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Pi Network price remained under pressure this weekend, even as the developers announced major announcements, including a strategy to compete with Worldcoin and Humanity Protocol.
Summary
- Pi Network price retreated to $0.167 as the recent momentum faded.
- The developers celebrated the first anniversary by announcing future priorities.
- The priorities include KYC-as-a-Service, which will see it compete with Worldcoin.
Pi Coin (PI) token was trading at $0.1677 on Sunday, down slightly from the highest point this month. It remains 35% above its lowest level this year.
In a statement marking the first anniversary of its mainnet launch, Nicolas Kokkalis and Chengdiao Fan explained the key priorities to watch going forward.
The top priorities include features like native token generation, decentralized exchange, and launching developer tools. Their goal is to create an active network where creators can launch apps and their accompanying tokens.
Most notably, the developers are aiming to accelerate the Know Your Customer (KYC) process. They recently launched an AI-powered upgrade that has boosted the number of verified individuals.
With this experience, the developers are now working on rolling out KYC-as-a-Service. Their goal is to have Pi Network provide these services to companies from around the world.
The service will compete with WorldCoin (WORLD) and Humanity Protocol. World, which was launched by Sam Altman, aims to provide these services through the World ID and World App. It has already enrolled millions of people globally.
Humanity Protocol also aims to solve this challenge by leveraging the proof of humanity mechanism using palm recognition technology. The data is then converted into cryptographic hashes using zero-knowledge proofs.
Still, Pi Network price remains under pressure as the developers did not address key factors that have contributed to its underperformance. For example, they did not address the tokenomics, including the ongoing unlocks and potential token burns. Also, they did not address strategies to ensure more exchange listings.
Pi Network price technical analysis
Pi price chart | Source: crypto.newsThe daily chart shows that the PI price has remained under pressure in the past few days. It retreated from this month’s high of $0.2050 to the current $0.1677.
The coin has remained below all moving averages, while the Relative Strength Index has turned around and moved below the neutral level at 50.
The most likely scenario is where the Pi Network price continues falling, potentially to the psychological level at $0.1500. A move below that level will point to more downside, potentially to $0.1300.
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