Zylo Ecosystem
Pearl
Walrus
Derive
Quantus
Aerodrome Finance
Sui
Key Insights:
- Pi coin value just broke below $0.38 after hitting a 24-hour low of $0.3710. It is sliding over 5% in an hour, and bears are in control, momentum fading fast.
- Whale wallet withdraws 353 million Pi worth $140 million. Now, Bitget ranks as the second-largest exchange in PI holdings.
- Over seventy-three payment gateways internationally could be incorporated into the Pi Network.
After the surge immediately after the CPI inflation data release, Pi coin value dropped by 5% the following day. Pi Network price drop also came as Bitcoin (BTC) fell to $120,000 from an all-time high of $124,000.
The entire cryptocurrency market was in a downturn after the release of US PPI data on Thursday. This was more than expected. This took the CPI data, which was less than expected, back to 3%. It was the highest rise in MoM since 2021, with service costs at the driver’s seat.
During this drop, whales and exchanges capitalized on the discount. They were buying at an accelerating rate by integrating multiple payment systems into the Pi Network ecosystem in sight.
Pi Coin Value: Price Analysis And Expert Views
Pi coin value traded at $0.38 at the time of writing, from a low of $0.37. The hourly chart had flipped to bear control. Price was now trading below the Parabolic Sar resistance at $0.40. This came after the PI stayed above during the post-CPI data release.
The $0.40 price level had to be reclaimed to reverse the bearishness. The traded volume in the last 24 hours was about 33 Million PI with about $13 Million in USDT turnover.
Most community members had lost confidence in the token. However, Pi Network may still be a gem that has yet to be uncovered.
But what do the experts have to say? Degen General on CoinMarketCap highlighted that the altcoin was experiencing high volatility. The momentum was greatly assumed amid a bullish engulfing candle formation.
The RSI was also oversold, with the market seeing extreme levels of volatility. From Degen General, a fall toward $0.32 might be facilitated by the 156 million token unlock. This is valued at $68 Million. Still, the big players were increasing their risk exposure from the slight drop.
Bitget Rises as PI Coin Value and Netflows Shift
Data from PiScan showed that during the last two days of intense pressure, a single wallet moved 353 Million tokens. The Pi coin value stood at $140.4 Million at the time of writing.
New investors were starting to notice the coin. However, most of the Pi network value was held by pioneers.
Additionally, OKX and Bitget have been at the forefront of supporting the token since its mainnet launch. For Bitget, it cemented its position as the second-largest exchange in possession of PI coins.
OKX balance has been reducing while Bitget’s is rising. Still, OKX led the total inflows in the last 24 hours. However, the netflow was in the negative zone. On the other hand, Bitget netflows were positive (roughly 123,060) at the time of press.
The total held by exchanges was now 409.27 Million. Bitget was on track to clinch the first position among exchanges after OKX’s recent slowdown.
Pi Network Integrating Payment Systems
Worth noting, more payment systems were on the verge of being integrated into the Pi Network. About 73 were aligned with Vietnam’s PAO, now accepting payment by PI coin value.
The announcement deduced that 20% of the cost could be paid in PI. At the same time, the remaining percentage would be settled in Fiat currencies.
The Global Consensus Value (GCV) movement drove these upcoming integrations. Pi Network communities were referring to the price of the token.
Finally, the Pi coin value was in a state of uncertainty. Trading the altcoin carries some risk. It has struggled to recover. The coin remains below 50% of its launch peak.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
