TL;DR

Ever since its official launch roughly a month ago, the PI token has gone through a volatile ride but the past week or so has been extremely painful. The project announced an important partnership in the past 24 hours can it stop the substantial correction that pushed its price below $1? Recall that the controversial project, which was in development for approximately half a decade, finally released its Open Network on February 20, which also saw the launch of the PI token.

The asset went from almost $2 to under $0.7 within hours before it exploded to a new all-time high of $3 just days later on the hype of many crypto exchanges listing it. However, the controversy continued as the CEO of Bybit said his exchange wouldnt list it as he considers it a scam, while Binance has yet to add it to its platform, although the community voted highly in favor.

PI started to nosedive, and the past seven days have been particularly painful. The token, which was close to the top 10 cryptocurrencies by market cap, is down by 34% weekly and is now in the 25th spot, according to CoinGecko.

PI Token Price. Source: CoinGecko Although theres no clear end to this price slide in sight, Pi News (the official media source behind the project) announced a big partnership yesterday, which could be the reason behind the 7% surge on a daily scale.

The collaboration is with PiDaoSwap, which is a 100% community-driven project not owned by any single individual. It features 100% DAO governance, 100% transparency, and complete decentralization, said the post.

Big partnerships could impact the underlying assets price positively, especially in the long run, if they prove to be successful. It will be interesting to see whether PI will benefit from this collaboration in the near future. This particular one could ease some of the controversy around the project, given its history of delaying launches, KYC procedures, and deadlines.

We are thrilled to announce that we have officially entered into a strategic partnership with @PiDaoSwap_ and have become a DAO member of PiDaoSwap. The PiDaoSwap project is not owned by any single individual – it is 100% community-driven, featuring 100% DAO governance, 100%… pic.twitter.com/MXEVaEXWXK