tl;dr
The PI token has experienced significant price fluctuations since its launch, with a recent sharp decline. Despite this, a new partnership with PiDaoSwap has caused a 7% daily price increase. The collaboration aims to bring community-driven governance and transparency to the project. It remains to b...
The PI token has experienced significant price fluctuations since its launch, with a recent sharp decline. Despite this, a new partnership with PiDaoSwap has caused a 7% daily price increase. The collaboration aims to bring community-driven governance and transparency to the project. It remains to be seen whether this partnership will positively impact the token's price and help address previous controversies surrounding the project's delays and procedures.
Recall that the controversial project, which was in development for approximately half a decade, finally released its Open Network on February 20, which also saw the launch of the PI token. The asset went from almost $2 to under $0.7 within hours before it exploded to a new all-time high of $3 just days later on the hype of many crypto exchanges listing it.
The token, which was close to the top 10 cryptocurrencies by market cap, is down by 34% weekly and is now in the 25th spot, according to CoinGecko. Although there’s no clear end to this price slide in sight, Pi News announced a big partnership with PiDaoSwap, which could be the reason behind the 7% surge on a daily scale. The collaboration aims to bring "100% DAO governance, 100% transparency, and complete decentralization."
Big partnerships could impact the underlying asset’s price positively, especially in the long run. It will be interesting to see whether PI will benefit from this collaboration in the near future, easing some of the controversy around the project, given its history of delaying launches, KYC procedures, and deadlines.