The team behind the controversial crypto project has been quite vocal lately, unveiling several important updates and announcements.
However, PI’s price has fallen by 10% on a weekly basis, while some factors suggest a further decline may be on the horizon.
The Recent Progress and What’s Next?
Some of the big news surrounding Pi Network this year is related to the protocol upgrades. In late February, the team announced the migration to version 19.6, while v19.9 was released in early March.
Version 20.2 was the most anticipated update since it lays the foundation for smart-contract capabilities, thus opening the door for the project to grow into a fully functional blockchain ecosystem. It was successfully upgraded by Pi Day (March 14), and moving to protocol 21 has become the team’s next goal. Not long ago, Pi Network revealed that the deadline for that development is April 6.
Besides the protocol advancements, Pi Network’s Testnet has implemented a Remote Procedure Call (RPC) server, describing it as a “major step toward Smart Contracts being simulated, tested, and deployed.”
KYC verification and migration have also been among the main topics of discussion within the PI community. In mid-March, the team revealed the start of the second migrations. They are scheduled for a gradual rollout and would allow Pioneers to bring additional Pi to the Mainnet and further participate in the ecosystem.
Earlier this week, Pi Network disclosed that almost 120,000 users have completed the process. The figure sounds impressive, but many community members continue to report they can’t successfully complete the procedure.
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Bitcoin (BTC) Plunges Before the FOMC Meeting, Pi Network (PI) Soars by 15%: Market Watch
The Viral Rumors
Pi Network took center stage last month after Kraken (one of the leading crypto exchanges) decided to list PI on its platform. Other well-known trading venues that have allowed services with the token include OKX, Bitget, MEX, Gate.io, and more, while Binance continues to stand aside.
Last year, the biggest crypto exchange asked its users whether PI should be listed, and the vast majority were in favor. Yesterday, many X users speculated that such a development would finally happen. However, that was just an April Fool’s joke, which most community members intercepted and had no effect on PI’s price.
Further Collapse Incoming?
PI currently trades at around $0.16 (per CoinGecko’s data), representing a shopping 95% crash from the all-time high of $3 witnessed last year. Moreover, the unsatisfactory condition of the broader crypto market, the upcoming token unlocks, and the rising amount of coins stored on crypto exchanges suggest an additional plunge could be on the way.
Data show that approximately 230 million PI will be released over the next 30 days, allowing investors who have been waiting for their holdings for some time to cash out.
PI Exchange Balance, Source: piscan.io
The total number of coins stored on centralized platforms has increased by 2.1 million over the past 24 hours alone, bringing the total to almost 480 million. This trend doesn’t guarantee a price decline, but it increases immediate selling pressure.
PI Token Unlocks, Source: piscan.io
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