PI Network Forms Alliances with 80 Financial Institutions, Stumbles upon Eternal Youth
In a quirky turn of events, Pi Network has made headlines for its outlandish claims and fantastical marketing tactics. The mobile-based crypto mining project has garnered attention for its devoted followers and far-fetched predictions.
Despite facing setbacks in launching its mainnet and dealing with scammers targeting its miners, Pi Network’s token remains popular in the Asia-Pacific region. Traders in India, in particular, have shown interest in purchasing Pi coins following recent market fluctuations post-election results.
The fervent supporters of Pi Network, known as shillers, have once again captured the spotlight with their bold assertions. A recent post by the news website Hokanews claimed that Pi Network had established partnerships with 80 financial institutions. However, upon closer inspection, it was revealed that the source of this information was a Pi coin miner named Daniel, whose credibility remains questionable.
As Pi Network continues to operate on a closed mainnet with no clear timeline for a public launch, the validity of such claims is dubious at best. While there may be local businesses in Vietnam accepting Pi coins as a form of trade, they cannot be classified as financial institutions.
This is not the first time Hokanews has shared unsubstantiated information as news. In a previous incident, the website reported a joke announcement about the mainnet launch as factual news, causing a spike in the PI coin price. Similarly, rumors about Elon Musk endorsing Pi tokens as a payment method have also circulated, adding to the cryptocurrency’s mystique.
Despite the speculation and hype surrounding Pi Network, the token’s price has remained relatively stable, hovering between $39 and $42 since late April 2024. A recent uptick in price saw the token reach $41 after a 2% increase on June 6.
With the possibility of reaching resistance levels near $42.3 and potentially climbing to $44.5 with a breakthrough, Pi Network’s token price remains in a state of flux. Conversely, a downward trend could test support levels near $39 and $37.7, keeping traders on their toes.
On the daily charts, the RSI for PI coin stands at a neutral 53.84, indicating a balanced market sentiment among investors.