According to reports, PiCoin, an IOU listed on several exchanges that stands in for the native token of the Pi Network, started this week at a record-low price of $25,000 before rising over the course of the week to reach $29,000 today.
The only marketplace where PiCoin is exchanged at a rate exceeding $1000 is the Atlantis Exchange platform. surpassing all other cryptocurrencies available on the platform, such as the well-known Bitcoin and Ethereum.
Earlier this week, Atlantis Exchange tweeted a poll asking for estimates on the price of PiCoin in six weeks, with possibilities including $150k, $75k, $38k, and $500 or less.
What is Pi Network?
The Pi Network was established by Stanford University academics Nicolas Kokkalis and Chengdiao Fan. They started working on it in 2018 to create digital money for everyone. On 14 March 2019, they published a whitepaper and released the Pi Network app.
The project promises to be environmentally sustainable, which might help attract climate-conscious investors. It may be especially effective since the crypto market has often been reprimanded for its substantial energy consumption due to energy-intensive procedures like proof-of-work (PoW), which degrades the environment.