Pi Network News and PI Token Price Moves: April 14

Pi Network’s team announced the completion of the latest update, which moved the protocol to version 21 and brought it even closer to the promised smart contract capabilities.

They also published a few key clarifications and a new Testnet feature, but the native token continues to struggle and has failed to join the market-wide rally today.

The Latest

Our last overall update on Pi Network’s ecosystem informed that the protocol had already moved off the previous versions 19.6, 19.9, and even 20.2. The last one was anticipated the most since it laid out the foundations for smart contract functions.

The next one, v21, was supposed to be introduced by April 6. Although the team didn’t confirm the completion by that date, they did it in a subsequent post a few days later and doubled down yesterday. As with the previous ones, node operators were advised to make sure their systems are up to date. The team also promised that the v22 upgrade is in the making.

The other big development was focused on an RPC server for Pi Testnet. It was introduced a few weeks ago, but the team clarified earlier this week that it supports development, testing, and future deployment of smart contracts within the broader ecosystem.

It also enables devs to “build responsive applications, test contract behavior, and integrate services using real-time blockchain data.” Third-party services and node operators are able to run their own RPC servers as well, the team explained.

Pi Token’s Price Moves

The project’s native token experienced its most significant revival in months in March ahead of a major listing announcement on Kraken. As the hype took over, the asset flew by nearly 100% in days and tapped $0.30 for the first time this year.

However, once trading began on March 13, the ‘sell-the-news’ event was instant, and PI plummeted to under $0.20 in less than 48 hours. The landscape worsened as the war in Iran progressed, and it dipped below the crucial support at $0.18, which has now turned into resistance.

CryptoPotato reported yesterday that it kept sliding, reaching a 7-week low of under $0.165. What’s even more concerning is that it has failed to rally in the past day, even though most of the market is well in the green, with BTC jumping by 5% and ETH soaring by 9%.

PI is still slightly in the red on a daily scale and continues to fight for $0.165. The next few days will see massive token unlocks, which could lead to even more profound losses.

The post Pi Network News and PI Token Price Moves: April 14 appeared first on CryptoPotato.