Pi Network Price Faces Pressure Despite Pi Day 2 Announcements
Pi Network’s price took a hit over the weekend, falling to $0.532.This represents a 20% drop from its recent high and a 68% decline from its May peak. The market cap now stands at around $4 billion.
On Pi Day 2, the team unveiled an AI initiative. They hope developers will use the Pi App Studio to create AI apps. The platform offers features like a Know Your Customer system, helping 13.7 million users move to the public mainnet. The network boasts over 60 million users across 200 countries. Other features include the pi Ad Network, .pi Domains, and the Pi Wallet.
They also launched ecosystem directory staking. This lets users and businesses stake Pi coins to boost app rankings. Higher rankings mean more visibility and potential sales. The Pi Wallet now integrates with Onramper, simplifying on-ramp services. Node Version 0.5.2 improved security and moved to Pi Desktop.
Despite these updates, the price fell. Analysts had expected big news. The lack of an exchange listing and unresolved challenges like token unlocks and centralization may have contributed to the drop.
Technical analysis suggests a possible rebound. A double-bottom pattern and a falling wedge pattern hint at a bullish breakout. The next target could be $1.
- AI-powered Pi App Studio for app creation
- Ecosystem directory staking for app promotion
- Integration with Onramper for easier on-ramp services
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