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Pi Network remains a center of attention due to the recent ecosystem advancements and investments surrounding the crypto project.
Despite plunging over the past 24 hours, PI is among the very few top 100 digital assets positioned in green territory on a two-week scale.
Last week, Pi Network made the headlines by teaming up with OpenMind (a company that develops an operating system for robots). The partnership marked its first investment in the Artificial Intelligence (AI) sector, with the ultimate goal of enhancing the utility of PI and bringing the token into real-world use cases.
OpenMind was excited to share the collaboration, saying it will connect the two communities that have a common vision: “using blockchain to power real-world impact.” However, neither party revealed the exact size of the investment. Earlier this week, Pi Network touched upon the deal once again, stating:
“Pi Network and OpenMind’s proof-of-concept project, where OpenMind’s AI models can run on Pi Node infrastructure, explores the capability of Pi’s global network of nodes to support decentralized AI training and computing tasks.”
Other recent developments related to the controversial crypto project include the speculation that it has joined the ISO 20022 race and the official activation of the Testnet2 v23.
As of press time, PI’s valuation hovers around $0.22, representing a 4% decline on a daily basis, which coincides with the broader crypto pullback. Its market capitalization stands at approximately $1.9 billion, making the asset the 66th-biggest in the entire sector.
However, PI remains in the green zone on a 14-day scale, registering a 12% gain. Some of the factors contributing to the positive performance during that period may include the aforementioned developments.
Pi Network boasts a huge and devoted community, with many members believing the coin’s price could skyrocket in the future. X user Lord Drey, for instance, envisioned an ascent to $3 – $5 by 2028, arguing that the fundamentals for PI are “madly bullish.”
On the other hand, the increased amount of coins stored on exchanges suggests a more severe correction could be on the way. Data shows that over 600,000 PI tokens have been transferred to such platforms in the past day alone, resulting in increased selling pressure.
The upcoming unlocks (albeit not as substantial as those in the previous months) could also play a negative role. Nearly 130 million tokens are scheduled for release over the next 30 days, providing people with the opportunity to offload holdings they have been waiting for a long time.
Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.
Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
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