- With 160.74 million Pi Network tokens worth $93.77 million set to unlock over the next 30 days, experts highlight the need for token burns.
- Renowned analyst MOON JEFF forecasts Pi Coin reaching $3 by June, citing market recovery and easing trade tensions as key factors.
Pi Network has gained strength recently amid the broader crypto market bounce back, approaching $0.60 levels once again and eyeing a rally to $3 by June, according to analysts. This cryptocurrency is gaining traction as investors assess its growth potential in today’s volatile market. Currently trading at approximately $0.58, Pi Network has recovered from recent lows, with predictions indicating the potential for further upside.
Pi Network Can Face Volatility Around Token Unlocks
The Pi Network’s native cryptocurrency Pi Coin has faced major volatility recently, and has been subject to wild swings. However, amid the delay in the mainnet launch and listing on key exchanges like Binance, Coinase, the asset has lost a huge market cap.
From the peak of $12.75 billion market cap, Pi Network’s valuation has reduced to $3.85 billion as of now, as the asset lost over 80% of its value. However, after hitting the lows of under $0.40 last week, Pi Coin’s price has shot up once again, raising hopes for a rally to $1 and beyond.
According to PiScan data, an average of 1.5 million Pi tokens will be unlocked daily through April 11. However, the largest single-day unlock over the next 30 days will happen on April 18, with approximately 9.8 million Pi tokens, valued at $5.7 million at the current price.
Thus, over the next 30 days, a total of 160.74 million Pi tokens, worth an estimated $93.77 million are ready for unlocking. Experts have called on the Pi Core Team to consider token burns to mitigate the impact of this significant market influx.
However, there have been growing expectations from the Pi Core team to initiate token burns, which could potentially trigger a strong rally in Pi’s price, as reported earlier. Additionally, the growing adoption of the Pi Network has bolstered investor confidence, adding optimism to the asset’s outlook.
Will Pi Coin Price Rally to $3?
Amid the broader crypto market recovery, optimism has reignited among people as leading experts believe that Pi Coin price can potentially once again reach its all-time high, as highlighted in our previous story. Renowned crypto analyst MOON JEFF has projected that Pi Network’s price could surge to $3 by June, sparking renewed interest among investors.
Despite Pi’s ongoing downturn since February 27, MOON JEFF remains bullish, attributing the current decline to global market turbulence. The analyst predicts a strong rebound for Pi once trade tensions subside, expecting it to break key resistance levels.
Highlighting Pi Network’s long-term potential, MOON JEFF’s analysis suggests the cryptocurrency could surpass its previous peaks, presenting a promising opportunity for investors aiming to leverage its anticipated growth.
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