Pi Network price has crashed over the past few weeks, erasing some of the gains made after its mainnet launch in February.
Pi Network (PI) has dropped to $1.13, down from an all-time high of $3, bringing its market cap to $7.73 billion from an all-time high of nearly $20 billion. This article explores the top four catalysts that may push the Pi coin to $10 in the long term.
Crypto market rally
A crypto market rally is the most important catalyst that may push the Pi coin price to $10. Such a rally would happen if Bitcoin rebounds from the current correction and surges above its all-time high.
Altcoins have historically performed well when Bitcoin is in a strong uptrend. This surge is usually driven by increased demand from investors and a rise in the crypto fear and greed index.
Potential catalysts for the next crypto market rally include a dovish Federal Reserve, greater regulatory clarity, and more ETF approvals.
Pi Network burn mechanism
Another potential catalyst for Pi Network’s price is a token burn mechanism. A burn refers to a situation where tokens are moved into an inaccessible wallet, reducing supply and helping to control inflation.
Token burns could help offset the ongoing unlocks. Over 188 million Pi coins will be unlocked this month, with another 1.6 billion expected over the next 12 months. More token unlocks will happen in the future since only 6.84 billion are currently in circulation out of a total supply of 100 billion.
Pi Network has various ways of burning tokens. It can burn tokens from users who have not migrated them to the mainnet. It can also burn fees generated from its ecosystem, and the Pi Foundation can voluntarily burn some of its tokens.
Potental Pi coin ETF appoval
Another potential catalyst that could push Pi Network’s price to $10 is a spot ETF application and approval by the Securities and Exchange Commission. Pi meets most of the conditions needed for approval.
It is a larger cryptocurrency than others that have received ETF applications, such as Sui (SUI), Litecoin (LTC), and Polkadot (DOT). It is also more liquid than some of these coins since its daily volume is often over $1 billion.
Pi Network is also a proof-of-work cryptocurrency, meaning that its technology is similar to that of Bitcoin (BTC) and Ethereum.
Exchange listings would benefit Pi Network price
Another key catalyst for Pi Network is potential exchange listings by major platforms like Coinbase, Binance, Upbit, and Kraken. It would also benefit from listings on decentralized exchanges like Uniswap and Raydium through a wrapped version of the token.
A Binance listing would expose it to over 200 million global customers. A Coinbase and Kraken listing would broaden its reach among American customers, while Upbit would open access to South Korean traders.
