The PI token of the Pi Network has shown significant growth over the last week, increasing by 13%. However, the market remains under pressure due to upcoming token unlocks and rising exchange reserves.
Analysis of PI Token Price Increase
Over the past week, the price of the PI token increased by 13%, reaching a peak of $0.46 before retreating to the current $0.40. The community is split on the outlook for the token. One user reported opening a long position, expecting significant gains. Meanwhile, another analyst advised to wait, claiming that the $1 target seems unlikely.
Impact of Token Unlocks
Market tension persists due to the rising amounts of PI tokens stored on crypto exchanges. With 407 million tokens currently held, of which 194 million are on Gate.io, this situation could create additional selling pressure. In the coming 30 days, nearly 170 million tokens are expected to unlock, allowing long-awaiting investors to sell their assets.
Recent Achievements of Pi Network
The rise in the PI token's price coincides with several new developments within the project. Recently, it was announced that TransFi completed its verification process and is now a fiat on-ramp partner, allowing users to purchase PI tokens directly with local currency. Additionally, the auction for .pi domains has been extended until the end of September, providing opportunities for users to create simplified wallet addresses.
While the PI token has shown growth, the upcoming unlocks may negatively impact the market. The project's developments may also play a crucial role in the token's future.
