MEXCWill Pi Network Price Recover Above $2 Amid Rush for Pi Domains?
Highlights
- Pi Network will be running the auction of .pi domains until June 28, 2025.
- Domains linked to major brands like Tesla, Samsung, and Amazon have already received bids totaling 60,000 Pi Coins from a single wallet
- Despite an 8% drop to $1.45, analysts remain optimistic about Pi Coin reclaiming $2 and beyond.
Pi Network price has come under strong selling pressure, dropping another 8% to $1.45 today. However, the recent buzz around the launch of Pi domains could change the trajectory of Pi Coin, pushing it back to above $2 once again.
Pi Network Launches Domain Bidding with Pi Coins
In the latest development, Pi Network announced the launch of .pi domains allowing users to exclusively bid in the native cryptocurrency, i.e. Pi Coin. The event already kicked off on Pi Day on March 14, and will continue further until Pi2Day, up to June 28, 2025.
The auction represents a significant step for the Pi ecosystem, as it creates a real-world utility case for the cryptocurrency. According to the announcement:
“The .pi Auction is fully run on Pi cryptocurrency—people need to use Pi to bid and purchase something that has real-world meaning and purpose.”
The organization also announced that it won’t accept any other digital assets except for Pi Coins. All proceeds from the auction will be reinvested into the Pi ecosystem, supporting developer programs, events, and initiatives that enhance Pi’s utility.
Heavy Rush for Amazon, Samsung and Tesla Pi Domains
Soon after the announcement within the Pi Network ecosystem, .pi domains linked to top firms such as Tesla, Samsung, and Amazon have been bid on a single wallet address. The total expenditure for these bids amounts to a substantial 60,000 Pi Coins (PI).
This activity highlights growing interest in Pi domains, showcasing the platform’s potential to create a competitive marketplace centered around exclusive naming rights within the Pi Network.
The auction structure for .pi domains includes a dynamic timeframe for individual domain bidding. While the overall auction has a fixed end date, specific domain auctions will be extended if new bids are placed within 24 hours of their scheduled conclusion.
Pi Coin Action Moving Ahead
Ahead of the Pi Day on March 14, traders had turned increasingly bearish about Pi Coin eroding nearly $1 billion market cap for the altcoin. As per the Coinglass data, the open interest has also dropped 6% in the last 24 hours.
Crypto market analysts are hopeful that the PI price will stage a bounce back from the $1.45 levels. On an immediate basis, Pi Coin first needs to reclaim $1.56 levels, which will open further gates for a rally to $2 and beyond.
It will be interesting to see whether market analysts turn bullish ahead of here. Some market analysts have also been predicting a PI price rally to $10 moving from here onwards.
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