Pi Network (PI) Temporarily Shuts Down Key Services Today: A Reason to Worry?
TL;DR
- Pi Network has deliberate one other improve that may trigger some problems for customers. The announcement hasn’t rattled the PI group, with many members insisting the staff ought to as an alternative prioritize fixing KYC points and pursue different targets.
- PI’s value has headed south once more, additional pressured by upcoming token unlocks.
A Brief Disruption
The staff behind Pi Network revealed on its official X account that it’s going to carry out a scheduled improve later as we speak (September 25). As a outcome, sign-ins and sign-ups will be quickly disabled throughout this era.
The upcoming course of didn’t trigger any panic throughout the PI group, with many members arguing that the venture has a lot larger issues to remedy.
One X consumer urged the staff to repair the continuing points surrounding the verification course of and work in the direction of an inventory on a significant crypto change (like Binance, for instance).
Another claimed that the potential implementation of a burning mechanism is perhaps fairly helpful for the venture’s native token, which has been in a main decline over the previous a number of months.
Today’s scheduled operation isn’t the one current improvement for Pi Network. Earlier this month, the venture’s testnet was upgraded to Protocol v23 – a custom-built enhancement that offers customers higher management and unlocks new functionalities.
Prior to that, the staff introduced Fast Track KYC – an answer launched via the additional integration of AI within the Know-Your-Customer course of, which allows Pioneers to take part within the Mainnet ecosystem “sooner than ever earlier than.”
PI Price Outlook
Despite its temporary resurgence on September 24, the asset has headed south once more and at the moment trades at round $0.27 (in accordance to CoinGecko’s information), representing a 5% decline over the previous 24 hours.
Some of the elements that will have negatively impacted its efficiency embody the general plunge of the crypto market, the aforementioned announcement relating to disrupted companies, and the approaching token unlocks within the subsequent month.
Data reveals that greater than 137 million PI might be freed up inside that interval, with October 1 being the document day (13.2 million cash). This improvement doesn’t assure a mass exodus, however it does elevate promoting stress and will immediate extra traders to offload their positions.
On the opposite hand, quite a few analysts stay optimistic that PI can quickly return to the inexperienced observe. X consumer Nehal envisioned a rally within the subsequent few months that might take the worth to as high as $1.50 earlier than the tip of 2025.
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