Pi Network (PI) News Today: October 10th

PI’s valuation has lately tumbled to a brand new all-time low of $0.22.

Whereas Pi Community’s workforce has applied a number of updates currently, the worth of PI continues to disappoint its buyers and proponents. Within the following traces, we are going to discover what has occurred as of late.

The Hackathon Nears Its Finish

Roughly two months in the past, the workforce behind the crypto venture launched the Pi Hackathon 2025: an occasion that invitations builders to enhance the ecosystem. The final word aim is to encourage them to create real-world functions that develop the utility of the PI token.

To incentivize their efforts, Pi Community included a prize pool that can distribute 160,000 property to the primary eight groups. The very best one will obtain 75,000 PI, whereas second and third place will take house 45,000 and 15,000 cash, respectively. Final month, the occasion reached its midway level, with the official finish scheduled for October 15.

In the meantime, Pi Community took middle stage at the beginning of the month. Recall that the venture served as a Gold Sponsor of the TOKEN2049 convention in Singapore, whereas its co-founder, Chengdiao Fan, was among the many audio system. Throughout her presentation, she announced the launch of recent 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.

Value Outlook

Regardless of the aforementioned developments, PI’s value stays deep in crimson territory. Earlier at present (October 10), it tumbled to a brand new all-time low of round $0.22 (per CoinGecko’s information), 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 beneath $2 billion, which means PI is at present the 78th-largest cryptocurrency.

Though not as substantial as these from earlier months, the upcoming token unlocks counsel the valuation might proceed to say no within the quick time period. Information reveals that just about 120 million PI might be freed up within the subsequent 30 days, which is able to give folks the possibility to dump property they’ve been ready for a very long time.

Alternatively, the quantity of tokens saved on crypto exchanges retains falling, suggesting that some buyers have moved their property to self-custody – a pattern that usually reduces promoting stress.

Co-Founder Faces Rising Criticism

Some group members have directed their frustration towards Pi Community’s co-founder, Nicolas Kokkalis. One in style X consumer lately suggested that he ought to enhance a number of features of the venture to halt the worth collapse.

“8 months into the Open Mainnet, and you haven’t confirmed that you could lead a venture (even in a semi-centralized method) nor that the trail ahead in your product. The place are the apps? The place is the group spirit? The place is the decentralization? And the place are the partnerships? The place is the demand for PI? Or, did you simply determine to take pleasure in your paychecks whilst you don’t give something vital again to the group?” the submit reads.