Pi Network price has crashed and is hovering at a record low, making it one of the top laggards in the crypto industry this year.
Summary
- Pi Network price has been in a freefall since its mainnet launch.
- The crash happened even as the developers made major ecosystem news.
- Some potential news, like exchange listings and token burns would boost the price.
Pi Network price crashed despite major news
Pi Coin (PI) was trading at $0.2130, down 92% from its all-time high. This crash has occurred even as the team has made several notable announcements.
Pi Network launched the $100 million ecosystem fund in May with a goal of funding promising startups in its network. Five months later, the developers have not announced any recipients of the investment. The Pi Core Team also launched the Pi AI Studio, a platform that makes it possible for developers to build and launch artificial intelligence tools.
It also implementing a major upgrade that will make the network compatible with Stellar’s Protocol 23. This upgrade will introduce notable features such as parallel transaction processing and unified event architecture.
Pi Network price has also plunged after the launch of the Valor Pi Fund in Sweden. The fund has attracted less than $5,000 in assets, two months after its launch.
Most recently, it plunged after the team launched a testnet to enable decentralized exchanges and automated market makers on the network.
Top catalysts that may boost the Pi Coin price
The main reason Pi Network has ignored these important news events is that it has not addressed the core issues.
First, an exchange listing by major companies such as Coinbase, Upbit, or Binance would lead to a parabolic move. Such a move would lead to more liquidity and validation for the token.
Historically, tokens advance by double or triple digits after a major listing. In this case, an Upbit listing would make the token available to South Korean traders, while a Coinbase listing would do the same for Americans.
Second, a Pi Coin token burn would likely lead to a short squeeze, which happened recently with the OKB token. OKB’s price soared by more than 200% within days after the team announced a major token burn that left the maximum supply at 21 million coins. A Pi Network burn would help offset the millions of monthly token unlocks.
Third, the token would advance if the developers focused on boosting its ecosystem growth. Such a move would transition Pi Network from a ghost chain into a utility network such as Ethereum (ETH) and Solana (SOL).
Finally, a major announcement on decentralization would help boost its price. That is because Pi is one of the most centralized tokens in crypto, with the obscure Pi Foundation holding billions of tokens. Also, unlike other chains, community members do not vote on any changes.
