PI Network cooperates with 80 financial institutions to discover the fountain of youth
In case you didn’t catch on, both parts of the title are ridiculous, made-up things designed to bolster the hype around the Pi Network.
Given the ongoing hype surrounding the Pi Network, it would seem that this mobile-based cryptocurrency mining project has either the most dedicated marketing team or the most obsessed fans.
From outrageous price predictions of $314,159 per token for Pi to Elon Musk backing the project, there’s everything on the fantasy spectrum. Now, even a random post that you might have heard from a distant relative of a friend’s acquaintance has become news.
Despite the delay in the mainnet launch and scammers targeting the token’s miners, the Pi Network coin remains a favorite among users in the Asia-Pacific region. Many traders are looking to buy Pi coins in India, especially as the stock market crashed after the election results.
Yes, the hype man did it again
Pi Network hype must be one of the most dedicated or obsessed people in the world. Among the Pi coin fantasy pushers, the news website Hokanews ranks first. On June 4, the news website claimed that Pi Network cooperated with 80 financial institutions.
The source of this huge announcement is a Pi coin miner named Daniel, who claims that “over 80 financial institutions” have integrated the Pi Network.
Considering that Pi Network is still a closed mainnet with no clear signs of a public mainnet launch, this information cannot be true by any standard.
Of course, Daniel could be referring to the small shops in Vietnam that currently accept Pi coins as a form of barter, but they do not qualify as financial institutions.
Furthermore, this is not the first time that Hokanews has shared unfounded facts as news. Back in March 2024, Hokanews took a joke-like mainnet launch announcement from a Pi Network news handle and published it as actual news, driving the Pi coin price up to $122.
There was a time when Elon Musk planned to accept Pi tokens as a medium of payment. Perhaps, if the billionaire entrepreneur got hooked on the Pi Network’s recently discovered fountain of youth. Although it’s likely that a Pi miner accidentally fell into a puddle during the high tide.
PI Network Token Price Rises, But Remains Range-bound
The Pi Network coin has been hovering between $39 and $42 since late April 2024. However, the recent rise in the Pi coin price has brought the coin close to $41, up 2% on June 6.
PIUSDT daily price chart and RSI. Source: Tradingview.com
Fantasy Addict could push the coin towards the $42.3 resistance level. Furthermore, a breakout and consolidation above the upcoming resistance could help push the PI coin price towards the $44.5 resistance level.
On the other hand, the downtrend might force the Pi Network Token price to test the support levels near $39 and $37.7.
PI coin’s RSI remains neutral on the daily chart with a score of 53.84.