Pi Network Price Tanks Despite App Studio Upgrade, What's Next?

Pi Network price has reached an all-time low, despite a major upgrade to its App Studio. The upgrade aims to increase ecosystem growth but has not yet impacted the token's value. The Pi Network price has been in free fall since its mainnet launch and has formed a falling wedge pattern, which may trigger a short-squeeze. The token's low liquidity and centralization are also contributing factors to its decline.

Pi Network's price has reached an all-time low, hovering near $0.2085, down more than 90% from its peak. Despite a major upgrade to its App Studio aimed at boosting ecosystem growth, the token's value has remained stagnant. This free fall, which began with the mainnet launch in February, has been exacerbated by technical issues and market sentiment.

The latest upgrade to the App Studio, launched on September 25, introduced AI-assisted customization tools and staking integration. These features aim to simplify application development and enhance the platform's utility. However, the upgrade has not yet translated into a significant increase in the token's value. The Pi Network price has been in a free fall, forming a falling wedge pattern that could potentially trigger a short squeeze, according to a crypto.news report.

The token's low liquidity and centralization are significant contributing factors to its decline. Pi Network is highly illiquid, with daily volume remaining below $50 million, and it is highly centralized, with the foundation holding over 90 billion tokens. Additionally, relentless token unlocks and high centralization have led to a decrease in demand and sentiment in the crypto market, according to the same crypto.news report.

While the Pi Network ecosystem has seen growth, with over 23,690 testnet DApps and 256 mainnet DApps, the quality of these DApps has been criticized. Critics argue that Pi Network should build its own Layer-1 blockchain and connect with open ecosystems like Solana or Ethereum to compete effectively, according to a Coinfomania report. Supporters, however, defend the project's long-term vision, highlighting its combination of DEX, DeFi, AMM, and AI technologies, as noted in the Coinfomania report.

In conclusion, despite the major upgrade to its App Studio, Pi Network continues to face significant challenges. Its low liquidity, high centralization, and lack of external connectivity have contributed to its decline. The token's price remains volatile, and its future depends on addressing these core issues and proving the long-term value of its ecosystem.