Top cryptocurrencies to watch this week: Mantra, Memecoin, Pi Network

Memecoin will be a top cryptocurrency to watch because of its recent performance and the upcoming unlocks. The memecoin will unlock tokens worth over $7.57 million, equivalent to 7.96% of the total in circulation. A token unlock often leads to a lower price as it dilutes existing holders.

Memecoin price has done well in the past few days as it jumped from $0.001388 this month to a high of $0.002794. This rebound happened after it formed a large falling wedge pattern, a popular bullish sign. Memecoin has also jumped above the 50-day moving average.

Therefore, while the uptrend may continue, there is a risk that the coin will drop ahead of the token unlock and possibly hit the 50-period moving average at $0.0018.

Memecoin price chart | Source: crypto.newsPi Network

Pi Network will also be in the spotlight as its performance continues to disappoint. The token was trading at $0.60 on Sunday, much lower than the all-time high of $3.

A key reason for the plunge is the ongoing supply increase in the network. Data shows that over 1.58 billion tokens will come online in the next 12 months. The average monthly unlocks are 131 million, valued at over $82 million.

Also, there are concerns about the concentration of Pi holdings. The developers noted that 65 billion tokens are allocated to community members, while 10 billion are reserved for the foundation, and 20 billion are allocated to the core team. The core team and the foundation can be viewed as a single entity, raising concerns about concentration.