Pi Coin price has stabilized near its all-time low, helped by the performance of the broader crypto market. The token was trading at $0.0822 on Saturday, a few points above the low of $0.07043. It has plunged by over 95% from its all-time high despite the ongoing network upgrades.
Pi Coin Price Has Plunged Despite the Network Upgrades
Pi Network has become a fallen angel in the crypto industry. Once valued at nearly $20 billion, its valuation has now plunged to below $1 billion as the sell-off has intensified.
Most recently, the token has plunged despite the ongoing network upgrades that will bring new capabilities to the network. In a statement this week, the team noted that the final phase of the upgrades will conclude on July 22, bringing in new capabilities, including privacy-preserving smart contracts.
The most important part of these upgrades is that they will make it possible for developers to build decentralized applications (dApps) in key areas like DeFi, real-world asset (RWA) tokenization, and non-fungible tokens (NFT) industries, making it a viable competitor to key chains like Ethereum and Solana.
The team has also launched several network-specific upgrades. For example, it recently upgraded the mining app, making ecosystem features easier to find, understand, and navigate. It also recently launched new products, including SoloHost, Sign-in, and PiVerify.
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Still, despite this progress, Pi Network has remained under pressure and erased $19 billion in value. First, the decline has coincided with the ongoing weakness in the crypto industry, with Bitcoin falling from $126,300 to $63,000 today. Most tokens have also plunged in this period.
At the same time, there have been concerns about the ongoing token unlocks that have coincided with the relatively low volume. In most cases, Pi’s daily volume is usually less than $10 million. Data shows that the network will unlock over 1.7 billion tokens in the next 12 months. More tokens will be unlocked in the next few years as the circulating supply stands at 10.9 billion tokens.
Pi Network Price Technical Analysis
Pi Coin price chart | Source: TradingView
Technicals suggest that Pi Network has more downside to go over time. It has remained below all moving averages, a sign that bears remain in control for now.
There are signs that the token has formed a bearish flag pattern, which is made up of a vertical line and a horizontal channel. Therefore, the token will likely continue falling as sellers target the next key support level of $0.050.
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