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Pi Network price remained in a deep slumber, even as Bitcoin jumped to a record high and the valuation of most coins soared to over $4.36 trillion. It was trading at $0.2600 on Tuesday, Oct. 7, down by over 90% from the all-time high.
The Pi Coin price has been in a strong free fall over the past few months. This crash occurred despite numerous bullish catalysts, including the launch of the $100 million venture fund.
Pi also overlooked the launch of the Pi AI Studio, which enables users to build artificial intelligence solutions without requiring any coding.
The token has also plummeted following the recent launch of the Valor Pi Fund, the first exchange-traded product (ETP) listed in Sweden. This fund has attracted less than $5000 in assets.
Pi Network’s price has plunged even after sponsoring last week’s TOKEN2049 event, where its founder, Chengdiao Fan, was one of the speakers.
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Most notably, it ignored the recent accumulation by a whale who bought tokens worth over $100 million within a few weeks. Also, it dropped even after the developers launched a testnet for decentralized exchanges (DEX), automated market makers (AMM), and liquidity pools.
Pi Network’s developers can take measures to boost the price based on the recent performance of some tokens. One measure would be to address a key issue in the network: its token unlocks, which increase the supply every day.
Pi Network has less than 10 billion tokens in circulation, compared to a maximum supply of 100 billion tokens. This means that billions of tokens will come online in the coming years. Precisely, over 1.2 billion coins will be unlocked in the next 12 months.
Therefore, one way of boosting the price is to announce a large-scale token burn exercise, as OKX did recently when it reduced the supply of OKB tokens to 21 million. That action alone pushed the OKB price significantly higher within days.
The other main catalyst that could boost the Pi Network price is an announcement on decentralization, as the obscure Pi Network Foundation currently holds too much power. A commitment to decentralization would help the coin get listed by major exchanges like Binance and Upbit, which are concerned since the foundation holds over 90 billion tokens.
The Pi Network price may also benefit by opening up the ecosystem to ensure that apps by its developers are available in mainstream app stores. Presently, these apps are only available to users who have downloaded the Pi Browser.
Further, a commitment to the ecosystem may help boost the Pi Network price. For example, the price would benefit if the developers unveil projects funded by the $100 million fund.
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