Pi Network Token Rises 22% Amid Market Buzz on Oct. 29
On Oct. 29, while the broader crypto market was underperforming, Pi Network's native token (PI) surged by nearly 22%, trading around $0.2851. This increase added over $350 million to its market cap within 24 hours.
- The rise is attributed to community excitement and speculation about Pi Network’s open mainnet launch.
- Despite rumors, developers confirmed the network still operates on Testnet v19, with no upgrade to v23.
Community sentiment remains positive due to progress in KYC verification, allowing millions to verify identities for future mainnet participation.
About Pi Network v23 Upgrade
- The Testnet2 v23 upgrade aims to build a Stellar SCP-compatible blockchain with smart contract and DeFi integration.
- This will enable advanced Web3 tools, smart contracts, and decentralized applications.
- Governance improvements, monitoring tools, and expanded APIs are also anticipated.
Investor Interest Rises
- Pi Network's trading volume increased by 128% to $112 million in the last 24 hours.
- The token has seen a 38% weekly gain.
- Despite being 90% below its all-time high, ongoing technical progress and community engagement are viewed positively.