Pi Network (PI) News Today: November 11th
Pi Network’s PI stays in inexperienced territory on a month-to-month scale, however prior to now a number of days, it has misplaced a few of its beneficial properties.
The undertaking behind the token continues to make headlines attributable to vital updates and developments.
What’s New?
Just a couple of days in the past, the crew behind Pi Network revealed that the Pi Node has been upgraded to model 0.5.4. The enchancment goals to boost accessibility, reliability, and handle points raised by the group. Following the replace, the characteristic now features a higher system for monitoring open components on Pioneers’ Nodes.
“This replace permits for extra dependable and safe Node bonus calculations. It’s additionally a necessary step in the direction of the bigger purpose of enabling the migration of Node mining rewards,” the announcement reads.
With the introduction of the 0.5.4. model, the Pi Node software, often called Pi Desktop, helps opening authorised exterior hyperlinks, thus permitting entry to weblog posts and different assets. Last however not least, the development fastened some bugs that had been reported by Pioneers within the earlier model.
The replace has infused some optimism throughout the PI group, and even the X consumer pinetworkmembers (who’ve been moderately pessimistic on the coin’s future) saw its advantages.
PI’s Recent Gains Fade Away
The native token of Pi Network skilled a notable revival in the direction of the tip of October, with its value rising to virtually $0.30. However, the uptick was short-lived, and PI presently trades at round $0.23 (per CoinGecko’s knowledge), which means a 14% enhance on a month-to-month scale.
PI’s group, which is huge and consists of devoted followers of the cryptocurrency, has been considerably quiet currently. Earlier this yr, when the token’s value was buying and selling a lot larger, there was optimism that the valuation would attain $5, $10, and much more spectacular peaks.
X consumer Lord Drey stays among the many few vocal bulls, not too long ago predicting that PI may skyrocket to $3 – $5 within the subsequent three years and claiming that the basics for the asset are “madly bullish.”
More Pain Ahead?
The looming token unlocks (albeit not as substantial as these seen in some earlier months) sign that PI’s value might expertise an additional pullback within the quick time period.
Data exhibits that almost 143 million cash can be launched within the subsequent 30 days, offering buyers with the chance to dump holdings they’ve been ready to promote for a while.
Additionally, the quantity of PI saved on cryptocurrency exchanges has risen by virtually two million tokens prior to now 24 hours alone, and the whole now exceeds 426 million. This means that buyers have switched from self-custody strategies to centralized platforms, leading to elevated promote stress.
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