PI Network price predictions
Pi Network (PI) explained
In the world of cryptocurrency, one of the most common ways to make money is through mining a crypto which, in the case of such coins as Bitcoin (BTC), involves solving an increasingly complex set of mathematical equations. There is, however, one problem with this. Since the equations get more and more difficult to solve, they require more computational power, which means, as things go on and time progresses, they move out of reach of most people and also damage the environment.
Pi Network is a crypto platform that aims to make mining crypto simple. Rather than go through the rigmarole of solving equations, people simply tap a button on a mobile phone app to mine the system’s native token, known as PI.
The system was founded by Nicolas Kokkalis and Chengdiao Fan, academics at Stanford University in the United States and launched on 14 March – the so-called Pi Day – the following year.
Within the Pi Network, there are four types of user. Pioneers mine the coin, contributors give the network a list of trusted users, ambassadors bring new users onto the network using a referral code, and nodes supply computing power using their home computers.
Pi undergoes periodic “halving” to ensure its scarcity. Halving refers to the reduction of the number of coins a miner receives for processing new transactions by half. This typically occurs when a specific milestone is achieved.
The mining rate for PI was initially halved from 1.6 π to 0.8 π per hour when the user count reached 100,000. It was then halved again to 0.4 π per hour at the 1 million user mark, and further halved to 0.2 π per hour when the user count reached 10 million. These rewards will continue to halve, ultimately reaching zero when the network reaches one billion users.
PI Network price predictions
With that all said and done, let’s take a look at some of the Pi Network price predictions that were being made as of 5 June 2023. Since PI has yet to be officially released onto the open market, you should realize that these forecasts will, by definition, be even more speculative than usual. Most price predictions end up being wrong, anyway, and it is also worth noting that many longer-term crypto price predictions are made using an algorithm, which means they can change at any time.
Firstly, CoinCodex made a hypothetical short-term Pi Network price prediction for 2023 which saw the still-unreleased coin trade at $21.06 on 10 June before dropping slightly to $21.01 on 6 July. The site’s technical analysis was somewhat bearish, with 16 indicators sending negative signals and 11 making bullish ones.
Next, DigitalCoinPrice went so far as to give an actual Pi Network price of $23.88, although it is unclear where it got this information from or how it came about it, or whether it had got PI confused with the Pi Network DeFi Token. Anyway, the site’s PI price prediction was pretty optimistic, suggesting that it would be worth $48.66 this year, $56.79 next year and $78.90 the year after that. By 2026, the site said, PI could break past the $100 mark to trade at $105.79, reaching $119.10 in 2028 before closing the decade at $242.51. The site then made a Pi Network price prediction for 2030 of $242.51, and went on to make a long-term PI price prediction of $457.92 in 2032.
Meanwhile, PricePrediction.net was also highly bullish in terms of its Pi Network coin price prediction. The site said that the crypto would be worth an average of $29.10 this year, $44.39 in 2024 and had a PI Network price prediction for 2025 of $65.76. Moving on, it said that PI would hit $92.79 in 2026 and would climb above $100 in 2027 to stand at $132.24. By 2029, the coin was predicted to trade at about $290.16, before starting the new decade at $421.66 and hitting $898.81 in 2032.
Finally, WalletInvestor had a far more downbeat and gloomy Pi Network crypto price prediction. Coming up with a hypothetical current price – or possibly mixing it up with the Pi Network DeFi Token – of $23.87, it said that, by early June next year, it could trade at a fraction of a cent below $2.04.
@Peter Henn from ccn.com
