The Pi Network ecosystem is rapidly upgrading, why is the Pi price still sluggish?

According to Gate, Pi Network (PI) has attracted market attention during Pi2Day (June 28) with two major upgrades to its ecosystem. These upgrades include the launch of an AI-driven no-code application builder and a new community-led stake model aimed at promoting applications on the platform.

However, despite these technological advancements, the price trend of PI and user sentiment still show a cautious attitude, which may indicate that market confidence has not fully kept pace with the technological developments pursued by the project.

Pi2Day brings a series of updates

Pi Network officially launched Pi App Studio, a no-code application development platform that integrates artificial intelligence (AI) and is designed to allow users to create applications using only natural language. The tool aims to convert users' verbal or written instructions into application logic.

At the same time, Pi Network has also launched the ecosystem directory stake, which is a community-based staking model that allows users to lock Pi in live applications to enhance their visibility on the platform. This approach aims to replace traditional advertising models by influencing the discoverability of applications within the community through the amount staked, linking the value of Pi tokens to the ranking of applications and the development of the ecosystem.

The goal of these two new tools is to promote user engagement and to shift the control of app discovery back to the community, which aligns with the decentralized philosophy described by Pi Network.

Market Reaction and User Sentiment

On the eve of the Pi2Day event, open interest (OI) on the derivatives platform had shown growth, indicating speculative activity. However, according to data from Messari, market interest immediately declined after the official update was released. This may reflect that some traders follow the "buy the rumor, sell the news" strategy.

Although the announcement of the Pi Network has sparked discussions within its core user community, Santiment's data shows that social volume has not experienced significant peaks, which may indicate that the market's interest is relatively short-lived.

(Source: CoinMarketCap)

At the same time, the CoinMarketCap competitive coin quarterly index is currently at 21, which may reflect that capital flows still tend to favor Bitcoin. In this context, even if tokens like PI have made innovations, it may still be difficult to attract sustained demand.

Community Concerns

On the X platform (Twitter), some user communities still have concerns about Pi Network, mainly focusing on unverified balances and core issues such as the transition to the mainnet.

Some users said: "We still have to wait at least two weeks to know if these updates are really worth it."

Another user pointed out: "If the Pi Network cannot quickly complete the balance transfer and acknowledge the efforts of early miners, the legitimacy of the project may continue to be affected... Until then, all of this could be seen as an illusion."

One of the core issues of community concern is the lack of transparency regarding the actual amount of Pi held by each user. Some users have raised the question: "This is where people become suspicious... Pioneers have the right to know exactly how much Pi they possess."

As long as these fundamental issues persist, the ability of Pi Network to make any breakthroughs, regardless of the upgrades it launches, may still remain a question mark.

PI price performance

As of the writing of this article, the trading price of PI is approximately $0.5351, with little increase, and it does not show the strong momentum typically seen after significant network events.

On the hourly chart, the Relative Strength Index (RSI) is currently at 48.20, hovering near the neutral zone of 50, which may reflect the market's state of hesitation, with neither buyers nor sellers holding a clear advantage.

Market participants' sentiment appears to remain cautious, with some opting to "wait and see" before making decisions until more confirmation signals are available.

(Source: Trading View)

In addition, the On-Balance Volume (OBV) indicator continues to remain in the negative territory, currently at -202.95 million, which may indicate that buying pressure has not yet been able to surpass selling pressure.

Although the trading volume slightly increased on June 29, its scale may not be sufficient to significantly boost the growth momentum of PI.

Conclusion:

Pi Network launched multiple ecosystem upgrades during Pi2Day, particularly the AI-driven app builder and community staking model. However, the market's reaction to these updates has been relatively lukewarm, and Pi's price performance has also not shown significant changes. Concerns within the community regarding the mainnet migration and balance transparency still exist, which may affect market confidence in its future development.