Pi Network price is suddenly doing better than top cryptocurrencies like Bitcoin, XRP, and Solana this year, driven by key catalysts like the potential Kraken listing and the upcoming validator rewards distribution.
Summary
- Pi Network price has retreated by about 17% this year.
- It has done better than other popular cryptocurrencies.
- The team has made some major announcements this year.
Pi Coin (PI) token has dropped by 17% this year, while Bitcoin (BTC) is down by 23%. Ethereum (ETH), Ripple (XRP), and Solana (SOL) have dropped by 35%, 27%, and 33%, respectively.
Top reasons why Pi Network is beating top coins
The coin has done well in the past few weeks, driven by some key catalysts. For one, the coin celebrated its first anniversary in February. While the price remains much lower than its all-time high, the developers highlighted key milestones, including on KYC, where millions of people have moved to the mainnet.
Pi Network price has also done better than top rivals as investors reacted to the news of the potential listing by Kraken. Odds of a listing jumped after the company added it to its listing roadmap page. This means that the listing may happen any time this year.
Additionally, the developers have started pushing the much-anticipated upgrade to v23. The first three stages have already completed, with the remaining ones happening in the next few weeks. This upgrade will lead to more improvements, including security and speed improvements.
Meanwhile, Pi Network price has also done well ahead of the upcoming validator rewards distribution, which are expected to happen later this month. Also, the developers are working on native token, an automated market maker, and decentralized exchange tools.
Pi Coin price faces major risks
Still, Pi Coin price faces major risks ahead. The most notable one is that it is highly inflationary. It has no burning mechanism, and millions of tokens are unlocked daily. Data shows that over 1.4 billion tokens will be unlocked in the next 12 months.
Pi Network also faces the centralization risk, where the foundation holds over 90 billion tokens. It also makes all decisions, with the community members having no say on major decisions.
Additionally, the recent Pi Network may be a dead-cat bounce as we experienced in May last year when the team teased of a major announcement. The announcement turned out to be the $100 million ecosystem fund launch. While this was an important announcement, it pushed the token lower as investors were expecting a potential exchange listing.
Pi Network is still a ghost chain with no much activity in its ecosystem. A year after the mainnet launch, there is no major application in the network.
