Pi Network Faces Price Decline Amid Major Platform Updates
Pi Network experienced a notable price decline over the weekend, dropping to $0.532, down 20% from last week's peak and 68% from its May high. This has reduced its market capitalization to around $4 billion. This price movement comes despite significant announcements made by the Pi Network team during Pi Day 2.
New AI-Powered App Studio and Ecosystem Integrations
The developers unveiled an artificial intelligence initiative through the Pi App Studio platform, aiming to empower developers and users to build AI applications without coding. Additionally, they highlighted key features such as the native Know Your Customer (KYC) mechanism, which has helped over 13.7 million users transition to the public mainnet, and a vast user base exceeding 60 million across more than 200 countries.
Complementary tools launched include the Pi Ad Network, .pi Domains, and the Pi Wallet, enhancing utility within the ecosystem. They also introduced ecosystem directory staking, allowing pioneers and businesses to stake Pi tokens to improve app rankings, potentially driving more engagement and sales.
Additional Updates and Market Reaction
On Pi Day 2, Pi Network integrated its wallet with Onramper, simplifying fiat-to-crypto onboarding, and released Node Version 0.5.2, enhancing security and desktop application capabilities. Despite these developments, the token price declined, likely due to anticipations already priced in, absence of exchange listings, and unresolved concerns such as token unlock schedules and centralization risks.
Technical Analysis Signals Possible Rebound
Technical charts reveal that Pi Network's coin has formed a double-bottom pattern and a falling wedge, both indicating a potential bullish breakout. The price is testing the upper trendline of the wedge, with the psychological target of $1 looming as the next key level. If these patterns hold, investors may expect a price recovery in the near future.
