Pi Network has been experiencing a significant drop in value, with the price falling by over 20% in the last week. In response to this decline, experts and community members are proposing solutions to prevent further slippage. Dr Altcoin, a Pi Network enthusiast, suggests that burning a large number of Pi Coins could provide a quick fix to stabilize prices in the short term.
Dr Altcoin emphasizes the need for investors to acknowledge the current reality of the network amidst the steep decline in prices. An analysis by Dr Altcoin indicates that a steeper correction could delay Pi Network from reaching a new all-time high. To prevent a further drop, the expert recommends that the PiCoreTeam (PCT) take action by burning a significant number of Pi Coins.
Burning Pi Coins is seen as a short-term solution to address the declining prices of the asset. By reducing the number of coins in circulation, the scarcity of tokens could potentially drive up prices and trigger a rally. Dr Altcoin suggests that the PCT should consider burning the billions of Pi Coins held in various wallets to implement this quick fix.
Despite the potential benefits of burning tokens in the short term, the long-term trajectory of Pi Network remains uncertain. Dr Altcoin believes that the PCT may have to rely on patience and hope for a long-term upward trend similar to Bitcoin. In the meantime, there are steps that the PCT can take to enhance the network’s prospects, including improving their KYB process and enhancing transparency in token burn and unlock mechanisms.
In the midst of double-digit losses in the seven-day chart, there are signs of optimism for Pi Network as prices have surged by 18% over the past 24 hours. Trading volumes are also on the rise, approaching the $1 billion mark. However, the asset still faces challenges as it aims to overcome the $0.90 resistance point. With stakeholders closely monitoring the developments, the future of Pi Network hinges on both short-term fixes and long-term strategies to sustain its value and growth in the competitive market.
