Pi Network price has crashed after its highly anticipated mainnet launch in February this year. It initially jumped by over 300% to $2.99, but the Pi coin token then imploded to its current value of $0.50, erasing billions of dollars in value. This article explains why the value of Pi has dropped and whether Block3 is a better alternative.
Why Pi Network Price Has Crashed
The Pi Coin price has crashed following its mainnet launch for several reasons. First, the plunge has coincided with the ongoing sell-off of altcoins. A closer look reveals that most altcoins, such as Cardano, Floki, and Hedera Hashgraph, have declined in value this year.
The market cap of all altcoins, excluding Bitcoin, stablecoins, and Ethereum, has dropped by over $300 billion this year.
Second, the Pi Network token plummeted due to its centralization, where the obscure Pi Foundation holds over 90 billion tokens. This foundation can make decisions on all aspects of the network, including how the funds in its wallets are spent.
Third, many crypto exchanges have remained muted about listing it. This includes Binance, whose users voted overwhelmingly to list it in February. It also includes HTX, an exchange whose social media pages have teased its listing for months.
Furthermore, Pi Network unlocks millions of tokens daily, thereby increasing the outstanding supply at a time of low demand. Over 1.5 billion coins will be released into the market soon.
Pi Network is also referred to as a ghost chain because no mainstream ecosystem applications have emerged. Being a ghost chain means that the coin has no utility in the market.
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Pi Coin Price Forecast
The daily chart shows that the Pi Network price is showing signs of bouncing back in the coming weeks. The most bullish aspect is that it has formed a double-bottom pattern and a falling wedge. Its double bottom is at $0.4015, while the neckline is at its highest level since May this year.
Pi Network price has also formed a falling wedge, a popular bullish reversal sign comprising two descending and converging trendlines. Its Bollinger Bands and other volatility indicators show that its volatility has dipped lately.
Therefore, the most likely scenario is one where the Pi Coin price stages a strong comeback and hits the key resistance level at $1, followed by the double bottom’s neckline at $1.6728.
Pi Network Price Chart | Source: TradingView
Block3 is Firing on All Cylinders
Crypto investors are backing Block3, an upcoming crypto project that promises to disrupt the gaming and artificial intelligence (AI) industry.
The developers are working on an AI engine that is expected to disrupt the gaming industry in the coming months. Its product will have a close resemblance to popular AI products, such as ChatGPT and Claude.
The main difference with these ones is that they will be optimized for the gaming industry. In it, a user will need to describe a game, and then the AI engine will work behind the scenes and come up with a working game.
Its advantage is that it will enable anyone to become a game developer, and the cost of building an AAA game will decrease dramatically.
This promise explains why Block3 has gone viral in the past few days. It has already raised over $600k in the last two days. Also, early buyers are benefiting since the current price is much lower than its eventual listing price. Buy Block3 here before the next price increase.
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