Pi Network rose 11.44% to $0.2252, topping the 24-hour gainers, according to CoinGecko data. Ethena led decliners with a 9.65% slide to $0.1039 as winners and losers split across sectors. Hyperliquid and Tether Gold notched modest advances, while Decred and Zcash weakened among older networks and privacy names.
Top Gainers
Pi Network jumped 11.44% to $0.2252, giving it a $2.19B market cap. The mobile-first project pitches smartphone “mining” via a social trust graph, with a large user base accrued during its app-driven distribution phase. Liquidity has deepened as more venues reference PI pricing, though the project’s mainnet rollout and exchange pathways have been atypical. The double-digit move put PI at the front of the altboard.
Stable (STABLE) gained 6.07% to $0.0292, bringing its market cap to $602.19M. No specific news has been tied to the move. Despite the name, STABLE is not dollar-pegged, trading freely with crypto market volatility. The token’s low nominal price and mid-cap footprint can amplify percentage swings.
MemeCore (M) advanced 2.24% to $1.49, for a $2.60B market cap. The token sits in the meme sector, where flows often chase momentum across high-beta names. Liquidity at this capitalization tier typically supports larger daily notional turnover. Price gains were modest relative to the broader leaderboard.
Hyperliquid (HYPE) edged up 0.77% to $30.85, valuing the token at $7.36B. HYPE is tied to Hyperliquid’s derivatives-focused stack, an appchain and exchange centered on perpetual futures. Traders pointed to broader altcoin rotation as majors tread water and liquidity seeks directional setups in derivatives venues. The day’s move was incremental but kept HYPE in green territory.
Tether Gold (XAUT) rose 0.77% to $5,140.06, taking its market cap to $2.90B. XAUT represents tokenized exposure to allocated gold under Tether’s issuance framework. The asset often tracks bullion dynamics while introducing 24/7 settlement and on-chain transferability. The small uptick placed XAUT among the day’s gainers despite subdued action across commodities-linked tokens.
Top Losers
Ethena (ENA) fell 9.65% to $0.1039, with market cap at $882.92M. ENA governs Ethena, the protocol behind USDe, a synthetic dollar that pairs collateral with derivatives hedges, and sUSDe, a staking-like yield instrument. The drawdown follows active debate around yield sustainability and risk budgets in delta-hedged stable designs. Price pressure pushed ENA to the bottom of the daily table.
Decred (DCR) slid 8.91% to $28.88, putting its market cap at $499.22M. Decred combines proof-of-work and proof-of-stake with on-chain governance and a self-funding treasury via Politeia. The token often trades with older PoW cohorts that can underperform during rotations to newer narratives. Today’s decline reinforced that drag among legacy networks.
Morpho (MORPHO) dropped 8.37% to $1.79, for a $983.75M market cap. Morpho builds lending optimizers and the Morpho Blue stack, seeking efficient peer-to-pool credit markets atop DeFi primitives. As rates and utilization shift across money markets, governance tokens tied to lending can be sensitive to TVL and spread dynamics. The pullback left MORPHO among the session’s heavier DeFi decliners.
Sky (SKY) fell 8.12% to $0.0705, bringing its market cap to $1.63B. The token anchors an ecosystem branded Sky, with details varying across integrations and listings. No fresh headlines explained the drawdown, which arrived alongside weakness in several large-cap alt names. The decline erased recent incremental gains.
Zcash (ZEC) lost 7.55% to $210.70, valuing the privacy coin at $3.49B. Zcash uses zk-SNARKs to enable shielded transactions and selective disclosure. Privacy-focused assets can see outsized moves as liquidity conditions and listing frameworks shift across venues. Today’s retracement pushed ZEC toward the bottom of large-cap performers.
Market Outlook
The day’s range split was clear: the top gainer climbed 11.44% while the biggest loser shed 9.65%. Two of the five gainers rose just 0.77%, pointing to selective strength rather than a broad bid, and three of the five decliners dropped more than 8%.
Into the weekend, watch whether PI’s $0.2252 level holds and if ENA stabilizes above $0.1039. Flows around derivatives tokens like HYPE and safe-haven proxies such as XAUT may set the tone for risk appetite into early next week.
