The launch of Pi Network’s native token, PI, on exchanges on February 20 marked a significant milestone with the token initially experiencing a tumultuous ride in terms of value. Upon its first exchange listing, the Pi Network Coin price surged to an all-time high nearing $3. However, it soon plummeted to as low as $0.68 by March 31. Currently, analysts are forecasting a short-term increase in PI’s price, with targets exceeding $2. Nevertheless, the anticipation of forthcoming token releases may pave the way for further corrections.
Bullish Predictions for Pi Network Coin
As reported on Kriptokoin.com, despite the evident downward trend in the token’s value, several analysts remain optimistic about a potential bullish phase in the near future. For instance, an X user known as Crypto King suggests a possible 2-2.5x price surge “when market volume returns,” indicating a target around $2.
MOON JEFF, an analyst frequently commenting on Pi Network Coin, highlighted Coincodex’s projection that PI might ascend to $2.73 by month’s end. The crypto-tracking platform has ambitiously set a target of reaching $2050 by 2027. A few days ago, MOON JEFF speculated about PI potentially dropping to $0.60, describing it as the “only remaining support.” Nevertheless, he anticipates a substantial rally towards $5, which would mark a new all-time high if such a bottom is reached.
Contrary to MOON JEFF’s expectations, Pi Coin did not fall to the anticipated low. Recently, the token climbed to $0.75. Currently, Pi Coin trades around $0.72, reflecting a daily increase.
Potential for More Corrections?
With PI designed to have a maximum supply of 100 billion tokens and a current circulating supply of less than 6.8 billion, over 90% of the designated supply remains undistributed. This fact prompts some analysts to predict downward price pressure in the near future. For example, Whale.Guru noted that over 121 million PI tokens are expected to be unlocked in the next 30 days.
Additionally, data from the Pi Network block explorer highlights the distribution discrepancy of migrated mining rewards, indicating the actual current supply on the network, as well as the balance of locked versus unlocked mining rewards. Currently, around 5 billion tokens are part of the former category, while 1.7 billion belong to the latter, suggesting that a significant portion of tokens remains locked, raising questions about the potential market impact once they are released.
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