Addressing wallet issues in Pi Network, a new fiat option is introduced; speculation arises about the potential recovery of Pi Coin's value.
The cryptocurrency market has been abuzz with news surrounding two digital assets, Pi Network's Pi coin and the newly launched Bitcoin Hyper. Let's take a closer look at their current states and the challenges they face.
Pi Network's Pi coin has been grappling with significant volatility, with a 50% price drop amid a major token unlock event that released 162.8 million tokens into circulation. This oversupply and downward price pressure have contributed to a bearish market, compounded by insider sales of 12 million tokens worth billions at their peak. The trading volume of Pi coin surged to $88 million, signaling strong bearish sentiment, despite the addition of TransFi as a new fiat on-ramp.
TransFi, announced by the Pi Network team, allows users to buy Pi tokens using common payment methods like credit cards, Apple Pay, and Google Pay. However, the Pi coin price dropped to April lows of $0.40, even though on-ramp availability has been delayed until August.
The Pi Network is facing challenges such as the lack of decentralized applications (dApps) for real-world utility and locked tokens in wallets limiting usability. The total Pi coins on exchanges reached over 405 million by the end of July, marking a nearly 10% increase, according to data from Piscan.
On the other hand, Bitcoin Hyper, a Layer 2 token designed to merge meme coin appeal with smart contract functionality on the Bitcoin network, has been raising funds through its presale, amassing more than $6 million. Built using the Solana Virtual Machine (SVM), Bitcoin Hyper aims to enable faster transactions, lower gas fees, and support staking, swapping, dApps, payments, and cross-chain interoperability.
While Pi Network is at a pivotal juncture marked by recent price volatility from token unlocks and insider sales, cautious optimism is driven by whale accumulation and potential exchange listings, which could reduce circulating supply and stabilize the price. Price predictions for Pi vary widely, with some anticipating a moderate rebound to $0.75–$0.85 or even $1.00 by late 2025 if momentum and utility improve significantly, especially pending the launch of an open mainnet.
However, the market remains bearish, as reflected in indicators like the current price forecast showing an approximate 25% decline over the near term. Compared to Bitcoin Hyper, Pi Network still struggles with establishing a fully functional, open mainnet and meaningful real-world utility, which are critical for sustained growth and investor confidence.
In summary, Pi Network is at a pivotal juncture marked by recent price volatility from token unlocks and insider sales, cautious optimism driven by whale accumulation and potential exchange listings, but also lingering challenges such as lack of open mainnet and real adoption that keep it behind more established cryptos in performance and market standing.
[1] Pi Network Faces Challenges Amid Price Volatility and Insider Sales ([link]) [2] Whale Accumulation Sparks Speculation in Pi Network ([link]) [3] Bearish Sentiment Remains Dominant in Pi Network ([link]) [4] Pi Network Struggles with Establishing Real-world Utility ([link]) [5] Insider Sales Compound Market Uncertainty in Pi Network ([link])
[1] The volatile finance sector of Pi Network continues to intersect with technology as it faces challenges amid price fluctuations and insider sales, threatening investor confidence.[2] Transitioning to technology-centric solutions, Pi Network has introduced TransFi, a fiat on-ramp, in an attempt to combat bearish sentiment and stimulate growth within their cryptocurrency ecosystem.
