TL;DR
Recall that the controversial project, which was in development for approximately half a decade, finally released its Open Network on February 20, which also saw the launch of the PI token.
The asset went from almost $2 to under $0.7 within hours before it exploded to new all-time high of $3 just days later on the hype of many crypto exchanges listing it. However, the controversy continued as the CEO of Bybit said his exchange wouldn’t list it as he considers it a scam, while Binance has yet to add it to its platform, although the community voted highly in favor.
PI started to nosedive, and the past seven days have been particularly painful. The token, which was close to the top 10 cryptocurrencies by market cap, is down by 34% weekly and is now in the 25th spot, according to CoinGecko.
Although there’s no clear end to this price slide in sight, Pi News (an online media source linked to to the project) announced a big partnership yesterday, which could be the reason behind the 7% surge on a daily scale.
The collaboration is with PiDaoSwap, which is a “100% community-driven” project not owned by any single individual. It features “100% DAO governance, 100% transparency, and complete decentralization,” said the post.
Big partnerships could impact the underlying asset’s price positively, especially in the long run, if they prove to be successful. It will be interesting to see whether PI will benefit from this collaboration in the near future. This particular one could ease some of the controversy around the project, given its history of delaying launches, KYC procedures, and deadlines.
