Pi Network announced a significant update to its protocol to version 23, however, it drew little attention from the market.
Key Details of V23 Update
On August 27, Pi Network announced the phased launch of its V23 update based on the Stellar Protocol 23. This update includes new functionalities and control for the blockchain, aimed at strengthening the network structure ahead of its public opening.
The transition occurs in three stages:
* Testnet 1: already active and serves as the initial testing ground; * Testnet 2: scheduled for the coming weeks, expanding testing to a second layer of validators; * Mainnet: the final stage switching to the new version across the entire network.
Despite the implementation of Stellar Protocol 23, no significant market reaction has been recorded, and information on the precise migration schedule remains limited.
Market Response and Token Price
On the crypto market side, the conclusion is clear: the PI price remains stagnant at $0.34, which is below its 20-day exponential moving average at $0.36, now constituting technical resistance.
This configuration reflects increasing selling pressure that prevents any significant rebound. Furthermore, the Chaikin Money Flow (CMF) is at -0.11, indicating more outflows than inflows, showcasing insufficient investor confidence to restart upward momentum.
This technical weakness, combined with the absence of a robust narrative catalyst, poses a real risk of a return to the historical floor of $0.32. A break of this level could lead to new lows, further compromising the short-term credibility of the token.
Questions about the Future of Pi Network
This dichotomy between technical progress and market inertia raises questions about the perception of Pi Network. Real adoption of the protocol, clarity of its tokenomics, and especially the full opening of the Mainnet, which could unlock frozen balances, are necessary conditions to hope for a change of trajectory. As it stands, the evolution towards V23 appears as a discreet yet technologically relevant advance, still disconnected from the expectations of the crypto market.
The V23 update of Pi Network demonstrates significant technological progress, yet the lack of market response and low investor confidence raises doubts about the project's future.
