Pi Network (PI) News Today: October 10th
While Pi Network’s group has carried out a number of updates currently, the worth of PI continues to disappoint its buyers and proponents. In the next strains, we’ll discover what has occurred as of late.
The Hackathon Nears Its End
Approximately two months in the past, the group behind the crypto undertaking launched the Pi Hackathon 2025: an occasion that invitations builders to enhance the ecosystem. The final purpose is to encourage them to create real-world functions that broaden the utility of the PI token.
To incentivize their efforts, Pi Network included a prize pool that can distribute 160,000 belongings to the primary eight groups. The finest one will obtain 75,000 PI, whereas second and third place will take house 45,000 and 15,000 cash, respectively. Last month, the occasion reached its midway level, with the official finish scheduled for October 15.
Meanwhile, Pi Network took heart stage in the beginning of the month. Recall that the undertaking served as a Gold Sponsor of the TOKEN2049 convention in Singapore, whereas its co-founder, Chengdiao Fan, was among the many audio system. During her presentation, she announced the launch of latest decentralized change (DEX) and automatic market maker (AMM) liquidity pool options. The instruments (at present in testing section) enable builders to experiment instantly with token swaps.
Price Outlook
Despite the aforementioned developments, PI’s worth stays deep in purple territory. Earlier immediately (October 10), it tumbled to a brand new all-time low of round $0.22 (per CoinGecko’s knowledge), representing a 31% plunge on a month-to-month scale and a 92% crash from the ATH of $3 witnessed in February. Its market capitalization has slipped nicely under $2 billion, that means PI is at present the 78th-largest cryptocurrency.
Although not as substantial as these from earlier months, the upcoming token unlocks recommend the valuation might proceed to say no within the brief time period. Data exhibits that nearly 120 million PI shall be freed up within the subsequent 30 days, which can give individuals the prospect to dump belongings they’ve been ready for a very long time.
On the opposite hand, the quantity of tokens saved on crypto exchanges retains falling, suggesting that some buyers have moved their belongings to self-custody – a development that sometimes reduces promoting strain.
Co-Founder Faces Growing Criticism
Some group members have directed their frustration towards Pi Network’s co-founder, Nicolas Kokkalis. One widespread X consumer just lately suggested that he ought to enhance a number of points of the undertaking to halt the worth collapse.
“8 months into the Open Mainnet, and you haven’t confirmed which you can lead a undertaking (even in a semi-centralized method) nor that the trail ahead on your product. Where are the apps? Where is the group spirit? Where is the decentralization? And the place are the partnerships? Where is the demand for PI? Or, did you simply resolve to take pleasure in your paychecks when you don’t give something important again to the group?” the put up reads.
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