Pi Network (PI) has recently faced challenges as its cryptocurrency, Pi, experienced a significant price decline. Expanding on what was earlier reported by Crypto News Flash, Pi Network has witnessed a dramatic change in its market behavior over the last few weeks.
In response to these unsettling market trends, supporters within the Pi Network community have initiated the development of PiDaoSwap, a decentralized exchange (DEX) designed to facilitate Pi trading without reliance on external platforms. As tweeted by Pi Network Vietnam:
Once completed, the Pi price will be reflected at its true value and will no longer be manipulated by current external exchanges. Everything is starting.
Pi’s value dropped below the $1 threshold, reaching a low of $0.87 before making a modest recovery to approximately $0.9913. Over the past week, Pi has depreciated by about 41%, raising concerns among investors about the potential for further decreases, possibly below $0.60.
Introduction of PiDaoSwap: A Community-Driven Solution
This initiative aims to mitigate alleged price manipulations attributed to third-party exchanges. Reports indicate that PiDaoSwap is nearing completion, pending Know Your Business (KYB) approval from the Pi core team. The platform has already achieved organizational verification on Twitter, underscoring its advancement.
Despite this progress, PiDaoSwap faces potential hurdles concerning Pi Network’s intellectual property policies, which restrict the use of Pi-related branding without official consent.
The Pi Network’s recent price volatility and operational challenges have elicited varied reactions within the cryptocurrency community. Justin Bons, founder of CyberCapital, has criticized Pi’s mining mechanism and tokenomics, suggesting centralized control and questioning the project’s legitimacy.
Looking Ahead: Can PiDaoSwap Restore Confidence?
As Pi Network navigates these turbulent times, the community’s efforts to establish PiDaoSwap represent a proactive approach to stabilizing the cryptocurrency’s value and enhancing investor confidence.
The effectiveness of this decentralized exchange in countering price manipulation and fostering a transparent trading environment will be pivotal in determining Pi Network’s future trajectory.
Meanwhile, broader market trends, including Bitcoin’s resilience, continue to shape the crypto landscape. As the leading cryptocurrency, Bitcoin’s ability to maintain its dominance and stability often influences sentiment across the entire market, including projects like Pi Network.
At the time of writing, according to CoinMarketCap data, Bitcoin (BTC) is trading at approximately $87,345.69, surging by 3.60% in the past day and 4.70% in the past week. See BTC price chart below.