The Pi Network community has recently experienced some turbulence as the price of its native token took a sharp dip below $0.50, touching $0.40 at one point. This sudden drop caused panic among holders, leading many to wonder whether it was time to sell or hold on for a potential recovery. However, there is some good news as the price has since rebounded, showing a 6% increase in the last 24 hours and now trading at $0.61.
The price decline can be attributed to the lack of significant updates from the Pi Core Team in recent weeks. Despite earlier promises of major upgrades and ecosystem development, investors have been left disappointed by the lack of progress. This stagnation has contributed to the token’s price remaining stagnant.
Despite the recent setback, there are still many in the Pi Network community who believe that the token has the potential to reach $10 in the future. With over 70 million registered users, known as Pioneers, Pi Network has a substantial user base for a cryptocurrency. If even a small percentage of this community begins using Pi for daily transactions, online purchases, or services within the Pi ecosystem, the demand for the token could increase significantly, leading to a rise in its price.
Currently, a large portion of mined Pi tokens are still locked or awaiting migration, resulting in limited supply available for trading. If demand for the token continues to grow through the introduction of new apps or business partnerships, the price of Pi could naturally climb higher over time.
Analyst Dr Altcoin commented, “For Pi to be practical within the Pi Ecosystem, its price would need to reach at least $10.”
In addition to internal factors, external geopolitical tensions have also played a role in the recent crypto market downturn, including the conflict between Israel and Iran. The uncertainty and instability caused by this geopolitical situation have impacted global markets, including the cryptocurrency market. Pi, like other altcoins, has followed the broader market trend, with some community members expressing frustration that the token seems to mirror negative movements without benefiting from positive ones.
As the Pi Network community navigates these challenges, there is still optimism that the token has the potential to reach new heights in the future, driven by increased demand and continued development within the ecosystem.