Pi Network Releases Update On Domain Auction, Pi Coin To Rebound To $1?

Pi Network has released a policy document guiding its domain auction but the figures around the event are beyond impressive. Barely a week since the launch of the domain auction, over 200,000 bids have been placed fuelling speculation for a push to $1.

Pi Network Records Impressive Figures For Domain Auction

According to a post by the Pi Core Team (PCT), the network is buzzing with activity surrounding its domain action. Per the statement, the bids for .pi domains have surpassed 200,000 in less than a week since launch.

Pi Network launched domain auctions on March 14 for community users to stake their claims for .pi domains. At the moment, there are over 40,000 unique bidders jostling for 95,000 domains.

Nearly 3 million Pi are in active bid with the highest bid at press time being 30,000 for a single Pi domain. There is a scramble for .pi domains associated with large corporations including Amazon and Samsung.

“The demand for .pi domains highlights the growing ecosystem of Pi-powered apps, businesses, and online services, all leveraging blockchain-based domain ownership for branding, accessibility, and commerce,” read the statement.

PCT Releases Policy Document For Domain Auction

Details in the PCT policy document reveal that proceeds will be funneled into the Pi ecosystem via developer programs and Pi events. Furthermore, ecosystem apps will not be required to go through the hassle of auctions and can secure domains automatically.

The PCT clarifies that the .pi domains are akin to traditional domains requiring renewals or forfeiture. While .pi domains work in the Pi Browser, the team says it is giving no guarantee that legacy browsers will provide support.

Pi Coin Price To Clinch $1 In The Short Term

There is growing enthusiasm that the native price can clinch $1 again after Pi Coin fell by 5%. The dip below $1 is a result of the recent token unlock in the network, triggering massive selling pressure.

Pi Coin is trading at $0.8862 with daily trading volumes down by 29.21%. The asset has slumped 70% from its all-time high of $2.98 but community sentiment to reclaim $1 is sizzling.

Whispers of a potential listing by Upbit could send Pi Coin to a massive rally, supporting existing on-chain activity. However, an expert says the reason behind exchanges not listing Pi Coin is a lack of transparency from the PCT.