Pi Network's (Pi) token price drops by 4% to $1.45 despite new domain launch

The price of Pi Network's token, Pi has recently experienced major selling pressure, dropping by 4% to $1.45. This decline came after a brief period of excitement

The price of Pi Network’s token, Pi, has dropped by 4% in recent trading, bringing it down to $1.45. This decline follows a period of strong gains that saw the coin surge by 20% to hit highs of $1.70 before correcting.

However, despite this setback, new developments, such as the launch of Pi domains, have sparked renewed interest, leading many to believe that PiI could once again push above $2 in the near future.

On the other hand, if the price drops below the support level of $1.20, it could signal further declines. The resistance level is around $1.90, and a breakout above this point could trigger bullish momentum, with $3 being the next major target.

What Went Wrong On Pi Day?

Pi Network’s much-anticipated Pi Day celebrations failed to live up to expectations, resulting in a significant sell-off. This sell-off can be attributed to several factors, including the KYC purge, which saw millions of unverified accounts lose their Pi tokens, and the market constraints, as Pi Network still operates with a closed-loop economy without open blockchain access and major exchange listings.

This combination of factors led to frustration and panic selling among the community, further pressuring the token’s price.

New Developments Stir Excitement

Despite the challenges, Pi Network remains optimistic about its future. The recent launch of domain bidding with Pi Coins has sparked renewed excitement, offering community members the chance to secure unique domain names in the decentralized space. This development is seen as a potential game-changer for Web3.

As the bidding for domains heats up, it could lead to a surge in demand for Pi Coins, ultimately pushing the token to new highs. Many are hopeful that Pi Network could soon rise to new highs, especially with potential exchange listings and other exciting projects on the horizon.