While Pi Network’s team has implemented multiple updates lately, the price of PI continues to disappoint its investors and proponents. In the following lines, we will explore what has happened as of late.
The Hackathon Nears Its End
Approximately two months ago, the team behind the crypto project introduced the Pi Hackathon 2025: an event that invites developers to improve the ecosystem. The ultimate goal is to encourage them to create real-world applications that expand the utility of the PI token.
To incentivize their efforts, Pi Network included a prize pool that will distribute 160,000 assets to the first eight teams. The best one will receive 75,000 PI, while second and third place will take home 45,000 and 15,000 coins, respectively. Last month, the event reached its halfway point, with the official end scheduled for October 15.
Meanwhile, Pi Network took center stage at the start of the month. Recall that the project served as a Gold Sponsor of the TOKEN2049 conference in Singapore, whereas its co-founder, Chengdiao Fan, was among the speakers. During her presentation, she announced the launch of new decentralized exchange (DEX) and automated market maker (AMM) liquidity pool features. The tools (currently in testing phase) allow developers to experiment directly with token swaps.
Price Outlook
Despite the aforementioned developments, PI’s price remains deep in red territory. Earlier today (October 10), it tumbled to a new all-time low of around $0.22 (per CoinGecko’s data), representing a 31% plunge on a monthly scale and a 92% crash from the ATH of $3 witnessed in February. Its market capitalization has slipped well below $2 billion, meaning PI is currently the 78th-largest cryptocurrency.
Although not as substantial as those from previous months, the upcoming token unlocks suggest the valuation may continue to decline in the short term. Data shows that almost 120 million PI will be freed up in the next 30 days, which will give people the chance to offload assets they have been waiting for a long time.
On the other hand, the amount of tokens stored on crypto exchanges keeps falling, suggesting that some investors have moved their assets to self-custody – a trend that typically reduces selling pressure.
Co-Founder Faces Growing Criticism
Some community members have directed their frustration toward Pi Network’s co-founder, Nicolas Kokkalis. One popular X user recently suggested that he should improve several aspects of the project to halt the price collapse.
“8 months into the Open Mainnet, and you have not proven that you can lead a project (even in a semi-centralized manner) nor that you know the path forward for your product. Where are the apps? Where is the community spirit? Where is the decentralization? And where are the partnerships? Where is the demand for PI? Or, did you just decide to enjoy your paychecks while you don’t give anything significant back to the community?” the post reads.
The post Pi Network (PI) News Today: October 10th appeared first on CryptoPotato.
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