Pi Network will be in the spotlight today, May 14, as the developers unveil highly anticipated ecosystem news at the Consensus event. This news has already triggered a strong surge in its coin. This article provides the most likely Pi Coin news to watch today and how it will impact its price.
Pi Network Ecosystem Fund
In its X post last week, the team said the upcoming news event will be on the ecosystem. Therefore, the most likely announcement will be an ecosystem fund incentivizing developers to build applications on its platform.
An ecosystem fund will be similar to what other projects have done in the past. Solana has a $300 million fund that provides resources to developers building apps on its chain. Polygon has a $415 million fund, while Avalanche, Aptos, and Arbitrum have multi-million-dollar funds.
As a result, it is highly difficult for a blockchain to attract developers if it does not have a fund or a grant-making strategy. Therefore, with the existing Pi Network ecosystem struggling to gain traction, developers are likely to launch a fund to attract creators in top industries like gaming and decentralized finance.
READ MORE: Pi Network Exploded 90% in a Week: Is This the Next Breakout Coin?
Pi Coin Exchange Listing
One of the top speculations is that Pi Network will announce an exchange listing today since most top-tier 1 exchanges have not listed it. It is only listed on exchanges like MEXC, BitMart, and OKX. Other popular exchanges like Binance, Upbit, Kraken, and Coinbase are yet to list it.
Therefore, many Pi Network investors anticipate that one or more of these exchanges will list it today. However, we believe that the announcement will not be about a listing, as historically, such announcements are made by exchanges. Also, it is highly unlikely that Pi Coin would tease a listing.
Pi Network Token Burn
The other potential Pi Network news is a token burn. A token burn is when a crypto project sends tokens to a dead address that cannot be accessed. The goal is usually to reduce the token’s circulation and boost its price.
A Pi Coin token burn would help to offset one of the biggest challenges facing the token: unlocks. Data shows that over 1.3 billion tokens are expected to come online this year, and billions more in the future. As such, market participants would likely receive a large-scale burn.
READ MORE: Pi Network Price Could Soar to $3 as Top Exchange Hints at Listing
Implications on the Pi Coin Price
These three news events will have different implications for the Pi Network. The most impactful one would be an exchange listing, as that could likely lead to a percentage gain in the triple digits, as seen recently. Orca price jumped by over 200% in a day after being listed by Upbit.
A Pi Network token burn news would also greatly impact the price, while an ecosystem fund’s impact will be limited.
On the positive side, as shown on the chart above, the Pi Network’s price has already completed the first and second phases of the Elliott Wave. It has now entered the third phase, which will lead to more gains to $2.45 and then retreat.
