Pi Network prices are suddenly outperforming top cryptocurrencies like Bitcoin, XRP, and Solana, fueled by key catalysts like Kraken’s potential listing and the upcoming validator reward distribution.
Conclusion
- The price of the Pi Network has dropped by about 17% this year.
- It has performed better than other popular cryptocurrencies.
- The team made some big announcements this year.
The Pi Coin (PI) token is down 17% this year, while Bitcoin (BTC) is down 23%. Ethereum (ETH), Ripple (XRP) and Solana (SOL) fell 35%, 27% and 33% respectively.
The main reasons why Pi Network beats the coins above
The coin has performed well in the past few weeks driven by some key catalysts. First, the coin celebrated its first anniversary in February. Although the price remains well below its peak, developers have highlighted key milestones, including KYC, where millions of people have migrated to the main network.
Pi Network’s stock has also outperformed its peers as investors react to news of Kraken’s potential listing. Once the company added it to their listing map page, the listing’s odds went up. This means that the list can happen at any time of the year.
In addition, the developers have launched the most awaited upgrade to v23. The first three phases have already been completed and the remaining phases will be implemented in the next few weeks. This update brings more improvements, including security and speed improvements.
Meanwhile, the Pi Network price has also done well ahead of the upcoming distribution of validator rewards, which is expected to happen later this month. Also, the developers are working on the original token, automatic market maker and decentralized exchange tools.
The price of Pi Coin faces great risks
However, the price of Pi Coin faces serious risks ahead. The most important thing is that it is very inflationary. It has no burning mechanism and millions of tokens are unlocked every day. The data shows that more than 1.4 billion tokens will be released in the next 12 months.
The Pi Network also faces a centralized risk where the foundation has more than 90 billion tokens. It also makes all the decisions that the members of the community have no say in important decisions.
Additionally, the Pi Network could soon be a dead blow to the cat, as we teased a major announcement last May. The announcement became the opening of the ecosystem fund of 100 million dollars. While this was a major announcement, it brought the token down as investors awaited a potential exchange listing.
The Pi network is still a ghost chain with not much activity in its ecosystem. A year after the launch of the network, there is no major program on the network.
