Pi Network Drops 8.5% Amid Crypto Market Decline

Pi Network, the cryptocurrency named after the mathematical constant π, has experienced a significant decline in value, dropping by 8.5% in the past 24 hours to $1.57. This downturn coincides with Pi Day, an annual celebration of the mathematical constant, and comes amidst a broader 2% drop in the crypto market. The token has also seen a 12.5% decrease over the past week and a 47% decline since reaching its all-time high of $2.99 on February 26.

Despite the recent drops, some analysts remain optimistic about Pi Network's potential for a rebound. The current price levels could position the token for a recovery in the coming weeks, with long-term predictions continuing to look promising. However, the lack of a direct correlation between Pi Day and the Pi Network's performance has not sparked a significant rally, as the two are not directly related.

One of the most critical events for Pi Network today is the final deadline for early miners to complete the Know Your Customer (KYC) verification process. This verification is necessary to migrate mined tokens to the platform's mainnet. The deadline expired at 8:00am UTC, meaning any early miners who failed to verify their tokens have forfeited them. Reports indicate that some Pi holders have already lost their tokens, although exact figures are unclear. This situation has raised concerns about the smooth transition to the mainnet, although some argue that the burning of unverified tokens could be beneficial for deflation.

The market's reaction to these events has been negative, with Pi Network falling harder than the rest of the market. Its chart shows a strong loss of momentum, with the 30-period average threatening to drop below the 200-period average. However, if the relative strength index touches or falls below 30, there could be a potential recovery. Based on recent actions and the number of tokens forfeited, Pi Network's price could return to $2 by the end of April. Assuming macroeconomic stability, it could reach $3 by the second half of the year.

While Pi Network has gained popularity, its staying power remains unproven, with the coin experiencing a significant loss of momentum since its mainnet launch on February 20. Traders may prefer to explore newer alternatives, such as Meme Index (MEMEX), an ERC-20 token that has raised over $4 million in its soon-to-be-ending ICO. Meme Index offers a decentralized meme index platform, providing investors with a means to spread risk across multiple tokens while increasing exposure to potential gains. With its presale ending in 17 days, MEMEX could attract substantial demand and see its price rise significantly upon listing.