Quick Takeaways
- PI’s price has sharply declined from near $0.30 to below $0.18 amid ongoing protocol upgrades and negative market sentiment.
- The upcoming upgrade to protocol 21 is scheduled for April 6, requiring all Mainnet nodes to complete the update to stay connected.
- Despite major updates, PI continues to fall, exacerbated by token unlocks and sell-the-news events following Kraken listing.
- High daily token unlocks over the next month may increase selling pressure, potentially driving PI’s price further downward.
Pi Network’s PI Token Dips 13% Weekly as Deadline Approaches
Pi Network’s PI token continues to decline, dropping over 3% in the past day. Over the past week, it has lost 13% in value. Recall, just a few weeks ago, PI traded near $0.30. Now, it’s under $0.18.
The decline follows the team’s announcement of a crucial deadline. The Core Team has set April 6 as the deadline for the next major upgrade—protocol 21. All network nodes must complete the update to stay connected, according to a recent post on X.
This upgrade is important, as it aims to enhance the blockchain’s capabilities. Past updates, like version 19.6 and 20.2, focused on foundation improvements and smart contract features. These upgrades aimed to turn Pi Network into a full blockchain ecosystem.
However, despite these efforts, PI’s price has struggled. The token surged about 30% after Kraken announced it would list PI for trading. But, after the listing became official, PI crashed below $0.20. It now trades around $0.175, showing continued weakness.
Most recent data reveals that many PI tokens will unlock in the coming weeks. PiScan reports that daily unlocks could reach 7 million coins, with some days exceeding 10 million. This high unlock volume might increase selling pressure, pushing the price lower.
Overall, Pi Network’s ongoing updates show progress in building a usable blockchain. But, the token’s recent price movements highlight the challenges of maintaining investor confidence. The team’s deadline is clear, and the coming weeks will be crucial for the project’s future.
Stay Ahead with the Latest Tech Trends
Explore the future of technology with our detailed insights on Artificial Intelligence.
Explore past and present digital transformations on the Internet Archive.
Disclaimer
This content is for informational and entertainment purposes only and does not constitute financial or investment advice. Cryptocurrency is highly speculative and carries significant risk, including the potential loss of your entire investment. Do not make financial decisions based on this information. Consult a licensed financial advisor before investing. This site does not offer, sell, or advise on cryptocurrency, securities or other regulated financial products in compliance with SEC and applicable laws. Please do your own research and seek professional advise.
CryptoV1
