Why Is Pi Coin a Good Fit as a Global Digital Currency, Despite Drop In Value?

Key Insights:

• A top expert highlighted Pi Coin’s potential as a global digital currency.
• Pi Network boasts a vast global reach with 65 million pioneers across 230 countries.
• Despite the optimism, Pi Network price slipped 18.5% in the monthly chart.

Pi coin value has added around 3% over the last 24 hours, but stayed near its previous low of $0.3.

It indicates that the investors are still taking a cautious approach while evaluating the project, given the massive criticism it has faced over the past few months.

For context, a flurry of market participants have called the project a “scam,” citing the declining Pi Coin value.

In addition, the lack of transparency and future outlook from the Pi Core Team has further dampened sentiments.

However, despite that, some market watchers have remained extremely bullish on Pi Network, revealing key details that back their claims.

For context, in a recent X post, renowned trader and market expert Kim H Wong said that PI coin has better potential than central bank digital currencies (CBDCs) and stablecoins.

He has cited a flurry of factors that support his comment. Amid this, a Pi Community enthusiast, Dr Altcoin, has lauded the project, saying that its native asset PI is poised to become a global digital currency.

He has revealed several reasons that also indicate that his claims are based not on speculations but on data.

So, let’s explore the key factors that might help drive Pi Coin demand in the coming days and might help it to become a potential contender to other leading players in the space.

Pi Coin Price Recovers, But Pressure Remains

Pi Coin value has added over 3% today and exchanged hands at $0.3548, after touching a 24-hour low of $0.3678. Its one-day high was recorded at $0.373, far below its previous low of $0.4.

However, the latest surge was also accompanied by a strong jump in trading volume of over 68%, indicating renewed market interest.

Furthermore, Pi Futures Open Interest (OI) also rose from $9 million yesterday to $10 million today, indicating soaring investors’ confidence.

Despite that, many traders are still waiting on the sidelines, given its weekly drop of around 9%.

In addition, the asset has witnessed a significant plunge of over 26% over the last 30 days, reflecting the immense selling pressure in the market.

Meanwhile, as the pressure continues, the market pundits have come up with their bullish comments on Pi Network.

They have cited a flurry of factors that indicate that the project might emerge as a strong contender to top players as a “global digital currency.”

Expert Reveals Why Pi Network’s Appeal May Surge Ahead

In a recent X post, crypto expert Dr Altcoin has expressed his optimism about the potential of Pi Coin, despite its recent price dip.

According to Dr Altcoin, the crypto with the widest usage for peer-to-peer transactions has the strongest chance of becoming a global digital currency.

With its vast global reach, spanning over 65 million pioneers across 230 countries and regions, Pi Network stands out as a leading candidate.

He noted that several factors contribute to Pi Coin’s suitability as a global digital currency. Its strong global community, built over six years, demonstrates consistent belief and dedication.

Meanwhile, the project has also received backing from institutional investors who have supported top firms like SpaceX, Uber, Airbnb, and Spotify.

Furthermore, Pi Network’s origins at Stanford University lend credibility and access to world-class expertise.

In addition, the project’s eco-friendly blockchain aligns with the United Nations’ Net-Zero and decarbonization targets. It makes it an attractive choice for environmentally conscious users.

Besides, the network’s regulatory focus, and KYC/KYB compliance ensures its potential for widespread adoption.

Additionally, Pi Blockchain’s efficient design enables fast, scalable, and low-fee transactions. Simultaneously, the network’s foundation on Stellar Core positions it to benefit from the latest advancements.

With over 400,000 nodes contributing to its massive distributed computing power, Pi Network operates one of the largest computing systems globally.

Dr Altcoin said that despite being relatively new to the market, Pi Coin has demonstrated significant market presence.

Innovation and funding are also key strengths, with the AI App Studio and a $100 million Pi Ventures Fund providing infrastructure and financial support for a thriving ecosystem.

Having said that, he believes that these factors might help it to become a global digital currency in the near future.