The PI coin is native to the ecosystem of Pi Network, which leverages the capabilities of Stellar Consensus Protocol (SCP) to facilitate energy-efficient mobile device mining. The idea is to make digital currencies accessible to everyone and help them mine more tokens without requiring high-end and powerful hardware.
Over a million users worldwide have boosted PI since its founding in 2019. The crypto remains one of the most significant tokens in the market. The article explores five key factors that can influence the future price of PI coins. For reference, the PI token is trading around $40, down marginally in the last 24 hours ahead of the mainnet launch.
Market Sentiment and Speculation
Market sentiment refers to the emotions that are currently prevalent within the segment. Speculation, on the other hand, is more about setting a benchmark for the future. For instance, speculators may predict that BTC could reach $80,000 by the end of October 2024. Currently, the market sentiment for PI is bullish, with investors hopeful that the token will yield better profits in the future or after its mainnet launch.
There is speculation that the current price of $40 will increase to the highest level of $52 by the end of this year, 2024. PI price prediction shows that a lower value of $31 is also possible. Over the next decade, the value is anticipated to increase to $269 by the conclusion of 2040. An alternate high of $325 is also a possibility.
Regulatory Environment
The regulatory environment relates to officially recognizing the lawful existence of a token (PI). This is the same aspect that paved the way for Spot Bitcoin ETFs and Spot Ether ETFs.
The community is optimistic that the verdict will be in their favor despite the ongoing discussions regarding the potential ETFs of other cryptocurrencies, such as XRP and SOL. Similarly, the regulatory environment that PI is subject to will be advantageous to its token value.
When a positive development occurs, the value of cryptocurrency frequently increases. There is uncertainty over PI as the community awaits the mainnet launch. There is a dire need to focus on compliance via KYC and migration deadlines. The deadline for this compliance was September 30, 2024. Non-compliance with KYC has a ripple effect on the market as investors lose their confidence.
Technological Developments
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Technological developments practically keep a network up and running. The fundamental developments that are happening at a faster pace are the applications of AI and advancements in blockchain.
Pi Network focuses primarily on its upcoming mainnet launch before making any other moves. The next target would be to gain stability in the price. There have been fluctuations on the price graph even in the last 30 days. The period started at around $34 and now is at $40.
While a defined range indicates stability, the ongoing volatility remains elevated at 11.25%. It lays the foundation for an estimated surge of 218.55% within the next 30 days from the press time. SMAs do not specifically encourage upticks. The mainnet launch and rate cuts will be necessary to accommodate the surge.
Community Engagement and Adoption
The Pi Network has already engaged with the community. PiBridge is conducting events and promotions to support loyalty among potential long-term users. Increased network adoption may result in a complementary effect.
PiBridge is working to integrate the network with the broader ecosystem. There is an underlying drawback wherein short-term interest could peak. That would facilitate a surge in the token value without considering its movements at a later time. An increase in utility will also stimulate long-term speculation.
Market Competition
The cryptocurrency landscape is vast enough to make any new token look small in comparison. In the meme coin segment alone, the likes of DOGE and SHIB present a formidable challenge to others.
Some even view Bitcoin tokens as digital gold or a potential asset for future appreciation. The majority of the networks currently in competition in the market are in the process of integrating Artificial Intelligence.
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AI and AI-backed tokens fuel speculation about how AI could influence virtually every aspect of one’s life. Fears of inflation during the confrontation between Israel and Iran are important economic considerations. Oil prices have already increased, and their effects will become evident as the war progresses. Investors would want to play safe by not investing in risky digital assets.
Conclusion
Investments in PI, or any other cryptocurrency, are speculative. An ideal recommendation is to stay informed about the project’s activities and predictions by industry experts. Factors to consider for PI are market sentiments, the regulatory environment, and technological developments, to mention a few.