TL;DR

Pi Network will play a key role in a major crypto event. However, the news did not positively impact PIs price, which has plunged by approximately 15% over the past month.

Pi Network to Take Center Stage

The controversial crypto project will serve as a Gold Sponsor of the TOKEN2049 event in Singapore, which takes place October 1 October 2. In addition, Dr. Chengdiao Fan one of Pi Networks founders will be a speaker at the conference. 

During this engagement, she will focus on crypto and blockchain as mechanisms for real societal utility and impact, analyzing current Web3 challenges and potential solutions for pushing the crypto space for more innovations in real-world utility, the announcement reads.

Pi Networks team expects that the aforementioned actions will increase the projects visibility and signal its intention to engage with the global Web3 community. Last but not least, Dr. Fans inclusion as a speaker provides the opportunity to outline the entitys perspective on real-world utility, community building, and the broader future of blockchain adoption.

TOKEN2409 is among the biggest crypto events and brings together thousands of key players in the crypto world, including founders, investors, developers, and media. More than 25,000 attendees are expected to visit this year, while the total number of speakers will be around 300. 

This wont be the first time a Pi Network representative takes the spotlight at a global crypto conference. Earlier this year, co-founder Nicolas Kokkalis addressed the audience at the Consensus event in Toronto, Canada.

PI Price Outlook

The news about Dr. Fans participation in TOKEN2409 in Singapore hasnt managed to fuel a price rally for the native token of Pi Network. Despite its brief resurgence towards the end of August, it remains in red territory on a monthly scale and is currently worth around $0.34 (per CoinGeckos data).

PI Price, Source: CoinGecko A few days ago, one X user suggested that PI is holding just above fragile support at $0.344, assuming that any slip below could open the door to fresh lows. 

The upcoming token unlocks in the next two weeks may also negatively impact the valuation. Data shows that September 21 will be the record day when over 13 million PI will be freed up. This will give people the chance to offload assets they have been waiting for a long time, thus potentially setting the stage for a further correction. Its worth noting that after this date, token unlocks will ease, possibly giving PI time to regain strength.

PI Token Unlocks, Source: piscan.io