Is Pi Network Coin a Buy as it Seeks to Become an AI Platform?

Pi Network coin has done well in the ongoing crypto market crash. While most altcoins have plunged, it has remained inside a narrow range. Also, the Pi Network price is still about 47% above its lowest level this year. So, is Pi Coin a buy as it becomes an AI platform?

Pi Network Coin is Aiming to Become an AI Platform

Some events show that Pi Network coin is aiming to become a major player in the booming artificial intelligence industry. For example, the developers launched the Pi AI Studio a few months ago.

Pi AI Studio is a platform that enables everyday users and professional developers to build decentralized applications (dApps) more easily. It combines blockchain technology with artificial intelligence. Also, the developers hope that it will become a key platform for building AI-powered apps in the future.

The developers recently invested in OpenMind. The company works at the intersection of AI and robotics. It has already raised $20 million from Pantera Capital and Topology.

As part of the investment, the two companies conducted a proof-of-concept that enabled OpenMind’s AI models to run on Pi’s infrastructure. It is made up of millions of users.

Pi said the concept showed AI products could use Pi nodes for computation. The test proved this capability in practice. It let Pi node runners earn more money. They did so by partnering with third-party AI companies.

Such a move will transform Pi Network. It will shift from a ghost chain to a utility coin. It will join the fastest-growing industries of our time.

Companies like IREN, CoreWeave, Bitfarms, and Core Scientific pivoted from pure Bitcoin mining. They shifted into providing AI infrastructure. This move turned them into multi-billion-dollar entities. Just recently, IREN inked a $9.7 billion deal with Microsoft to provide its cloud computing solutions.

Pi Network has the firepower to expand into AI. OpenMind was the first company it invested in. This move strengthens its entry into the industry. It is unclear how much money it has invested in. However, chances are that it has tens of millions of dollars to invest in other emerging AI companies.

Pi Core Team is Working on Ecosystem Growth

AI is just one part that the Pi Core Team is working on. The recent announcement shows that they are working hard to create a utility for the network. The developers recently launched new features.

These include decentralized exchanges (DEX) and AMM liquidity pools. They also enabled token creation on the testnet network. The DEX and AMM features let developers and pioneers experiment. They test token swaps and liquidity pools. They also explore other DeFi capabilities on the network.

At the same time, the network now allows users to generate tokens and then test them on the testnet. The developers stress that the created tokens must have utility. This requirement aims to curb meme coin growth. It ensures the network supports meaningful projects.

Perhaps these major developments are the main reasons why one major Pi Network Coin whale has continued to accumulate. A potential thesis is that if there are enough utilities, some major exchanges will likely approve their listing.

Pi Network Coin Price Technical Analysis

The daily timeframe chart shows that the Pi Coin price has formed a double-bottom pattern at $0.1950. It has also formed a neckline at $0.2930, its highest level on October 27. A double-bottom normally leads to a bullish reversal.

At the same time, the coin is in the accumulation phase of the Wyckoff Theory. It is characterized by low volume and sideways movements.

Therefore, the value of Pi may stage a strong uptrend in the near term. If this happens, the next key target to watch will be at $0.2930, up by 30% from the current level. A move above that price will point to more gains to $0.50.