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Pi Network (PI) Price: Token Falls Below $1 Despite Reduced Unlocks
The cryptocurrency market has been characterized by extreme price volatility, and the recent performance of Pi Network’s native token (PI) is no exception. Despite efforts to stabilize the token’s value by reducing daily unlocks, PI has fallen below the $1 mark, currently trading at approximately $0.92.
This significant drop in value comes as a surprise to many investors who had expected the token to follow the general trend of the broader cryptocurrency market. However, analysts are divided on whether this downward trend will continue or if the token will experience a short-term recovery and potentially break above the $2 mark in the near term.
Recent data suggests that daily token unlocks have decreased from 13 million tokens to approximately 3.8 million. This reduction in new tokens entering circulation could potentially ease selling pressure, allowing the market to absorb the supply more effectively. Nevertheless, upcoming token releases may continue to put downward pressure on the price.
On a more positive note, Pi Network has recently announced an official partnership with PiDaoSwap, a community-driven platform aiming to improve governance processes and increase transparency within the network. Other internal platforms have also joined this collaboration, which is part of the network’s strategy to build a broader ecosystem of decentralized applications.
Some market analysts are still optimistic about PI’s future performance, suggesting that it could potentially break out of its current downward trend and move towards the $2 mark in the near term. More ambitious predictions have also emerged within the community, with some claiming that the token could reach values above $10 as the network matures.
However, others have proposed token burns to stabilize the price, and Pi Network has recently implemented a burn of 10 million tokens, reducing the total supply to 6.77 billion. This move did not appear to have a significant impact on the token’s value.
The community remains uncertain about potential exchange listings, as many had hoped for a listing on major exchanges like Binance but no such announcements have been made.
Source: https://blockonomi.com/pi-network-pi-price-token-falls-below-1-despite-reduced-unlocks/
