PI followed the red wave in the crypto sector and the price fell to $0.22.
Pi Network remains a hot topic due to recent ecosystem advancements and investments surrounding crypto projects.
Despite the steep drop in the past 24 hours, PI is one of the few among the top 100 digital assets to be in green territory on a two-week scale.
Dive into AI and more
Pi Network made headlines last week when it partnered with OpenMind, a company that develops operating systems for robots. This partnership marks our first investment in the artificial intelligence (AI) space, with the ultimate goal of increasing the utility of PI and bringing the token to real-world use cases.
OpenMind said it was excited to share this collaboration, which brings together two communities with a shared vision of “using blockchain to increase real-world impact.” However, neither party disclosed the exact size of the investment. Earlier this week, Pi Network revisited the deal, saying:
“The Pi Network and OpenMind proof-of-concept project allows OpenMind’s AI models to run on Pi Node infrastructure and explores the capabilities of Pi’s global node network to support distributed AI training and computing tasks.”
Other recent developments related to the controversial crypto project include speculation that it has entered the ISO 20022 race and the official activation of Testnet2 v23.
price outlook
At the time of writing, PI’s valuation is hovering around $0.22, representing a 4% decline on a daily basis, which is consistent with the broader decline in cryptocurrencies. Its market capitalization is approximately $1.9 billion, making it the 66th largest asset in the entire sector.
However, PI remains in the green zone on the 14-day scale, registering a 12% increase. Factors contributing to the strong performance during this period may include the developments mentioned above.
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Pi Network boasts a large and dedicated community, with many members believing that the coin’s price has the potential to rise in the future. For example, X user Lord Dray claims PI’s fundamentals are “crazy bullish” and predicts it will rise from $3 to $5 by 2028.
On the other hand, the increasing amount of coins held on exchanges suggests that a more severe correction may be on the horizon. According to data, over 600,000 PI tokens were transferred to such platforms in the past day alone, resulting in increased selling pressure.
Future unlocks (albeit not as drastic as last month) may also play a negative role. Approximately 130 million tokens are expected to be released over the next 30 days, giving people a long-awaited opportunity to offload their holdings.
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