Pi Network reports a significant price decline despite the introduction of new AI and staking features.
New Features and Price Decline
During Pi Day 2, new features including AI-powered application development and Ecosystem Directory Staking were introduced. However, the token price fell to $0.53, marking a significant drop from previous highs.
Team's Opinion and Market
Dr. Nicolas Kokkalis and the core team announced these initiatives without commenting on the immediate price fluctuations. They encouraged developers to leverage the Pi App Studio for building innovative applications. Dr. Kokkalis stated, "Our hope is that developers will embrace the Pi App Studio platform to build AI-powered applications… This ecosystem is supported by our native Know Your Customer mechanism, enabling over 13.7 million users to transition to the public mainnet."
Overall Status and Future of Pi Network
Despite increased developer engagement, Pi Network's market cap dropped to approximately $4 billion, a 68% decrease from previous peaks. Trading volume rose to $196 million, reflecting liquidity amidst declining prices. The community expresses mixed sentiments, feeling both excitement for the new initiatives and frustration over price stagnation.
Pi Network continues to face challenges in achieving noticeable market impact despite technological advancements. Historical trends suggest that further ecosystem integration may be required to stimulate broader market interest.
