Pi Network has dropped by 8.5% in the last 24 hours, with its decline to $1.57 occurring amidst a 2% decrease in the overall crypto market today. This dip coincides with Pi Day, an annual celebration of the mathematical constant π, which inspired the altcoin’s name. Despite this connection, PI has not benefited from the occasion, showing a 12.5% decrease over the week and a 47% fall since its all-time high of $2.99 on February 26. Optimists might argue that these downturns position the new token for a potential rebound in the upcoming weeks, as Pi Network’s long-term price prediction remains hopeful.
It’s no surprise that Pi Day hasn’t sparked a significant rally for Pi Network since the two are not directly linked. Nevertheless, some traders and platforms have attempted to connect the two, with Bitget, for instance, offering a promotion to align with the mathematical celebration.
The most notable event today for Pi Network is the final deadline for completing the KYC process, essential for transferring mined tokens to the platform’s mainnet. The deadline passed at 8:00 AM UTC (or 4:00 AM EST), meaning that any early PI miners who haven’t verified their tokens have now lost them. Reports indicate that some PI holders have had to forfeit their tokens, though exact figures remain unclear.
This situation could be damaging for Pi Network, as it suggests a less-than-smooth transition to its mainnet. However, some might argue that burning unverified tokens could be beneficial for deflation. Despite these developments, the market seems dissatisfied with PI today, as it has fallen more sharply compared to the overall market. The chart shows a significant loss of momentum, with the 30-period average threatening to dip below the 200-period.
Once its relative strength index drops to or below 30, we might see Pi Network’s price recover. Depending on the number of tokens forfeited and recent market activity, it could return to $2 by the end of April. If the wider economic situation stabilizes, it might reach $3 by the second half of the year.
As popular as Pi Network has become, it has yet to demonstrate long-term potential, suffering a significant loss of momentum since its mainnet launch on February 20. Consequently, many traders may be looking towards newer alternatives, including several presale coins that could experience substantial growth upon listing. One of these is the Meme Index (MEMEX), an ERC-20 token that has raised over $4 million in its soon-to-end ICO.
Meme Index has succeeded in its presale by offering a unique decentralized meme index platform. It operates several indexes tracking various baskets of meme coins, which MEMEX holders can invest in. At launch, it will offer four indexes, each with a different risk profile. For example, the flagship Titan index will track major tokens like Dogecoin and Shiba Inu, whereas the Frenzy index will focus on newer meme coins. This platform enables investors to diversify their risk across multiple tokens while increasing their potential gains. MEMEX is the exclusive means of investing in these indexes, potentially driving significant demand.
The MEMEX presale will conclude in 17 days, with its current price set at $0.0166883, though this could increase significantly upon listing.
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“Pi Network faces challenges on Pi Day with a sharp price drop, while Meme Index raises over $4M in presale, promising new investment opportunities. #PiNetwork #Crypto #MemeIndex”
