Pi Network (PI) Experiences a Decline of More Than 20%

After Pi Network (PI) experienced a decline of more than 20% in the past week, analysts began to come up with various suggestions

As Pi Network continues to experience a decline of more than 20% in the past week, analysts are weighing in with suggestions to prevent further drops.

Pi Network enthusiast, Dr. Altcoin, has advised the Pi core team (PiCoreTeam) to quickly burn a large amount of Pi coin.

As the price of Pi Network threatened to drop to $0.3, one expert stepped in with a solution to prevent further decline.

Community member, Dr. Altcoin, argues that investors should accept the reality of the network’s current state in the midst of a sharp decline.

Read also: Pi Network Price Freefalls, Will Pi Coin Hit a New Low?

In an analysis on the X platform, Dr. Altcoin noted that a deeper price correction would delay the Pi Network from reaching new record highs. To prevent a more severe drop, he urged the Pi core team (PiCoreTeam or PCT) to immediately burn a large number of Pi coins.

Days of False Hopes Are Over, See It at Face Value!The Pi Community needs to accept the current reality of Pi.The deeper it dips, the longer it takes to bounce back to its all-time high.The quick fix? The PTC should burn its damn billions of Picoins from those 20,000+ Pi… pic.twitter.com/Y0jHGqTQX5

According to Dr. Altcoin, Pi coin burns are a short-term solution to the declining asset value. By reducing the number of coins in circulation, scarcity will be created, potentially increasing the price and triggering a rally.

“The quick solution?” asked Dr. Altcoin. “PCT should burn their billions of Pi coins from those over 20,000 Pi Foundation wallets.”

For the record, since its inception PCT controls more than 80 billion Pi coins spread across various wallets. Although coin burns can push the price up, the unlocking of Pi tokens has triggered negative sentiment among investors, eventually causing the price to drop below $1.

Pi Network’s Long-Term Plan Still Hanging in the Balance

While token burns can have an impact on Pi’s price movements in the short term, Dr. Altcoin’s long-term solution seems to be to leave everything to fate.

According to him, there’s not much the Pi core team (PiCoreTeam or PCT) can do other than “wait” and “hope” for Pi to follow in the footsteps of a long-term rise like Bitcoin.

“The long-term solution?” said Dr. Altcoin. “Be patient and hope Pi evolves like BTC, instead of ending up like XRP.”

While it may seem passive, there are steps the PCT can take to put Pi Network on the right track.

Read also: Binance Rejects Pi Network in Listing Selection Initiative, What’s Up?

As a first step, Dr. Altcoin suggested that the PCT improve the Know Your Business (KYB) process for projects looking to build in the Pi ecosystem. PCT was criticized after PiDaoSwap launched NFTs on the BSC network due to delays in the KYB process.

Dr. Altcoin also added that PCT’s transparency in the token’s burning and unlocking mechanism will be an important factor in Pi’s listing on major exchanges such as Binance and Bybit, potentially driving the price up.

That’s the latest information about crypto news today. Get more information about crypto academy from beginner to expert level only at Pintu Academy and enrich your knowledge about the world of crypto and blockchain.

Follow us on Google News to get the latest information about crypto and blockchain technology. Enjoy an easy and secure crypto trading experience by downloading Pintu Crypto via Google Play Store or App Store now.

Experience web trading with advanced trading tools such as pro charting, various order types, and portfolio tracker only at Pintu Pro. Click Register Pintu if you don’t have an account or click Login Pintu if you are already registered.

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference: