- The start of Pidaoswap could stabilize the PI price by reducing manipulation and improving market transparency.
- Despite the PI course drop, the reaction of the community signals resistance and a move towards decentralized solutions by pidaoswap.
Pi Network (PI) recently faced challenges when his cryptocurrency Pi experienced a significant drop in prices. As CNF reported, Pi Network has experienced a dramatic change in its market behavior in the past few weeks.
In response to these troubling market trends, supporters within the PI Network Community initiated the development of Pidaoswap, a decentralized stock exchange (Dex) that is intended to facilitate the PI trade without dependency on external platforms. Pi Network Vietnam tweet:
“As soon as the development has been completed, the PI price will reflect its true value and will no longer be manipulated by the current external stock exchanges. Everything starts now.”
The value of PI fell under the threshold of $ 1 and reached a low of $ 0.87 before recovering slightly to about $ 0.9913. Last week, PI lost about 41 % of value, which arouses concern among investors that the value could continue to decrease, possibly less than $ 0.60.
Pidaoswap – Solution worn by the community
This initiative aims to defuse alleged price manipulations by third -party exchanges. Pidaoswap is reported to be short of completion, whereby the approval of the PI-Kernt team to know your Business (KYB) is still pending. The platform has already achieved organizational verification on Twitter, which underlines its progress.
Despite this progress, Pidaoswap is faced with another hurdle because of the guidelines on the intellectual property of the PI network, which limit the use of PI-relevant trademarks without official approval.
The most recent rash and the operational difficulties of PI Network have caused different reactions. Justin Bons, founder of Cybercapital, criticized the mining mechanism and the TOKENOMIK of PI, which indicates central control and questions the legitimacy of the project.
Can Pidaoswap restore trust?
While PI Network runs through these turbulent times, the efforts of the community to establish Pidaoswap are a proactive approach to stabilize the value of the cryptocurrency and strengthen the trust of investors.
The effectiveness of this decentralized stock exchange in combating price manipulations and promoting a transparent trade environment will be of crucial importance for the future development of PI Network.
In the meantime, wider market trends, including the resistance of Bitcoin, continue to shape crypto landscape. As a leading cryptocurrency, Bitcoin’s ability to maintain its dominance and stability affects the mood on the entire market, including projects such as PI Network.
At the time of the creation of this article, Bitcoin (BTC) is traded at around $ 87,345.69 according to coinmarketcap data and has increased by 3.60% in the past few days and 4.70% in the past week. See BTC price diagram below.
No Comments