Pi Network Unveils .PI Domains – Is This the Key to Pi Coin’s Breakout?
Pi has gone down by 17% in the past 24 hours and currently stands at $1.12 per token after the project launched a new tool called Pi domains.
In a lengthy blog post, the developing team explained that .pi domains were created to harness the popularity of the Pi Network and integrate blockchain technology into traditional websites.
These domains will be auctioned to prospective buyers and can only be bought by using PI tokens.
The ownership of these domains will be registered in the Pi blockchain and any purchases made within e-commerce stores built on Pi domains can be settled by using Pi as a payment method.
The launch of Pi domains gives the PI token an additional use case and strengthens its value proposition.
PI Finds Support at $1.05 – Can It Bounce Back?
Trading volumes for PI have surged by 63% in the past 24 hours while the token is currently trading 62.7% below its all-time high of $2.98 from February 26.
PI has rapidly climbed to the top of the crypto ranks, and it is currently the 11th most valuable cryptocurrency with a market capitalization of $7.76 billion, according to data from CoinCodex.
PI has been on a sharp downtrend since February 26, back when the first deadline to migrate the token to the mainnet expired.
It has made several consecutive lower highs along the way that have turned into resistance at $2, $1.8, and $1.5 most recently.
However, the decline seems to have accelerated on Monday night as the PI token dropped from $1.35 to $1.2 in just a few hours. At the time of writing, PI has found a floor at $1.05 in the hourly chart. However, momentum indicators show that negative momentum is once again accelerating.
The Relative Strength Index (RSI) has stepped off oversold levels briefly but has not yet managed to make a decisive crossover above the signal line while the MACD continues to post high negative readings.
Moving forward, if the price breaks below the $1.05 level, PI has no other support in the way to cushion the decline. Meanwhile, if a bounce occurs in the next few hours, this would be a bullish signal as a double-bottom technical setup will be formed.
Apart from Pi, Meme Index (MEMEX) has also been gaining traction, offering a decentralized way to invest in meme coins.
Meme Index (MEMEX) Raises $4M to Launch its Innovative Platform
Meme Index (MEMEX) is the world’s first decentralized meme coin investment platform.
Through four different indexes called Titan, Moonshot, Midcap, and Meme Frenzy investors can get exposure to different types of tokens based on their risk tolerance.
$MEMEX is the utility token of this novel platform. Its demand depends primarily on users’ adoption of Meme Index. The solution’s appeal lies in that it provides a diversified alternative to invest in meme coins.
At its presale price of $0.0166883, $MEMEX offers significant upside potential to early buyers as the solution will attract significant interest from investors once it is officially launched.
To buy $MEMEX, simply head to the Meme Index website and connect your wallet (e.g. Best Wallet).
You can either swap USDT, ETH, or BNB tokens or use a bank card to make your investment.
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