- Pi’s mobile-based mining system democratizes access for millions globally.
- Price surge after breakout signals the potential for continued bullish momentum.
Pi Network operates with a total supply of 100 billion Pi tokens, as outlined in the 2019 whitepaper. The network allocates 80 billion tokens to the community, incentivizing participation through mining rewards, referral bonuses, and ecosystem rewards. The remaining 20 billion tokens are reserved for the core team, fueling development, infrastructure, and strategic initiatives like partnerships.
Pi Community Allocation Whitepaper
Pi Network’s tokenomics stands out in the cryptocurrency space due to its deflationary mechanism, which aims to reduce the circulating supply of Pi tokens over time. As Pi’s user base grows, the mining rate for Pi tokens decreases. Milestones such as 1 million, 5 million, and 10 million users trigger these reductions, mimicking Bitcoin’s halving events.
However, this gradual decrease in token issuance introduces scarcity, which could increase demand and potentially drive up the coin’s value. The mining process is mobile-based, allowing millions of users to participate in Pi mining with minimal technical knowledge, unlike Bitcoin’s energy-intensive mining systems.
Pi Network’s Transition from Speculation to Real Use
The Pi Network is transitioning from a speculative asset to a functional currency. The network recently launched the Open Network, enabling Pi tokens to be exchanged on various platforms. This marks a shift towards real-world usage, where Pi tokens can be used for transactions.
At events like Pifest on March 14, active sellers accepted Pi for goods and services, signifying the increasing adoption of Pi tokens in everyday exchanges. In addition, Pi Network introduced .pi domain auctions, where Pi tokens are used for bidding. These efforts are part of Pi’s goal of establishing the token as a peer-to-peer currency capable of rivaling traditional payment systems.
Pi’s Price Movement and Technical Analysis
Pi Network (PI) has recently surged by 15%, reaching a price of $0.6854. This surge comes after the coin broke out of a downward price channel, indicating a possible trend reversal. The breakout sets Pi’s price target between $0.75 and $0.78.
Pi 1-Day Chart Source: TradingView
The Relative Strength Index (RSI) for Pi is 69.58, signaling strong momentum but approaching overbought territory. Key support levels for Pi are between $0.62 and $0.64. If the coin drops below $0.58, it could signal a bearish reversal. However, the bullish trend may continue as Pi maintains above these support levels.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.