Pi Network (PI) Surges, Predictions for Future Price Performance
Slowed Down Token Unlocks Lead to Revised Pi Network (PI) Price Forecasts this Month
In a surprising turn of events, Pi Network (PI) has soared by an impressive 6.5% in the past 24 hours, currently trading at approximately $0.61 (as per CoinGecko's data). Despite a turbulent few weeks of selling pressure due to heavy token unlocks, the pace is set to ease after mid-May. This potential slowdown might help alleviate the burden on PI prices.
The Pi Network community is buzzing with excitement, with members envisioning a continued climb. A dedicated X user has hailed the recent price consolidation in the $0.50-$0.70 range as a "great accumulation zone," and believes it's now "time for a pump," aiming for a target of $5.
Moon Jeff, a well-known community member, echoes this optimistic sentiment, describing the chart as "bullish," claiming someone is "buying hard." Pi News, an X account dedicated to PI updates, is equally bullish, suggesting that "PI can go beyond your imagination anytime." This sentiment stems from the cryptocurrency sector's historic wild swings demonstrated by ALPACA, which skyrocketed over 2,000% within a week before crashing just as rapidly.
Tightening Token Unlocks
The past several weeks have seen significant unlocks of PI tokens, with the record day being April 30, when over 11 million coins were released. These events might have contributed to PI's price stagnation compared to other leading cryptocurrencies during their recent significant rallies. A notable change is on the horizon, as the pace of unlocks will decelerate after mid-May, with the number of scheduled releases dropping below 6 million by the end of the month.
As of now, the current circulating supply of PI stands just below 7 billion, with over 70% of that remaining as locked mining rewards.
ridin' high! 🚀
- The recent surge in Pi Network (PI) price, currently trading at around $0.61, has sparked optimism within the community, with some members predicting it could reach $5.
- Moon Jeff, a renowned community member, agrees with this positivity, stating the chart is "bullish" and observing someone "buying hard."
- Pi News, a dedicated PI updates account, shares this optimistic sentiment, suggesting Pi can "go beyond your imagination anytime," citing the cryptocurrency sector's historic wild swings as examples.
- Despite a turbulent few weeks due to heavy token unlocks, the pace of unlocks is expected to slow after mid-May, potentially alleviating pressure on PI prices.
- In contrast to Pi, altcoins like ALPACA have demonstrated historic wild swings, skyrocketing over 2,000% within a week before crashing just as rapidly.
- With over 70% of Pi's current circulating supply of around 7 billion remaining as locked mining rewards, the crypto market could present an opportunity for investing in Pi Network anytime.
