Pi Network News Today: March 23rd
Partnerships in the Pipeline
In less than two months since its launch, Pi Network has gained significant attention in the cryptocurrency space. Recently, the team announced a notable partnership that aims to enhance transparency within the ecosystem. Pi News, the project’s official media outlet, detailed a collaboration with PiDaoSwap, a fully community-driven decentralized project. This partnership marks a crucial step toward improving governance and reducing uncertainty, an aspect that has plagued the network historically.
Engaging a community-focused DAO can potentially restore faith among investors, thus creating a conducive environment for price recovery.
Fewer Unlocked PI Tokens, Positive Price Trajectory?
Recent analysis from a Pi Network X channel in Vietnam attributes the recent price decline of PI to significant selling pressure stemming from the high volume of unlocked tokens during the token’s initial trading phase. Originally, about 13 million PI tokens were unlocked daily, contributing to a market flooded with selling activity.
However, projections from the team indicate that the daily unlock rate is expected to decrease significantly, dropping to approximately 3.8 million tokens. This adjustment may alleviate the selling pressure, which could stabilize or even increase the price of PI, provided that demand holds steady or escalates.
Crypto analysts have observed that the PI/USDT trading pair has been trapped within a descending channel for an extended period. Nonetheless, sentiment around PI has recently turned bullish, with a newly reclaimed resistance line now acting as support. If PI manages to build notable momentum, analysts suggest the price could potentially surge towards $2 in the near future.
Previous Price Predictions for PI
The Pi Network boasts a large and enthusiastic community, with increasing support and engagement. Analysts frequently share their insights regarding potential price movements on the platform, and some recent predictions suggest that PI could revisit its all-time high of $3, which was hit just a month ago.
Some speculators have even proposed an optimistic target of $314.159, a figure symbolically representative of π (Pi). While such a projection sounds ambitious, achieving it would necessitate a jaw-dropping surge in PI’s market cap, reaching multi-trillion-dollar valuations.
In conclusion, as Pi Network continues to develop through strategic partnerships and tackle market challenges, the community remains eager to see how the token’s price will evolve in the coming weeks.
