It has been over two weeks since Pi Coin's first exchange-traded product was launched by Valour. However, the cryptocurrency's value has failed to show significant growth.
Market Condition of Pi Coin and Valour’s ETP
The Pi Coin ETP from Valour was launched in the Swedish stock market at the end of August, providing an opportunity to assess interest in the cryptocurrency. Preliminary data revealed weak demand, adversely affecting positive momentum. Initial excitement was observed, but interest has significantly cooled since.
Price Recovery Attempts of Pi Coin
Pi Coin's price reverted to the $0.34 support level after a failed rally at the end of August. However, on-chain data indicated that bulls might be attempting another recovery. In the past 24 hours, there was a spike in the number of addresses transferring Pi Coin from exchanges to private addresses, possibly indicating renewed demand. During this time, the price spiked to $0.36, but the MFI indicator suggests that the excitement may still be unstable.
Pi Network Upgrade and Its Implications
The Pi community is actively discussing the potential benefits of the recent network upgrade. It was recently announced that the network has upgraded from protocol 19 to protocol 20, which is currently in the testnet phase. This update is expected to facilitate a community-based governance approach and enhance KYC measures. Analysts speculate that the upgrade could positively impact the cryptocurrency's price.
Despite Valour's ETP launch, Pi Coin's price faces low demand and uncertainty regarding future growth. The upcoming network upgrades may play a crucial role, but the need for substantial demand remains critical.
