The Pi Network Marks the Time 💤 – The DeFi Launch Fails to Generate Investor Excitement
11th day of consolidation of the Pi Network above the support at $0.2565.
In 24 hours, centralized exchanges have lost more than 13 million PI.
DEX technologies and other DeFi are making their smooth debut on the Pi Network testnet.
The price of the Pi Network (PI) is consolidating above $0.2565 for the eleventh consecutive day. The Pi Network fails to gain momentum, despite net outflows of around 13 million PI tokens from centralized exchanges (CEX) over the last 24 hours and the release of Decentralized Finance (DeFi) features on the Pi testnet following the Token2049 conference.
The DeFi growth of the Pi Network goes unnoticed.
On Friday, the co-founder of Pi Network, Nicolas Kokkalis, reactivated his X account to announce the introduction of the DEX (Decentralized Exchange) Pi, AMM Liquidity Pools, and Token Creation Tools on the Pi testnet. The development of smart contracts on the Pi Network continues as Stellar, its foundational blockchain, is updated to protocol 23.
DeFi capabilities are evolving the Pi Network beyond simple mobile bitcoin mining to concrete use cases. However, its deployment on the testnet has not sparked market enthusiasm, and the price of PI is consolidating.
The reduction of reserves on CEX is struggling to curb sales.
A decrease in wallet balances on centralized exchanges could indicate less selling pressure, which could lead to consolidation or a price increase. Over the last 24 hours, PiScan data has shown a net outflow of 12.90 million PI tokens, or about 3% of the 432.63 million PI supply held by CEX.
The risk of a massive supply dump remains, as most tokens are stored off exchanges. PiScan data shows that the balances of CEX wallets only represent 8.24 billion tokens, or 5.24% of the circulating supply of PI.
The consolidation of the PI poses a risk of decline.
After a 6% drop on September 26, the Pi Network holds steady at $0.2600 this Monday. The consolidation period could end negatively if trend momentum and interest from small investors wane.
Price scenarios:
· If the PI rebounds from $0.2565, it could attempt to challenge last week's high at $0.2796, and maybe even $0.3000.
· If the PI falls below $0.2565, it could drop to $0.2000.