It has now been over two weeks since Pi coin received its first exchange-traded product courtesy of Valour. However, Pi Coin value is yet to se its impact.
Many saw this as a potential lifeline for the cryptocurrency, which has been struggling to secure a bullish lifeline.
The Pi coin ETP from Valour was launched in the Swedish stock market towards the end of August. It also represented an opportunity to gauge the level of interest or exposure to the cryptocurrency, and the jury is in.
Preliminary data on Valour’s Pi coin ETP revealed a low uptake, reflecting weak demand. The ETP initially saw some excitement, and this may have translated to the slight price spike at the end of August. Interest in the ETP has since cooled significantly.
Note that the weak demand for the ETP reflected the state of the demand for the cryptocurrency even in the spot and derivatives markets.
Pi Coin Value Sees Bullish Attempt After Sideways Price Action
Pi coin price reverted back to its $0.34 support after a failed rally attempt at the tail end of August. However, on-chain data revealed that the bulls might be attempting another recovery attempt.
Pi scan data observed a spike in the number of addresses transferring Pi coin from exchanges to private addresses in the last 24 hours. Perhaps a sign that demand was making a comeback.
The exchange outflows were observed after the price spent about 10 days hovering within the aforementioned $0.34 support.
Unsurprisingly, Pi coin price pulled off a 3% plus rally in the last 24 hours, during which it rallied as high as $0.36.
The cryptocurrency’s MFI indicator still maintained a downtrend despite the recent price uptick. This could indicate that demand was yet to make a strong comeback both among whales and retail.
In other words, the observed outflows from exchanges may have been caused by early movers.
On the other hand, it could indicate that the latest demand uptick was relatively weak. Whether it will build up into a major demand wave was still a toss-up.
Here’s What You Need to Know About the Latest Pi Network Upgrade
As the Pi community contemplates whether this latest demand build-up will trigger a big breakout this time, other important stuff has been taking place behind the scenes. Especially on the network’s latest upgrade.
We previously highlighted that the Pi network was at a stage where it was finally experiencing network upgrades. This was after a period of relative calm.
The latest announcements revealed that the Pi network just upgraded from protocol 19 to protocol 20, but was still in the testnet phase. This planned upgrade was expected to take place gradually until it reached protocol 23.
This latest upgrade followed in the footsteps of the Stellar network, which also underwent some upgrades recently.
The upgrades will reportedly push Pi network towards a community-based governance approach. The network upgrade was also expected to improve its KYC measures.
As far as price was concerned, some analysts speculated that the upgrade would have a net positive impact on price.
The upgrade aligned with the rising demand for the cryptocurrency. These factors may also contribute to speculative pressures.
It could in turn create a positive feedback loop for Pi coin price action. Heavily discounted Pi coin value makes it a healthy candidate for a robust rally.
Whether it can still command significant demand is the main challenge, especially considering that Valour’s Pi coin ETP turned out anticlimactic in the first two weeks since its launch.