and will be completed on March 12. Also, there are rumors that the DEX and AMM feature will be launched later this week.
Polkadot tokenomics overhaul
Polkadot, a top layer-1 network created by Gavin Wood, an Ethereum creator, will be one of the top cryptocurrencies to watch this week.
One reason it will be in the spotlight is that 21Shares launched TDOT on Friday. TDOT is the first Polkadot ETF in the United States and has over $11 million in assets. Therefore, traders will pay attention to the coin for any signs of demand from American investors.
The other key reason is that the developers will make a major tokenomics overhaul this week. This overhaul will introduce some major changes, including, reducing the maximum number of tokens in circulation to 2.1 billion.
The network will also reduce emissions by 53.6% and reduce the number of unbonding days from 28 to between 24 and 48 hours.
In a statement last week, the team said that the changes will introduce lower emissions, improve validator accountability, and have a governance-directed allocation.
Sei, Pump, Starknet, and Zebec
Some of the other top coins to watch are those with token unlocks this week. A token unlock is a situation where new tokens are introduced to the market, a move that increases the number of tokens in circulation. In theory, token unlocks are usually bearish for cryptocurrencies.
Pump, which has a market capitalization of $664 million, will unlock 10 billion tokens worth over $18 million. Sei, a top layer-1 network, will unlock 121 million tokens worth $7.73 million, while Starknet will unlock 163 million coins worth $6.14 million. Zebec Network will unlock 1.04 billion tokens.
On top of all this, the crypto market will react to the ongoing war in Iran that has pushed energy prices higher globally. Hyperliquid data shows that crude oil prices have soared to $110 after some key countries like Kuwait announced production cuts.
The crypto market will also react to the upcoming US consumer inflation report on Wednesday this week.
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