Pi Coin Community Has 50 Million Members — SO WHAT?
NOIDA (CoinChapter.com) — The Pi Network fans continue celebrating farcical achievements. The most recent one: expanding its user base to 50 million active participants.
At first glance, the figure suggests substantial interest in the cryptocurrency project. However, beyond the headline, critical analysis is required to understand the implications of this growth.
The Only Thing Pi Network User Base Is Good At— Shilling
A large PI Coin community of 50 million is impressive, indicating broad interest in the Pi Network. In the digital currency world, where adoption is a key success factor, such a number could hint at potential mainstream acceptance.
Yet, the enthusiasm surrounding this figure must be tempered with an understanding that, as of now, the Pi coin lacks a functional mainnet and tangible utility. The delays in the Pi Network mainnet launch remain a hard to defend subject even for the project’s hard core fans.
Pi coins operate in a speculative market, with their value relying on potential rather than established utility. The large PI Coin community, while indicative of interest, also raises questions about the project’s long-term viability in the absence of a live network or real-world application for its tokens.
The Pi Network’s substantial community might be a strength, providing a potential platform for future growth and development. The Pi Network user base represents a perceived potential and generates speculative interest, which can drive the demand for IOUs in secondary markets.
However, for Pi, moving beyond speculation to actual value creation is the critical next step.
Transitioning from a concept with speculative value to a fully operational platform presents significant challenges. These include technological development, regulatory compliance, and maintaining user engagement through tangible progress and clear communication.
Despite all the hype, an objective observer might ask: What does this user engagement signify without a mainnet or real utility for the Pi coin?
PI Fails To Rally In A Market This Bullish!
The Pi Network token, despite its user base, failed to rally in a market so bullish, even memecoins like PEPE registered 300%+ gains in the past 30 days.
Meanwhile, PI coin price failed to hold on to the $35 price label, despite bulls aggressively pushing the token’s price above the 200-day EMA (green wave) support. Bears’ booking profits could foreshadow what the Pi Network user base might do once the team launches the open Mainnet.
Bulls would likely try to hold support near $31, as PI coin price breaching the immediate support could lead to further sell-off, pushing the token to the support near $27 before recovering.
On the other hand, breaking out of the pattern with high volumes could make PI coin prices boom.
If a rally begins, the Pi Network token’s price could rally to the resistance from the 0.618 Fib retracement level near $37.6. Flipping the immediate resistance might see the Pi Network user base pushing the token to target the resistance near $42.
The relative strength index, which measures asset price movement to determine overbought or oversold conditions, remained neutral for PI, with a score of 55.2 on the daily charts.
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Filed under: Bitcoin - @ March 4, 2024 7:56 pm