Pi Network (PI) News Today: March 17
The staff behind the controversial crypto challenge Pi Network unveiled a number of essential updates recently, whereas the group celebrated its symbolic Pi Day.
PI’s value had its glory moments, briefly climbing to a five-month peak, however then skilled an enormous correction.
The Latest Developments
March has been fairly eventful for Pi Network. At the beginning of the month, the Core Team (*17*) that the protocol v19.9 migration was efficiently accomplished, whereas model 20.2 was scheduled for launch round March 12. The official affirmation in regards to the migration arrived with the Pi Day celebratory announcement.
Another main growth was Kraken’s determination to allow buying and selling providers with Pi Network’s native cryptocurrency. This occurred only a day earlier than Pi Day – the group’s particular date, celebrated as a result of it matches the mathematical fixed π (3.14), and which is logically held yearly on March 14.
This yr, the staff marked the event by rolling out a number of ecosystem upgrades designed to spice up utility, entice extra builders, and strengthen the community’s general infrastructure. Some of the enhancements embrace new Mainnet capabilities for Pi App Studio, developments that allow future good contract performance, KYC validator rewards, and extra.
Most lately, Pi Network’s staff disclosed that second migrations have began and “will proceed with a gradual rollout, opening the door for Pioneers to convey further PI to Mainnet and additional take part within the ecosystem.” The publish on X obtained combined reactions: some customers praised the transfer, whereas others questioned why the staff had launched a second migration when the primary one hadn’t been correctly accomplished.
PI Remains Trending
The quite a few developments surrounding Pi Network led to important volatility in PI. The protocol updates, the itemizing on Kraken, and the anticipation of Pi Day boosted the worth to a five-month peak of virtually $0.30. At one level, the asset’s market capitalization neared $3 billion, making PI the Thirty sixth-largest cryptocurrency.
However, over the previous few days, the worth headed south simply as quickly in what appeared to be a basic “sell-the-news” second. As of this writing, PI trades at round $0.18 (per CoinGecko’s information), representing a 9% each day decline and a 19% collapse over the week.
Despite the downtrend, the asset stays one of many most-searched digital property. It is the fifth-most trending cryptocurrency on CoinGecko at the moment, surpassing well-known names resembling Bittensor (TAO), Ethereum (ETH), and Bitcoin (BTC).
What Lies Ahead?
In the next days, the each day token unlocks will exceed 15 million on a few events. Nonetheless, the top of March and the start of April are anticipated to be a lot calmer on that entrance, which might stabilize the worth and decelerate the current pullback.
Moreover, PI’s Relative Strength Index (RSI) has fallen to 10, signaling oversold circumstances that may typically precede a resurgence. The technical evaluation device ranges from 0 to 100, and conversely, something above 70 is taken into account bearish territory and signifies {that a} short-term correction may very well be on the way in which.
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