Key takeaways
- Pi Network (PI) skyrockets in August despite bearish market conditions, algorithm predicts continued price rises
- The ecosystem has already adopted 48 million active users thanks to its unique crypto-mining protocol
- More developers have been invited into the ecosystem to deliver broader utility for the native PI token
Pi Network doubles in value, speculators still bullish
Pi Network (PI) has risen 142% in the past 14 days, outperforming the rest of the crypto markets to post bullish price action during bearish market conditions. Since 15th August, the total crypto market cap (TCAP) has fallen 9.72%, yet PI has been able to maintain its positive price action during this time.
While most crypto-mining blockchains require that each user downloads specific software, or in some cases, purchases expensive hardware, Pi Network unlocks the ability to mine crypto and support the infrastructure using only a mobile phone.
The project has attracted 48 million active users since December 2022. This feat has been driven by its mobile-first mining system, which provides passive financial rewards to all users who download the app and start mining. With low barriers to entry for network participants in a highly accessible mobile-first ecosystem, PI is beginning to grow in stature.
PI continues to expand its ecosystem, calls for more developers to build dApps
One of the major reasons why speculators remain bullish on the future of PI, is that it is far from reaching its full potential. While the network has managed to attract a sizeable community of users, the ecosystem is lacking in purpose-built dApps.
To address this problem, PI recently invited developers to come and build new applications on the network. The project cited its accessible tech stack and broad user base as attractive reasons to launch a business on PI. If the network successfully attracts more developers and more custom applications, then demand for the PI token could climb even further.
Introducing Weblinks on Fireside Forum: Share News on Web3
We’re excited to introduce an eagerly awaited feature that will largely improve the way Pioneers share and consume content on Fireside Forum – the ability to post weblinks (URLs), exclusively in our “#News” channel! pic.twitter.com/dt9hfPCQvO— Pi Network (@PiCoreTeam) August 30, 2023
Fireside Forum, Pi Network’s dedicated community channel, has recently received a new update that allows users to share the latest information from around the world using embedded hyperlinks. Speculators have noted that the core development team’s willingness to optimize the ecosystem with a focus on user experience is a strong sign that more price appreciation is achievable over time.
CoinCodex algorithm predicts 7.5x gain for PI before August 2024
The CoinCodex price prediction algorithm reinforces bullish sentiment around Pi Network. The 1-year prediction forecasts a hyperbolic move to the upside that will include a 7.5x price rise. PI is expected to reach $411 from its current price of $54.91, before retracing to the $278.53 mark. By 31st August 2024, the algorithm expects PI to have risen 461.45%.
1-Year Prediction for PI, image via CoinCodex
PI has held the line well after its recent rise, keeping close to its local high despite a devastating fake-out for the rest of the crypto markets. In the past 24 hours, Bitcoin (BTC) crashed back to its $26,000 support level. PI, however, looks unfazed — it remains at range-high and could look to breakout soon.
The CoinCodex algorithm expects this to be the case. Over the coming month, PI is predicted to rise a further 16.48% to take it to a new local high, edging closer towards a breakout level that could send it up to $100 in the next 3 months.
Bottom line: Pi Network bucks the wider market trend and looks ready for further gains
Pi Network is a unique blockchain protocol that unlocks a different kind of user experience. ‘Mass adoption’ is a Web3 buzzword that gets thrown around plenty, yet most next-generation blockchains remain some way off from achieving it.
To put things into perspective, The Block has reported that the total active wallet addresses for Solana (SOL) is 203.83k, using a 7-day moving average to determine the figure. SOL is a high-performance layer-1 chain that aims to unlock mass scalability, yet its active user base is just 0.42% of PI’s.
It seems as though Pi Network has found a ready-made market via its mobile phone mining system, while most other blockchains are building for future demand. This has created unwaveringly positive sentiment around the project in the face of the recent crash, which looks set to drive the price up further as more applications are introduced to the ecosystem.
