Pi Network's native token PI fell 14% on September 16, marking the worst performance among the top 100 cryptocurrencies by market cap. The decline followed the US Senate's failure to advance the CLARITY Act, a landmark cryptocurrency bill that did not secure the necessary 60 votes.
PI currently trades around $0.083 per CoinGecko, its lowest level since the start of August. The token's market capitalization dropped below the $1 billion psychological threshold to approximately $940 million, making it the 76th-largest cryptocurrency.
The broader cryptocurrency market also experienced declines following the failed legislation. Bitcoin fell to $75,000, while Ethereum dipped below $2,400 with a 3% daily decline.
The pullback occurred despite recent ecosystem developments. According to the X account BSCN, Pi Network's Core Team initiated protocol upgrade v27, beginning with a Testnet2 implementation and planning a Mainnet transition by the end of the week. The upgrade includes Docker upgrades to V27.1.0 and aims to ensure network infrastructure stability and prepare for future developments such as Pi Dex integration. Pi Network's official account has not yet confirmed the upgrade announcement.
Some analysts point to technical indicators suggesting potential recovery. The token's Relative Strength Index has fallen to 23, an oversold territory that historically precedes recovery periods. Observers noted the price has formed higher lows within a $0.075–$0.085 support zone.
