Pi Network’s PI Token Gains Momentum Amid Bullish News From OKX
TL;DR
Pi Network's PI token has rebounded by 3-4%, surpassing $0.15 after recent declines. This uptick aligns with a broader altcoin recovery and positive news from OKX impacting the US market.
Key points
- Pi token increased by 3-4% recently
- Current price is above $0.15
- Previous low was $0.146
- Bullish news from OKX influenced the market
- Overall altcoin market is recovering
Mentioned in this story
Pi Network’s native token has halted the price free-falls at least for now, posting a 3-4% daily increase that pushed it to well over the psychological level of $0.15.
This rebound coincided with the overall altcoin rebound from several alts, as well as bullish news from OKX affecting the US market.
PI Bounces From Local Lows
After it was rejected at $0.20 at the end of the previous month, PI remained sideways at around $0.18 for a few weeks. It started to slowly lose value and entered a new lower range between $0.17-$0.18. A few more leg downs followed, driving the asset first to under $0.16 and then to a new three-month low of $0.146.
It tried to rebound earlier this week, but it was halted at $0.155 and driven south to under $0.15 once again. Nevertheless, the past 24 hours have been more positive for the asset, as it reclaimed that level following an impressive 4% surge.
Pi Network (PI) Price on CoinGecko
Although it remains outside the top 50 alts by market capitalization, its own has risen above $1.6 billion on CoinGecko. The token unlocking schedule for the next month is rather contradictory. The following week or so will see the release of around 5 million coins per day. However, there will be an evident uptick to more than 15 million tokens per day by the end of the month and on June 2.
The landscape will calm after June 3, which should ease the immediate selling pressure from these investors, many of whom have been waiting for a long time for their assets.
Pi Token Unlock Schedule. Source: PiScan
PI in the US
Aside from the overall market revival in the past 24 hours, which has been rather selective as most of the larger caps have failed to post impressive rebounds, the other notable news that could be linked to PI’s jump past $0.15 is specifically aimed at Pi Network’s broader ecosystem and adoption.
The team behind the project announced that the native token has been made available to “millions of people in the US” for the first time ever through OKX. The veteran exchange has long listed the asset, but the new development here is the addition of “another access point to the Pi ecosystem for US users,” said the team.
They added that such moves mean “more users, more usage, [and] stronger network,” as the project continues to “expand its global network of Pioneers and partners.”
Q&A
What caused the recent increase in Pi Network's PI token price?
The increase in Pi Network's PI token price was driven by a 3-4% surge coinciding with bullish news from OKX and a general recovery in the altcoin market.
What is the current price range of Pi Network's PI token?
As of now, Pi Network's PI token is trading above $0.15 after previously fluctuating between $0.17 and $0.18.
How did Pi Network's PI token perform before the recent rebound?
Before the recent rebound, the PI token experienced a decline, reaching a three-month low of $0.146 and struggling to maintain levels above $0.15.
