Here’s everything most interesting surrounding Pi Network and PI.
Pi Network’s PI remains in green territory on a monthly scale, but in the past several days, it has lost some of its gains.
The project behind the token continues to make headlines due to significant updates and advancements.
What’s New?
Just a few days ago, the team behind Pi Network revealed that the Pi Node has been upgraded to version 0.5.4. The improvement aims to enhance accessibility, reliability, and address issues raised by the community. Following the update, the feature now includes a better system for tracking open parts on Pioneers’ Nodes.
“This update allows for more reliable and secure Node bonus calculations. It’s also an essential step towards the larger goal of enabling the migration of Node mining rewards,” the announcement reads.
With the introduction of the 0.5.4. version, the Pi Node application, known as Pi Desktop, supports opening approved external links, thus allowing access to blog posts and other resources. Last but not least, the improvement fixed some bugs that had been reported by Pioneers in the previous version.
The update has infused some optimism across the PI community, and even the X user pinetworkmembers (who have been rather pessimistic on the coin’s future) saw its benefits.
PI’s Recent Gains Fade Away
The native token of Pi Network experienced a notable revival towards the end of October, with its price rising to almost $0.30. However, the uptick was short-lived, and PI currently trades at around $0.23 (per CoinGecko’s data), meaning a 14% increase on a monthly scale.
PI’s community, which is vast and consists of devoted fans of the cryptocurrency, has been somewhat quiet lately. Earlier this year, when the token’s price was trading much higher, there was optimism that the valuation would reach $5, $10, and even more impressive peaks.
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X user Lord Drey remains among the few vocal bulls, recently predicting that PI could skyrocket to $3 – $5 in the next three years and claiming that the fundamentals for the asset are “madly bullish.”
More Pain Ahead?
The looming token unlocks (albeit not as substantial as those seen in some previous months) signal that PI’s price may experience a further pullback in the short term.
Data shows that nearly 143 million coins will be released in the next 30 days, providing investors with the opportunity to offload holdings they have been waiting to sell for some time.
Additionally, the amount of PI stored on cryptocurrency exchanges has risen by almost two million tokens in the past 24 hours alone, and the total now exceeds 426 million. This suggests that investors have switched from self-custody methods to centralized platforms, resulting in increased sell pressure.
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