PI Token Meltdown: The Token Hits All-Time High, Then Crashes

PI Token Meltdown: Is This the End or a Buying Opportunity?

After years of work, the contentious project eventually unveiled its Open Network on February 20th. Later, at that same moment, the PI token was also launched. Before it soared to a new all-time high of $3 a few days later due to the excitement of numerous cryptocurrency exchanges listing it, the asset plummeted from nearly $2 to less than $0.7 in a matter of hours.

However, when Bybit’s CEO declared that his exchange would not list it because it was a scam, debate erupted. In this direction, even though the community strongly supported the cryptocurrency, Binance has not yet included it on its platform. PI began to plummet, and the last seven days have been very excruciating. According to CoinMarketCap, the token, which was near the top 10 cryptocurrencies by market capitalization, has dropped 31.05% per week and is currently ranked 21st.

Pi Token and PiDaoSwap Partnership: A Step Toward Rebuilding Trust?

Even though there is no obvious end in sight to this price decline, Pi News announced a significant cooperation yesterday, which may be the cause of the daily 7% increase. PiDaoSwap, a 100% community-driven project not owned by any single individual, is the partner in this partnership. According to the post, it has 100% DAO governance, 100% transparency, and total decentralization.

If effective, large partnerships could have a favorable effect on the price of the underlying asset, particularly over the long term. Whether PI will gain anything from this partnership in the near future will be interesting to observe. Given its history of postponing dates, KYC processes, and launches, this one in particular might help to reduce some of the controversy surrounding the project.

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