The native token of the Pi Network ecosystem has recently experienced a significant upward rebound after a period of intense price volatility, surging over 7% intraday to trade above $0.19. This notable climb follows a multi-day correction that had previously pushed its price down by nearly 50%, coinciding with the core team's preparations for an upcoming major update.
PI's Robust Recovery
March has been a month of significant fluctuations and events for PI, even as it passes its midpoint. The token saw a surge from below $0.175 to over $0.23 before March 9th, potentially linked to the imminent launch of a major protocol update, which will be detailed further below.
However, after a price rebound to $0.18 yesterday, the token continued its upward trajectory today, reaching above $0.19. According to data from PiScan, the average number of tokens scheduled for unlocking in the next month is less than 5.5 million. Aside from the 16 million tokens slated for release today, March 20th, not much else is expected in terms of unlocks for the remainder of the month.
Another Wave of Updates on the Horizon
This rebound is particularly noteworthy as it sets the stage for the implementation of smart contract functionality, a feature that will be rolled out gradually. The team aims to prioritize categories that align with utility product innovation and operations.
The next protocol update for Pi Network's future is v21. While the team has provided fewer details at this moment, they continue to urge node operators to ensure their systems are up-to-date.
The Pi mainnet has been successfully upgraded to protocol 20, laying the groundwork for smart contract support. Node operators, please ensure your systems are updated and stay tuned for instructions regarding the upcoming v21 upgrade.