Pi Network price crash continues this week, pushing it to its lowest level since February 2022 and costing investors billions of dollars. This performance is likely because Pi coin is still in a price discovery phase after its mainnet launch in February. This article explains how a potential PI ETF would boost its price and how high it may get.
Pi Network Price Would Benefit From an ETF Approval
The Pi Network price has numerous potential catalysts that may push its price much higher in the longer term. One of these catalysts is a Pi coin burn, which will help to ease the ongoing fears about dilution as billions of tokens are expected to be unlocked in the next few years.
The other potential catalyst for the Pi coin price will be exchange listings by companies like Binance, Kraken, Upbit, and Coinbase. Those listings would fuel its surge by making it more available to millions of potential buyers.
Another far-fetched idea that may benefit the Pi price surge is a spot Pi Network ETF approval in the United States. This is a far-fetched concept since no company has applied for a spot Pi to the Securities and Exchange Commission.
A Pi ETF makes sense for three main reasons.
- First, Pi is one of the biggest cryptocurrencies in the industry. CoinMarketCap data shows that Pi has a market cap of over $7.9 billion and a fully diluted valuation of $117 billion. This makes it bigger and more liquid than other coins that have received ETF applications, like Litecoin and Polkadot.
- The other reason the SEC may approve a PI ETF is that it is a Made in USA coin, which is an important aspect during the Trump administration.
- Finally, unlike coins like Polkadot and Sui, Pi Network is a proof of work coin, meaning that the SEC does not view it as a security.
Pi Coin Price Technical Analysis
A combination of a Pi coin ETF approval, ecosystem growth, exchange listings, and token burn would be highly bullish. Some analysis point to a Pi coin surge to $100 in the long term. Such a move would push its market cap to over $680 billion and the fully diluted valuation to $10 trillion.
The four-hour chart shows that the Pi Network price has dropped to $1.1600, down sharply from the all-time high of $3. On the positive side, it has formed a falling wedge pattern whose two trendlines are about to converge. A bullish breakout typically happens when the two lines near their crossover.
Therefore, the short-term Pi coin price forecast is bullish, which is a contrarian view. Such a move would see it jump to $3, up by 155% from the current level. A break above that level would see it jump to the value of Pi at $3.14, followed by $5. A drop below $0.80 will invalidate the bullish view.
The post How High Will the Pi Network Price Get if the SEC Approved a Pi ETF appeared first on CoinGape.
