Although it’s the weekend, the cryptocurrency market never sleeps.
Here are some of the most important events in the Pi Network ecosystem, which is one of the newest (yet not so new) and hottest trends.
Partnerships in the pipeline
Pi Network saw the light of day just over a month ago but has made the headlines numerous times since then. In one of the latest updates posted by the team, they indicated about a notable partnership that could enhance transparency.
Pi News, the project’s official media source online, outlined a collaboration with PiDaoSwap, which is a fully community-driven, decentralized project. The DAO’s governance, which is run 100% by the community, should remove some of the uncertainties around the project, which has struggled with controversy for years.
Additionally, such partnerships could increase the faith in the underlying asset and thus lead to price resurgences.
Fewer unlocked PI tokens, positive price trajectory?
A Pi Network X channel based in Vietnam explained that the recent price drop for PI’s price could be attributed to the growing selling pressure because of the substantial amount of unlocked tokens during its first month of being live for trading.
However, the team expects that selling pressure will ease off, as the unlock rate should drop from 13 million PI per day to just 3.8 million. This could help stabilize or even boost PI’s price if demand holds or rises.
A crypto analyst explained on X that the PI/USDT pair had been stuck within a falling channel for a month. Nevertheless, the overall PI sentiment has turned bullish after a resistance line was reclaimed and is now acting as support.
As such, he added that PI could shoot up toward $2 soon if it breaks out of this descending channel with “notable momentum.”
Previous price predictions for PI
Pi Network has a big community and a growing number of supporters. Analysts are often highlighting potential price movements on X, and some of the recent predictions included a surge back to its all-time high of $3 registered a month ago.
Other speculators have been even more bullish, suggesting a potential surge to $314.159 – a number symbolically linked to π (Pi) ≈ 3.14159. It’s safe to say that this sounds more than far-fetched at the moment, as it would require PI’s market cap to skyrocket to the stratosphere (multi-trillion dollars).
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