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Pi Network’s (PI) Rally Comes to an End With Massive 10% Daily Drop
TL;DR
Pi Network's native token, PI, experienced a significant 10% drop after recent gains. The decline follows a period of positive developments and protocol upgrades within the ecosystem.
Key points
- Pi Network's token PI dropped by 10%
- Recent protocol upgrades include versions 19.6 to 21
- Version 22 is rumored but not confirmed
- The network completed over 526 million verification tasks
Mentioned in this story
Pi Network
PI
Perhaps driven by some of the positive developments within its ecosystem, Pi Network’s native token defied the overall market sluggishness over the past several days and posted some impressive gains.
However, it all came to a screeching halt as the bears reemerged and pushed it south hard.
PI Plummets
The Core Team behind the project has announced some major protocol changes in the past few months, which upgraded it from v19.6 to v21 by mid-March. The subsequent one, version 22, is also rumored to be deployed, but there’s no official confirmation from the team yet.
In addition, they have made strides in different directions, such as AI and verifications. In fact, as reported yesterday, they managed to combine AI and human input to complete over 526 million verification tasks.
These are among the likely reasons behind the native token’s impressive performance by yesterday. Its rally began from $0.17, where it traded by April 26, before it skyrocketed to $0.20 by April 29. This became its highest price tag in over a month and prompted some analysts to speculate about an even more profound pump that could drive it north by 1,400%.
However, the $0.20 resistance was too strong, and the subsequent rejection has been quite brutal. PI first retreated to $0.19 before it nosedived again to just over $0.17. It found some support there and now trades above $0.175. Nevertheless, its daily losses are still over 10%, and its market cap has plunged to $1.830 billion.
Pi Network (PI) Price on CoinGecko
Perfect Setup for Long Liquidations
Popular X user Dao World weighed in on PI’s latest rejection, noting that the $0.20 resistance is where the 200-day MA is located. The retracement drove it south to the 100-day MA, which serves as the first major support.
Q&A
What caused the 10% drop in Pi Network's PI token?
The 10% drop in Pi Network's PI token was driven by a resurgence of bearish market conditions after a period of impressive gains.
What recent upgrades has the Pi Network undergone?
The Pi Network has upgraded its protocol from version 19.6 to 21, with a rumored version 22 expected to be deployed soon.
How many verification tasks has the Pi Network completed?
The Pi Network has completed over 526 million verification tasks by combining AI and human input.
