Quick Takeaways
- Pi Network successfully upgraded to Protocol 22, with the community urged to update node systems, while hints for the next upgrade (v23) are already on the roadmap.
- The native token, PI, experienced a notable rebound, soaring from $0.17 to $0.20 before pulling back, and then bouncing back above $0.18, showing resilience.
- Despite market sideways moves, PI’s price remained above key support levels, with analysts optimistic about a potential longer-term rally.
- The project continues to develop, with multiple protocol updates since February and a focus on smart contract capabilities introduced in version 20.2.
Pi Network’s PI Token Rebounds After Major Update
Protocol Upgrade Boosts Sentiment
Recently, Pi Network’s team announced a significant milestone. They confirmed the successful upgrade to Protocol 22. This marks a key step in the project’s development. The team had set a deadline of April 27 for this upgrade. Although they missed the date, they later confirmed the completion on May 1. This move is vital because it allows the network to support new features. It also signals ongoing technological progress. Node operators are urged to update their systems to stay connected to the blockchain. The team also hinted at an upcoming Protocol 23, though it has not yet announced a launch date. Overall, these upgrades show the project remains committed to improving its infrastructure.
Token Price Bounces Back
After a sharp fall earlier in the week, PI’s price started recovering. The token had initially surged from $0.17 to $0.20 in just two days. Many believed this could signal a broader rally. However, the price was quickly rejected at that peak and dipped again below $0.17. Despite this, analysts reassured investors. They pointed out that PI stayed above its 100-day moving average, a key support level. This suggested the token could bounce back. True enough, the price rose about 6% on Friday, surpassing $0.18 once more. Its market capitalization remains around $1.9 billion. Currently, PI ranks as the 45th largest digital asset on CoinGecko, reflecting its ongoing community interest.
Discover More Technology Insights
Learn how the Internet of Things (IoT) is transforming everyday life.
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. This information may be outdated or incomplete. 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
