Pi Network Price Surges 9.55% in 24 Hours, but Down 32.69% Over 7 Days; Experts Suggest Potential for Bitcoin-like Future.
Pi Network: The cryptocurrency market is abuzz once again. Pi Network has witnessed a significant price surge in the last 24 hours, catching the attention of Indian investors. Let's delve into the current trends of Pi Network and the expert opinions regarding its future.
Significant Price Increase in Pi Network within 24 Hours
Pi Network's price surged 9.55% in the last 24 hours, reaching $1.96 (approximately ₹170). Its market cap has reached $13.76 billion. Encouragingly for investors, trading volume also increased by 4.82%. However, over the past seven days, Pi Network has shown a negative return of 32.69%, while the return over a month stands at a positive 15.24%.
Significant Volatility Since Pi Network Launch
Pi Network officially launched on February 20th. However, the cryptocurrency experienced a sharp decline post-launch. Initially priced at $1.84, it plummeted to $0.64 within 24 hours. Subsequently, it gradually recovered, reaching $1.59 on February 25th.
On February 27th, Pi Network reached its all-time high of $2.93, followed by a 35% drop.
What is Pi Network and Why the Buzz?
Pi Network is a Web3 blockchain project launched in 2019 by Stanford PhDs, Nicolas Kokkalis and Chengdiao Fan. This cryptocurrency allows mobile users to mine digital assets.
Its listing on major cryptocurrency exchanges like Binance, CoinDCX, OKX, and Bitget on February 20th allowed users to sell their mined tokens, leading to significant price volatility.
Could Pi Network Emerge as the Next Bitcoin?
Many experts believe that if Pi Network's popularity and usage increase, it could become a major cryptocurrency like Bitcoin in the future. Some analysts even predict its price could reach $100 by the end of the year.
However, questions remain about Pi Network's reliability. Its open network is not fully launched, which could contribute to significant price fluctuations.
What Should Investors Do?
The cryptocurrency market is highly volatile, and caution is advised before investing. The recent surge in Pi Network is positive, but expert advice is crucial before making any investment decisions.
(Disclaimer: Investing in cryptocurrencies is risky. Conduct thorough research and consult your financial advisor before investing.)
