Pi Network has recently launched significant upgrades to its ecosystem during Pi2Day, including an AI-powered no-code app development platform and a staking-based app promotion feature aimed at enhancing user engagement and decentralizing app visibility.
The AI-powered Pi App Studio allows users to create Pi apps without coding, using natural language commands. The Ecosystem Directory Staking lets users stake Pi tokens to boost app rankings, promoting utility within the network.
Despite these technical and product improvements, Pi Coin's price has declined by 4% in the past 24 hours, trading at around $0.51, with a longer-term downtrend marked by a 15% drop over two weeks and an 83% fall since its February peak of $2.99.
Market interest has been muted, reflected in subdued social volume and a lack of sustained bullish momentum, partly due to unresolved concerns about unverified balances and incomplete mainnet migrations. Investor sentiment remains cautious, and traders appear hesitant pending further catalysts.
In contrast, a competing project, Best Wallet Token (BEST), an ERC-20 coin supporting the widely used Best Wallet app, has raised $13.6 million in its presale, signaling strong investor appetite for new tokens with clear utility and established user bases.
While Pi Network's upgrades hold promise for long-term growth and improved utility, short-term price action remains weak amid broader market pressures and skepticism among users.