Key Highlights
- PI fell to a new all-time low of $0.11 despite Pi Network launching major ecosystem updates during Pi2Day.
- Pi Network introduced PiVerify, Pi Sign-in, and SoloHost to expand into digital identity, AI, and developer services.
- Technical indicators remain bearish, with PI approaching the $0.10 level as selling pressure continues.
Pi Network’s native token, PI, has dropped to a new all-time low even after the project announced several major ecosystem updates during this year’s Pi2Day event. Many community members expected the announcements to help lift the token’s price, but that did not happen. Instead, PI continued its downward move.
At the time of writing, Pi was trading at around $0.11, its lowest price since it started trading. The token is down about 11.9% within a week from a high of above $0.13, and has fallen 23% in a month.
Pi2Day updates fail to lift PI price
The updates were announced on June 28 during Pi2Day, an annual event celebrated by the Pi Network community. The Pi Core Team introduced three new products, PiVerify, Pi Sign-in, and SoloHost, to show that the project wants to grow beyond being just a cryptocurrency. The initiative aims to grow into areas such as digital identity, artificial intelligence (AI), and developer tools.
However, the new features were not enough to bring back buyers, as the token lost about 2.73% of its value in the last 24 hours. PI is now about 96% below its all-time high of $2.98, while its market value has dropped to around $1.22 billion.
New tools aim to expand the Pi ecosystem
PiVerify was one of the major announcements from the event. Previously, Pi Network’s Know Your Customer (KYC) system was only used inside its own ecosystem. But with PiVerify, businesses outside Pi Network can now use the same technology to confirm that their users are real people. This can help reduce fake accounts and improve security.
The project also said businesses will pay for the service using PI, giving the token another real-world use. According to the Pi Core Team, the network already has more than 18 million KYC-verified users, making it one of the largest verified communities in the crypto industry.
Alongside PiVerify, the team also launched Pi Sign-in, which allows users to log into supported websites and apps using their Pi accounts instead of creating new ones.
Moreover, the team launched SoloHost, a framework that gives developers tools to build AI and distributed computing applications through Pi Desktop. Users can then access these applications through Pi Browser. Together, these new services are designed to make Pi Network useful for more than just sending and receiving digital coins.
Even with these developments, the market reaction remained weak. Many members of the Pi community were hoping Pi2Day would bring news that could push the token’s price higher. Instead, the price continued to fall.
Crypto community member Rizo reacted to the decline by asking followers, “Will $PI add another zero, or is this the bottom before a recovery?” Many people who replied believed the token could continue to lose value.
PI price moves closer to the $0.10 Level
The price chart on TradingView shows that PI has broken below its previous record low of around $0.1184 before falling to nearly $0.1120.
At the same time, the Relative Strength Index (RSI), a popular tool used to measure buying and selling pressure, has dropped to 27, which is an oversold zone. This confirms that sellers are currently controlling the market with little chance for buyers to take over.
While this level can sometimes occur before a price recovery, the overall trend remains bearish. Right now, PI is still falling, targeting the psychological level at $0.10.
