Four Catalysts That Could Push Pi Network (PI) Price to $10

Pi Network price has crashed over the past few weeks, erasing some of the gains made after its mainnet launch in February.

Pi Network (PI) price has dropped to $1.13, erasing some of the gains made after its mainnet launch in February. The coin dropped to lows of $0.9 on Monday morning, continuing the recent downward correction from the all-time high of $3, reached in March.

At $1.13, the coin is trading at a market cap of $7.73 billion, down from all-time highs of nearly $20 billion.

Despite the recent struggles, here are the top four catalysts that may push the Pi coin to $10 in the long term.

Crypto market rally

The most important catalyst that may push the Pi coin price to $10 is a crypto market rally. Such a rally would happen if Bitcoin manages to recover from the current correction and then surges above the all-time high.

Altcoins have historically performed best when Bitcoin is in a strong uptrend. This surge is usually driven by increased demand from investors and a rise in the crypto fear and greed index.

Some potential catalysts for the next crypto market rally include a dovish Federal Reserve, greater regulatory clarity, and more ETF approvals.

Pi Network burn mechanism

Another potential catalyst for Pi Network’s price is a token burn mechanism. A burn refers to a situation where tokens are moved into an inaccessible wallet, reducing supply and helping to control inflation.

Token burns could help offset the ongoing unlocks. Over 188 million Pi coins will be unlocked this month, with another 1.6 billion expected over the next 12 months.

More token unlocks will happen in the future since only 6.84 billion are currently in circulation out of a total supply of 100 billion.

Pi Network has various ways of burning tokens. It can burn tokens from users who have not migrated them to the mainnet. The crypto startup can also burn fees generated from its ecosystem, and the Pi Foundation can voluntarily burn some of its tokens.

Potental Pi coin ETF appoval

Another potential catalyst that could push the Pi Network’s price to $10 is a spot ETF application and approval by the Securities and Exchange Commission.

Pi meets most of the conditions needed for approval. It is a larger cryptocurrency than others that have received ETF applications, such as Sui (SUI), Litecoin (LTC), and Polkadot (DOT). It is also more liquid than some of these coins since its daily volume is often over $1 billion.

Pi Network is also a proof-of-work cryptocurrency, meaning that its technology is similar to that of Bitcoin (BTC) and Ethereum.

Exchange listings would benefit Pi Network price

Another key catalyst for Pi Network is potential exchange listings by major platforms like Coinbase, Binance, Upbit, and Kraken. It would also benefit from listings on decentralized exchanges like Uniswap and Raydium through a wrapped version of the token.

A Binance listing would expose it to over 200 million global customers. A Coinbase and Kraken listing would broaden its reach among American customers, while Upbit would open access to South Korean traders.