On June 28, Pi Network announced a significant update featuring new tools aimed at accelerating real-world adoption. However, the market response remained muted.
Pi Network Update: New Tools and Features
During the annual Pi2Day celebration, the project introduced two main new features. The first was the Pi App Studio, an AI toolkit that enables users without programming skills to create applications on the Pi Network. The second new feature is the Ecosystem Directory Staking, which allows users to stake PI directly on the mainnet to improve their application’s ranking within the Pi Ecosystem Interface.
Market Responds Cautiously to PI Updates
Despite a positive reception of the updates from users, the price of PI coin decreased by 3% over the day. This continued the trend observed in prior Pi Network milestones, where market reactions have largely been subdued. PI's price struggled to reclaim levels above key resistance.
The Future of PI: Token Unlock and Possible Binance Listing
Looking ahead, Pi Network is scheduled to unlock approximately 268 million PI tokens in July, potentially creating a temporary demand-supply mismatch. Meanwhile, Bitcoin dominance remains high, and the altcoin season index sits at 21. Technical analysis suggests that PI's price will remain neutral-to-bearish unless it closes above the 50-day EMA. A listing on Binance could prove pivotal for rekindling investor interest.
In summary, despite the introduction of new features and tools for developers, the market's response to Pi Network's updates and the PI price remains cautious. Observing upcoming events such as token unlocks and potential trading on Binance will be crucial.
