Surge in Pi Network (PI) Token Price as Regulatory Approval is Announced
The price of Pi Network's native token skyrocketed by 12% following significant regulatory news.
While Bitcoin experienced a slump to a new seven-month low below $89,000 yesterday, Pi Network’s token has seen remarkable resilience, rising over 12% in the last 24 hours and surpassing the $0.25 mark for the second time this month.
Pi Network’s (PI) Price on CoinGecko
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Reasons Behind the Surge
The surge can be attributed primarily to regulatory developments. Reports have indicated that Pi Network has successfully aligned with the European Union’s Markets in Crypto-Assets Regulation (MiCA). This compliance could facilitate the listing of the PI token on EU-based exchanges, as detailed in a revised whitepaper issued on November 19.
Kim H Wong, who commented on the approval, stated that it “reduces regulatory uncertainty – a major adoption barrier – potentially increasing liquidity and institutional interest. Token utility (payments within Pi’s ecosystem) gains legitimacy, driving demand.”
Tony Cruz expressed optimism for the asset’s quick rebound, predicting that growth towards $0.30 is on the horizon as PI is experiencing a significant revival.
Additionally, recent updates from the Pi Network team regarding development improvements have likely contributed to the token’s strong performance. Users can now download their apps from the Pi Studio, modify them locally, and re-upload for additional improvements.
