$ETH #Binance #Square
Pi Coin (PI) has recently fallen below $1, as it is currently trading at a price of $0.86, reflecting a 68% decrease from its peak in February. The reason for the price drop is a large surplus of supply and the issuance of tokens that are still trading, among them 99.3 million that will be issued soon. There is some hope for a rebound if the currency can maintain support at $0.71-$0.86 with $1.50-$2 as the first target in the near term, according to analysts.
On the other hand, trading around $1,800, Ethereum (ETH) has shown some resistance. Some positive aspects are the ongoing Ethereum 2.0 upgrade which is expected to be a great success, and significant growth in DeFi and NFT markets. Partnerships with major financial institutions are boosting confidence, giving Ethereum a better position in the cryptocurrency space compared to Pi Coin which had its bright lights shine for a few days (and recent challenges)