Pi Network's Buyback Strategy Slows PI Coin Decline
1min read The pi Network team has been actively working to mitigate the sell-off of its cryptocurrency, pi coin (PI), by absorbing excess supply on centralized exchanges (CEXs). This strategy aims to reduce selling pressure and stabilize the token's price, which has been significantly impacted by controversy and fraud allegations. According to Dr. Altcoin, a prominent crypto expert and long-time supporter of the Pi Network, the team's efforts are already showing positive results, with the rate of PI's decline slowing down in recent days.
Dr. Altcoin revealed that the Pi Core Team is buying PI tokens that are being sold off, effectively reducing the supply on CEXs. This approach is intended to restore investor confidence and create a foundation for a stronger recovery. However, this strategy comes with risks. If the team exhausts its resources or finds the process unsustainable, the sell-off could resume. Conversely, if the selling pressure decreases, the strategy could pay off by rebuilding public trust in the project.
Despite the challenges, the team's efforts to stabilize PI appear to be gaining traction. The price of PI has been consolidating around the $0.60 area and is poised to break above its symmetrical triangle after rising strongly above the 21-day exponential moving average (EMA). A bullish breakout could lift PI to the $0.65 range, with a further move toward $0.67 offering a short-term upside of around 6%.
Momentum is shifting in favor of the bulls, with the Relative Strength Index (RSI) crossing above its signal line and the Moving Average Convergence Divergence (MACD) histogram rising steadily for three consecutive days. However, reaching the long-term vision of a $100 PI would require a major shift in public perception, along with stronger support from exchanges and wallet providers to boost liquidity.
As pi works to regain momentum, the team's proactive measures to stabilize the token's price are crucial. The success of this strategy will depend on the team's ability to sustain their efforts and rebuild investor confidence. If successful, it could pave the way for a stronger recovery and potentially reignite the long-term vision of a $100 PI. However, the path forward remains uncertain, and the team will need to navigate the challenges ahead carefully.
