Recent reports suggest that Pi Network is moving towards stabilizing its blockchain. The community uncovered a smart contract code related to Chainlink (LINK) directly pointing to Pi coin (PI) cryptocurrency. This news led to a 25% increase in PI’s price to $1.73, with some investors hopeful for prices reaching $5. Alongside this price surge, Pi Network’s market value surpassed $12.39 billion, ranking it 11th in the market. The new mechanism might involve dynamic price stabilization executed through an automatic minting and burning system, similar to stablecoins like USDT and USDC aiming to reduce volatility and create a more stable trading environment. Reports indicate that a smart contract related to Chainlink automatically regulates PI token’s supply and demand. Some analysts believe that if Pi coin transforms into an algorithmic stablecoin, it could find wider acceptance in DeFi and daily transactions. However, the development team has not confirmed these claims yet. Another factor contributing to PI’s price growth could be the approaching Pi Day on March 14, a significant date for the Pi community marking the deadline for KYC verification and migration to the mainnet. Additionally, Pi Network celebrates its 6th founding anniversary on March 14, with industry insiders predicting a potential listing of Pi coin on Binance exchange, attracting more liquidity and driving prices higher. Visit the digital currencies’ live price page for real-time updates on token and cryptocurrency prices.
