The Pi Coin price value has plummeted this year and is hovering near its all-time low. It was trading at $0.4488 on Thursday, giving it a market capitalization of over $3.5 billion, down from nearly $20 billion in February.
Pi Network has declined due to its weak ecosystem growth, increased selling by pioneers, a lack of exchange listings, and the perpetual token unlocks that have boosted its supply over time. This article explores some of the key catalysts that may boost the value of Pi over time.
Exchange Listing Would Boost Pi Coin Price Value
The main catalyst that may boost the Pi Network token is an exchange listing by one or more tier-1 exchanges. Pi is now listed on a handful of major exchanges like MEXC, OKX, and Gate.
History shows that cryptocurrencies always surge, albeit briefly, when exchanges list them. For example, Bubblemaps doubled after Binance listed it, while Arbitrum soared by 15% after Robinhood’s listing.
As we mentioned earlier, many mainstream exchanges have resisted listing Pi Network due to its lack of transparency and centralization.
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Ecosystem Growth
The other catalyst that may boost the Pi Coin price value is its ecosystem growth, which would transition it from a ghost chain into a utility token.
Pi Network’s developers hoped that Pi would become a universal token used to settle payments across various sectors, including gaming, DeFi, e-commerce, and other areas.
They recently launched the Pi AI Studio, which they hope will become the default platform for building AI applications. This was in addition to other initiatives, such as the Pi Domains and the Pi Ad Network.
However, the reality is that Pi Network is largely a ghost chain with no mainstream applications. The launch of successful apps would help to give it more utility.
One proposal would be to move these apps to mainstream app stores, rather than basing them on the Pi Browser.
Focusing on Decentralization
Another potential catalyst that could boost the Pi Coin price is its efforts towards decentralization or an audit by a well-known auditing company.
Pi Network is controlled by the Pi Core Team and the Pi Foundation, two organizations that are largely unknown to most users. The foundation holds over 90 billion tokens worth billions and is not accountable to anyone.
A decision to increase its diversification would be beneficial, as it would make it easier for exchanges to list it. It would also allow community members to vote on key issues, such as a token burn.
Pi Network Price Would Soar if Technicals Worked Out
Finally, the token would jump sharply if its technicals played out well. As the above chart shows, it has formed a double-bottom pattern at $0.4087 and its neckline at its highest point in May.
Pi Coin price has also formed a falling wedge pattern, a common bullish reversal sign. Therefore, the token will rebound sharply if these patterns work out well.
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