Pi Network is a new crypto project made to create a digital asset that’s not controlled. It was started by Nicolas Kokkalis and Chengdiao Fan, graduates of Stanford. Pi Network has a special way of mining—it uses people’s daily mobile activities. The goal is to provide an easy platform for people to get involved with crypto. Unlike Bitcoin, Pi Network is still in its early stages and being tested.
The Pi Network represents a shift in crypto mining and participation. It brings a new consensus method called “Proof of Mining,” allowing users to mine Pi coins right from their phones. What makes Pi Network unique is its focus on accessibility and inclusion; it aims to make crypto mining available to anyone with a smartphone. This article explores factors impacting Pi Network’s price and forecasts its price over the next six years.
Read more: What is PI Network
Factors Influencing the PI Coin Price
Let’s examine the different factors that impact the price of a PI coin.
Market Dynamics
The sentiment prevailing in the market wields significant influence in the crypto realm. Positive sentiments, spurred by favourable news or achievements, have the potential to drive up the price of Pi Coin. Bitcoin’s success impacts altcoins like PI Coin and also the extended crypto market. When people feel good about Bitcoin’s future or mainstream acceptance, it creates an environment where other crypto can flourish. So Bitcoin’s performance often intertwines with optimism around altcoins.
Read more: Bitcoin Price Prediction
Technological Advancements
Advancements in technology, particularly within its ecosystem, can directly impact the value of the PI coin. For instance, if PI introduces substantial improvements or advantages compared to existing crypto, it may attract investors to shift their focus and investments toward PI coin, consequently affecting the market dynamics.
Regulatory Environment
Governments often eye crypto assets like the PI coin cautiously. As PI gains traction, moving towards wide usage, regulatory scrutiny increases. Decentralized, unregulated cryptos make authorities wary. Many governments hesitatingly endorse currencies outside their control. Consequently, regulatory measures may be implemented to exert control. These regulations and potential restrictions could lead to increased centralization of digital assets like the PI coin, ultimately influencing its price.
Historical performance of the PI Coin
Crypto.com reports that Pi coin’s price history documentation began in December 2022. However, it emphasizes that the coin is not yet tradable, and exchanges offering PI usually provide “IOUs” instead of actual coin ownership. Despite its non-tradable status, PI experienced a peak price of $244 on January 1, 2023. Subsequently, the cost of Pi gradually declined, experiencing a significant sell-off and reaching lows of $19.7 by July 14, 2023. Although there was a partial recovery in August, with prices approaching $50, the bullish momentum could not be sustained. This led to continued trading within a bearish zone of around $30 for several months.
In recent weeks, amidst the market’s recovery from support levels, there has been increased buying activity for Pi coins. This surge in demand has driven its price above $50 before stabilizing at approximately $40, its current level.
Market Sentiment and Technical Analysis
The Pi coin’s price is $38.28, down 4.39% from yesterday. It has a $2.62 billion market cap and a $0.42 million 24-hour trading volume. The fear and greed index is 79, showing extreme investor greed and volatility of 33.47%. In the last 15 days, the price stabilized after peaking at $123.51 on March 13th.
Read more: How to Learn Technical Analysis
Pi Network’s (PI) Long-Term Price Prediction from 2024 to 2030
We will attempt to predict the long-term price of the PI coin by taking into account various technical indicators and market sentiment.
Pi Coin price prediction for 2024
The PI price will likely hold steady, even rising until late 2024. This is because market sentiment supports bullish trends, PI’s mainnet launch, and Bitcoin’s halving event. At 2024’s end, PI’s minimum price could be around $30. Its maximum potential value is $60.
Pi Coin price prediction for 2025
The commencement of 2025 could potentially see the bullish forces asserting significant control. This dominance might sustain the upward trajectory throughout the year’s duration, propelling prices to reach a minimum threshold of $85. Furthermore, the optimistic scenario envisions a peak of $200 being attained.
Pi Coin price prediction for 2026
Around 2025’s close, prices might decline, potentially persisting through 2026. The PI could bottom out near $115 yet peak around $165.
Pi Coin price prediction for 2027
The PI price might see a recovery in 2027, and there is a chance for bullish influences to counter the ongoing downward trend. The price of PI may reach a minimum level of $155 and a maximum level of $250 which is close to its initial listed price of $244.
Pi Coin price prediction for 2028
After recovering from the bear market in 2027, a strong bullish trend will continue in 2028. The PI price might reach a minimum value of $285 and a maximum value of $375 at the end of 2028.
Pi Coin price prediction for 2029
There might be a lasting upward trend in 2029, with PI reaching its all-time high. The price of PI may reach a value between $300-$350.
Pi coin price prediction for 2030
In 2030, Pi’s journey could take a downward turn after its prolonged ascent. The coin’s value might dip to a low of $200-$250.
Should I Invest in Pi Network (PI) between 2024 and 2025?
Pi Coin has several advantages, yet its original mining principles have been under scrutiny recently due to the increasing popularity of proof-of-stake. Nonetheless, progress is being made on creating an Open Mainnet, set for release in Q2 of 2024, which usually leads to a favourable impact on coin value. As with any crypto investment, conduct thorough research and invest based on your risk tolerance and investment objectives. Please note that this blog should not be taken as investment advice under any circumstance. Investors are advised to conduct their own thorough research before investing in any crypto-related product.
Conclusion
Similar to other crypto, the value of Pi coin is mainly influenced by the interplay between its supply and demand. Presently, Pi Coin is characterized by a substantial supply but lacks significant factors driving demand. Despite boasting an impressive user base exceeding 47 million, a considerable portion of these users cannot sell their Pi holdings, resulting in a notable backlog of holders eager to capitalize on profits. It is expected that a significant amount of this selling pressure will materialize shortly after the launch of the open mainnet, potentially leading to a considerable price decline.
Contrarily, developments enhancing the environment or long-term investors’ incentives might mitigate anticipated sell-off pressures. Invariably, thoroughly researching and basing investment choices on personal risk tolerance and objectives remains paramount.
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