Pi Network (PI) News Today: October 10th

PI’s valuation has lately tumbled to a brand new all-time low of $0.22.

Whereas Pi Community’s crew has applied a number of updates these days, the value of PI continues to disappoint its traders and proponents. Within the following strains, we’ll discover what has occurred as of late.

The Hackathon Nears Its Finish

Roughly two months in the past, the crew behind the crypto undertaking launched the Pi Hackathon 2025: an occasion that invitations builders to enhance the ecosystem. The final word aim is to encourage them to create real-world functions that develop the utility of the PI token.

To incentivize their efforts, Pi Community included a prize pool that may distribute 160,000 property to the primary eight groups. The very best one will obtain 75,000 PI, whereas second and third place will take residence 45,000 and 15,000 cash, respectively. Final month, the occasion reached its midway level, with the official finish scheduled for October 15.

In the meantime, Pi Community took heart stage in the beginning of the month. Recall that the undertaking served as a Gold Sponsor of the TOKEN2049 convention in Singapore, whereas its co-founder, Chengdiao Fan, was among the many audio system. Throughout her presentation, she announced the launch of recent decentralized alternate (DEX) and automatic market maker (AMM) liquidity pool options. The instruments (at the moment in testing part) enable builders to experiment straight with token swaps.

Worth Outlook

Regardless of the aforementioned developments, PI’s worth stays deep in crimson territory. Earlier in the present day (October 10), it tumbled to a brand new all-time low of round $0.22 (per CoinGecko’s knowledge), representing a 31% plunge on a month-to-month scale and a 92% crash from the ATH of $3 witnessed in February. Its market capitalization has slipped properly under $2 billion, which means PI is at the moment the 78th-largest cryptocurrency.

Though not as substantial as these from earlier months, the upcoming token unlocks counsel the valuation might proceed to say no within the quick time period. Knowledge reveals that nearly 120 million PI can be freed up within the subsequent 30 days, which is able to give folks the possibility to dump property they’ve been ready for a very long time.

Alternatively, the quantity of tokens saved on crypto exchanges retains falling, suggesting that some traders have moved their property to self-custody – a development that sometimes reduces promoting stress.

Co-Founder Faces Rising Criticism

Some group members have directed their frustration towards Pi Community’s co-founder, Nicolas Kokkalis. One well-liked X consumer lately suggested that he ought to enhance a number of features of the undertaking to halt the value collapse.

“8 months into the Open Mainnet, and you haven’t confirmed which you could lead a undertaking (even in a semi-centralized method) nor that you recognize the trail ahead to your product. The place are the apps? The place is the group spirit? The place is the decentralization? And the place are the partnerships? The place is the demand for PI? Or, did you simply determine to get pleasure from your paychecks whilst you don’t give something vital again to the group?” the publish reads.