Pi Coin Price Today: The Price of Pi Network's Pi Coin Lagged to Follow Other Major Coins' Rally

After US President Donald Trump announced to form a strategic crypto reserve on Sunday, the price of pi network's pi coin lagged

The price of pi network's pi coin lagged to follow other major coins' rally on Monday after US President Donald Trump announced to form a strategic crypto reserve on Sunday. The US president also vowed to position America as 'Crypto Capital of the World' in a post on his social media platform Truth Social.

After Trump's announcement, major cryptocurrencies like Bitcoin, Ethereum, Solana and Cardano zoomed significantly. However, pi coin, which was introduced in the open market a few days ago, did not pick up the same momentum as the major cryptocurrencies and was in negative territory, meanwhile.

At the time of writing, the pi coin was trading at the level of $1.72, a fall of 6.3% in the last 24 hours, according to Coingecko.com.

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Donald Trump's announcement

In a significant policy shift, Donald Trump announced on Sunday evening via his social media platform Truth Social that the United States will be establishing a national crypto reserve comprising five major cryptocurrencies.

The president's statement, posted around 6:30 p.m. ET, comes ahead of the inaugural White House crypto summit, set for Friday.

"I am announcing that we will be forming a national crypto reserve with five main coins: Bitcoin, Ethereum, Solana, Cardano, and XRP to be included in the reserve, ” Trump stated.

Crypto Markets React

Cardano, Solana, and XRP saw gains of up to 60% in response to the announcement, while Bitcoin and Ethereum also saw double-digit gains. Bitcoin bounced back after falling below $80,000 on Friday, rising 10% to reach $94,343.82. Ethereum rose 13% to reach $2,516.

Other cryptocurrencies such as Dogecoin, Chainlink, Avalanche, and Needles saw gains of between 9% and 14%, reflecting the strong optimism of the market following the news.

Details of the crypto reserve remain unclear

Although the announcement represents a significant advancement in recognizing digital assets within the US financial system, the specifics of how the crypto reserve will work are still unclear. More details are expected to be revealed during the inaugural White House crypto summit on Friday.

Trump’s January 23 executive order suggested establishing a “national digital asset reserve,” but did not specify which cryptocurrencies would be included or how it would be overseen.

This decision marks a significant shift in US policy regarding cryptocurrencies. In the past, government regulators and policymakers have generally been skeptical of digital assets, often citing concerns about regulation, security, and volatility. However, this action reflects a growing recognition of the importance of blockchain technology in the global economy and its potential inclusion in national financial strategies.

With the world eager for more details, the upcoming White House crypto summit is expected to shed light on the government’s long-term plans for digital assets.

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