The cryptocurrency market witnesses the arrival of several new assets. From meme coins to decentralized assets, the industry is home to thousands of coins. While some fail to make noise, a few others capture the attention of the entire market. One such cryptocurrency that has left the community confused is Pi Coin (PI). The fairly new asset caught the eye of the market as it jumped to an all-time high of $2.98 just days after its launch. But currently, PI is trading 70% below this peak, leaving investors with increased losses. Is there a chance of redemption for the altcoin?
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How Far Is Pi Coin From The $1 Mark?
Pi Coin emerged as a top performer earlier this month. The asset has surged by nearly 50% over the past 30 days. During this period, PI went from trading at a low of $0.5631 all the way to a high of $1.62. This upward streak was, however, broken. At the time of writing, the asset was trading at $0.8975 following a nearly 3% downfall throughout the past 24 hours.
The magnitude of the asset’s recent increase and drop is a cause of concern.. An analyst who goes by BOB took to X and said,
“LMAO $PI really said “buy the rumor, dump the news.” Dropped 28% in 24hrs right after announcing a $100M fund (Pi Network Ventures) to support app dev on the network. You’d think bullish news = pump, right? Nah. This was textbook overbought euphoria.“
However, he pointed out that the interest in the asset is currently high. This was due to the rising daily volume of more than $1 billion. He further suggested that in the short term, the price of PI might be unstable and would continue reflecting its current trend.
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Long Term Gains Underway?
While the short term is a little rocky for PI, BOB’s long-term prediction could bring in notable gains for investors. The analsyt stated,
But longer-term? If the fund actually delivers utility, and we get that juicy Binance/Coinbase listing, $PI could reclaim $1.50+ again by month-end. Maybe even $2.50 by Q4.
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