Pi Network price crashes after major upgrade: Here’s why
The Pi Network price has stalled at a record low, even as the developers announced a major upgrade to the App Studio with the hope for more ecosystem growth.
- Pi Network price has remained under pressure and is at its all-time low.
- The developers launched a major upgrade to its App Studio.
- A forming falling wedge pattern could lead to a short squeeze.
Pi Network (PI) token was trading at $0.2040 on Sunday, down by over 90% from its all-time high. This plunge has made it one of the top laggards in the crypto industry.
Pi Network launches App Studio upgrade
The main Pi Network news was that the developers launched a major upgrade to its App Studio on Friday. This upgrade aims to make application creation more accessible, customizable, and integrated within the Pi ecosystem.
For example, the studio is now accessible from the Pi Desktop application alongside other top features like the mining application and the node.
On top of this, the upgrade brought new features, including AI-assisted customization. This feature makes it easier for developers to build and launch applications.
Additionally, the upgrade enhanced the discovery feature and introduced staking integration in the platform. The goal is to ensure that it has a robust ecosystem, which will give it more utility.
The new upgrade came a few weeks after the developers launched the testnet for its decentralized exchanges and automated market maker. This feature will make it possible for developers to create DEX applications like Uniswap and PancakeSwap.
The Pi Network price has ignored these developments, likely because its core issues remain. For example, Pi token unlocks are adding millions of coins in circulation each day. Data shows that the network will unlock over 1.2 billion tokens in the next 12 months.
Also, Pi Network is still highly illiquid, with its daily volume remaining below $50 million. This is partly because most crypto exchanges have not listed it yet. Also, Pi is highly centralized, with the foundation holding over 90 billion tokens.
Pi Coin price technical analysis
The daily chart shows that the Pi Network price has been in a free fall since its mainnet launch in February. It has remained below all moving averages, while its volume has dwindled.
These technicals suggest that the Pi Coin price will continue falling in the coming weeks. However, on the positive side, the token has formed a falling wedge pattern, which may trigger a short-squeeze soon.
