Here’s everything that’s most interesting about Pi Network and PI.
Pi Network’s PI is still in green territory on a monthly scale, but has lost some of its gains over the past few days.
The project behind the token continues to make headlines with significant updates and advancements.
what’s new?
Just a few days ago, the team at Pi Network revealed that Pi Node has been upgraded to version 0.5.4. This improvement aims to enhance accessibility and reliability, and address issues raised by the community. After the update, this feature now includes a better system for tracking open parts on Pioneer nodes.
“This update enables more reliable and secure node bonus calculations. It is also an important step towards our larger goal of enabling the transfer of node mining rewards,” the announcement reads.
With the introduction of 0.5.4. In this version, the Pi Node application, known as Pi Desktop, supports opening approved external links so you can access blog posts and other resources. Last but not least, this improvement fixes several bugs reported by Pioneer in previous versions.
This update instilled optimism throughout the PI community, and even X user pinetwork members (who were quite pessimistic about the coin’s future) recognized its benefits.
PI’s recent achievements fade away
The Pi Network’s native token made a notable resurgence towards the end of October, rising in price to almost $0.30. However, this rise did not last long and PI is currently trading around $0.23 (according to CoinGecko data), which represents a 14% increase on a monthly scale.
PI’s community is vast and made up of crypto enthusiasts, but it’s been a bit quiet lately. Earlier this year, when the token price was trading much higher, there was optimism that the valuation would reach impressive peaks of $5, $10, and even more.
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X user Lord Dray remains one of the few bulls, recently predicting that PI could soar from $3 to $5 over the next three years, claiming the fundamentals of the asset are “very bullish”.
More pain in store?
The impending token unlocking (though not as much as in previous months) suggests that PI’s price may fall further in the short term.
According to the data, approximately 143 million coins will be released over the next 30 days, giving investors the opportunity to release their holdings that they have been waiting to sell for some time.
Furthermore, the amount of PI stored on crypto exchanges has increased by approximately 2 million tokens in the past 24 hours alone, and the total now stands at over 426 million tokens. This suggests that investors are switching from self-custody to centralized platforms, resulting in increased selling pressure.
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