Current Price of Pi Network and Latest Project Updates
As of now, the price of Pi Network (PI) is around $0.77, with a market capitalization of approximately $5.6 billion and a daily trading volume of about $85 million.
Recent Updates on the Pi Network Project
Kraken has launched perpetual futures contracts for the PI token, allowing up to 20x leverage for U.S. traders.
Despite this, the PI price dropped by 3.5% in the past 24 hours, reflecting concerns over volatility and centralization.
The official Pi Network channel announced two major changes: the addition of new decentralized apps (dApps) to the ecosystem and improvements to the password reset process for users.
Analysts have raised concerns about the centralization of the project, claiming that the Pi Network core team controls over 10,000 wallets.
Additionally, large PI token withdrawals from the OKX exchange have sparked suspicions of insider selling and price manipulation.
Price Outlook
After a 60% rebound from April lows, PI faces strong resistance around $1.
Technical indicators suggest a bearish trend, with critical support at $0.71.
A breakdown of this support could push the price down to $0.61.