Pi Coin price continued its recent freefall, dropping to its lowest level in over a month as the developers revealed the winners of the recent hackathon, which they hope will be a key part of its ecosystem growth. The Pi token plunged to a low of $0.20, down from last month’s high of $0.2828.
Pi Network Unveils Hackathon Winners
One major reason the Pi Network price has crashed is the view that it is a ghost chain with little going on. Indeed, a closer look at its ecosystem shows a handful of apps that many people don’t use.
The developers are hoping to change this. In a statement, they identified a few apps that won the recent two-month hackathon. The winner was Blind Lounge, a privacy-first social and dating platform where people connect anonymously and then reveal identities by mutual choice.
Starmax, a loyalty program app that lets pioneers spend Pi at participating businesses and earn rewards, was the other winner. The third place in the hackathon was RUN FOR PI, a game that incorporates PI directly into the in-game economy.
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The other notable mentions in the hackathon were apps like Kindrek, PallyPay, SimpleJoy, and Agora Pulse.
Pi Network’s developers hope the hackathon will help the network continue to grow. Most importantly, it expects to provide Pi coin with more utility.
The developers are working on other things to boost the ecosystem growth. For example, they recently launched a DEX, an AMM, a liquidity pool, and a token generation testnet. Once complete, the new features will help developers launch tokens on the network. It will also enable users to trade in a decentralized way, as they do in other chains.
Pi Network also invested in CiDi Games, a company building games that leverage the Pi token and add utility to it. They also invested in OpenMind, a top company in the AI industry.
Pi Coin Price Technical Analysis
The daily chart shows that the Pi Network price has come under pressure in the past few days and is now nearing a key level. It formed a double-top pattern at $0.2828 and is slowly approaching the neckline at $0.2020.
The token has slumped below the 50-day and 100-day moving averages, confirming the bearish outlook. It also remains below other trend indicators.
Therefore, the most likely scenario is where the Pi Network price continues its freefall. If this happens, the next point to watch will be at $0.158, the lowest level in October this year.
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