At the time of writing, the Pi Network Defi’s price had reached $0.00003781, down 1.23% in the last 24 hours, and 28.13% in the last month. While the decrease in the last 24 hours isn’t dramatic, it continues a downward trend that has lasted for most of the token’s life.
Let’s see what December, and 2023, hold for this token.
Technical Analysis
The Pi Network Defi token had a trading volume of $207 in the last 24 hours, which is an increase of 112.13% in trading volume.
Unlike other crypto assets that have managed to recover somewhat, or at least trend positive, after the crash of FTX, the Pi Network DeFi Token continues to trend downward.
Looking at its performance over the last month, the Pi Network DeFi token is not likely to do much better for the rest of the year:
Pi Network DeFi’s one month chart on CoinMarketCap.
Currently, the Pi Network DeFi token is 89.29% below the all time high of $0.000352.
While the token has found a stable pricing in the $0.00003 range price point, it’s a far cry from where it started, and nothing points towards it doing much better in the future.
The crypto market is expecting potentially big shake ups in December, depending on the results of the Federal Open Market Committee’s (FOMC) meeting on the 14th, its last meeting of the year.
The hearings for the FTX case could also have a negative impact on Pi Network DeFi, if the results of this case further scare away investors from crypto. However, it’s unlikely that these hearings would cause a major shakeup the way the initial FTX crash did, since the damage is done at this point.
Pi Network DeFi does have the potential to expand, and some experts expect it to reach at least $0.000054 during 2023. However, the current data, pricing trends, and past performance don’t support that notion.
However, it’s possible that the coin turns around once the third phase of its project is completed, which could increase adoption and introduce the ability to do manual token buybacks and burns, potentially limiting supply further which could in turn increase its price. But that’s just speculation.
As Pi Network DeFi struggles to gain traction with other crypto coins, it continues to show risking framing segments for the past few weeks. Even though the coin has strong fundamentals, it doesn’t seem like it will be a profitable asset in the short term or even in the medium term.
Pi Network DeFi Analysis Conclusion
The Pi Network DeFi token is not looking very solid at the moment, or in the near future. The price point has only decreased dramatically since the token was launched, and while it has had a few good months, it seems to have stabilized around $0.00003.
Given the already precarious market conditions for crypto, and the uncertain economic conditions for 2023, it’s unlikely that this token will go much higher during 2023.
Where Can I Buy Pi Network Defi?
Are Pi Network Coin and Pi Network DeFi the same?
With Pi Network, cryptocurrency is mined on smartphones rather than using energy-intensive ASICs or GPUs.
However, it is important to note that the coin of the Pi Network is different from the token of the Pi Network DeFi. Pi Network DeFi facilitates global lending and borrowing by allowing people to lend and borrow freely. It is currently listed on a few DEXs, such as PancakeSwap, and runs on the Binance blockchain (BNB).
On the other hand, blockchain technology is the foundation of the Pi Network crypto asset. It has gained a large user base in the initial phase of its launch. Pi Network uses a unique algorithm called Stellar Consensus Protocol that allows users to earn rewards for participating in the network, which makes it different from many other cryptocurrencies.
WeInvests is a financial portal-based research agency. We do our utmost best to offer reliable and unbiased information about crypto, finance, trading and stocks. However, we do not offer financial advice and users should always carry out their own research.
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