Pi Network News: Can the Latest Domain Auction Drive Pi Coin Back to $1?

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Pi Network’s fading interest and KYC controversy gripped the network, hard dropping the price and overall market sentiment. However, now the wind is changing as the Pi Network community is buzzing with optimism as its domain auction sees overwhelming participation.

With over 200,000 bids placed in just a week, excitement is building around the ecosystem’s growth and the potential for Pi Coin to reclaim the $1 mark. However, will this excitement stay as Binance has not listed Pi token yet, and the network is also dealing with other controversy and regulations yet the market hopes that it will make a comeback with this latest domain auction let’s see how true it will be. 

Pi Network’s Domain Auction Surpasses Expectations

The Pi Core Team (PCT) has released an update on its domain auction, revealing that over 40,000 unique bidders are competing for 95,000 .pi domains. Nearly 3 million Pi tokens are actively being bid, with some domains fetching as much as 30,000 Pi. Notably, domains linked to big brands like Amazon and Samsung are attracting fierce competition.

According to the PCT, this demand highlights Pi’s growing ecosystem, as businesses and developers see value in blockchain-powered domain ownership. These domains will help build Pi-based apps, businesses, and services, further integrating Pi into digital commerce.

PCT’s Policy for Domain Auctions

To guide the process, the Pi Core Team has released a policy document explaining how the proceeds will support Pi’s ecosystem. Funds from the auction will be reinvested into developer programs and Pi-focused events, encouraging further growth.

Additionally, apps within the Pi ecosystem can secure domains without participating in auctions. However, .pi domains will require renewals, much like traditional domains, and currently function only within the Pi Browser.

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Can Pi Coin Rebound to $1?

In the meanwhile, Pi Coin’s price has slipped below $1, currently trading at $0.8862 after a 5% drop triggered by recent token unlocks and increased selling pressure. Despite this, community sentiment remains strong, with many believing a rebound to $1 is possible.

A potential listing on Upbit is fueling speculation that Pi Coin could rally. However, skepticism remains due to ongoing concerns about the Pi Core Team’s transparency, which has kept major exchanges from listing the token.

Whether this momentum will push Pi Coin back to $1 remains to be seen, but the enthusiasm within the community is undeniable.