PI continues to defy the overall market sentiment.
While bitcoin dipped to a new seven-month low beneath $89,000 yesterday, Pi Network’s native token remains well in the green on a daily and weekly scale.
The PI token has exploded by over 12% in the past 24 hours, and it topped $0.25 for the second time since the start of this otherwise bearish month for the digital asset industry.
On the question of why it has defied the overall trend and posted such a massive increase, the most obvious answer comes from a regulatory standpoint.
Numerous accounts dedicated to covering news regarding the project updated that Pi Network has achieved full compliance with the European Union’s Markets in Crypto-Assets Regulation (MiCA). The revised whitepaper, published on November 19, explains this change, which opens the door for the PI token to be listed on regulated EU-based exchanges.
According to Kim H Wong, the MiCA approval “reduces regulatory uncertainty – a major adoption barrier – potentially increasing liquidity and institutional interest. Token utility (payments within Pi’s ecosystem) gains legitimacy, driving demand.”
Tony Cruz was bullish on the asset’s immediate price uptick, suggesting that the next wave to $0.30 is imminent as PI is “making a big comeback.”
Other possible reasons behind the token’s impressive resurgance could be related to the overall updates and network development recently announced by the team. As reported over the weekend, the Core Team outlined updates in regards to the Pi App Studio, which allowed users with all types of experience to enhance their app creation process.
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They can now download their apps from the Pi Studio, make changes on their local devices, and then re-upload them for deployment or further improvements.
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