Big cut in Pi’s mining rate attempts to combat the altcoin’s inflation: is $1 still reclaimable for Pi?
The popular mobile mining crypto network Pi Network is making huge strides towards stopping the altcoin’s inflation. Pi’s mining rate has been slashed to 0.0027405 per hour, a reduction of 1.23% since August. With this trimming in Pi mining rate, it now takes around two weeks to mine a single Pi Coin without any bonuses in place.
Can Pi Mining Rate Drop Stop Pi Coin’s Inflation?
Nevertheless, this Pi mining adjustment is far less drastic than the one in August, slashing 8% from July’s mining rate. Surely, the reduction of Pi Coin’s mining rate could overshadow the multi-million unlocks coming over the next 30 days, given that trading volume picks up.
According to PiScan’s blockchain explorer stats, 160.35 million Pi Coins are going to be let out of the cage. This will surely put Pi Coin’s circulating supply above 8 billion, while the total crypto supply is at 12.29 billion, according to CoinGecko. With the most intense token unlocks passing by in June & July, Pi Network’s native crypto now relies on further adoption & ecosystem growth.
Whales’ Lack Of Confidence Takes Toll On Pi Coin
Lack of major exchange listings has pushed Pi Network’s native crypto price (PI) below $0.35, a critical support zone that was supposed to erode all the non-believers. However, Pi’s recent backdrop puts the altcoin at $0.34, just two cents above the lowest tier Bollinger Band (BOLL), depicted in green color in the chart below.
A breakthrough above $0.36 would signal a comeback for the bulls at least for the near term, but large crypto investors are not showcasing confidence in Pi Coin’s price growth. As of press time, both the MFI & CMF, key metrics in measuring crypto whale sentiment, have flashed negative figures.
While the Chaikin Money Flow (CMF) dwelled at -0.07, the Money Flow Index (MFI) tumbled to the lowest rate since Pi Coin’s early August dip. In order for the mobile mining altcoin to achieve the $1 target once again, Pi Coin’s market cap would have to nearly quadruple from the current $2.74 billion.
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