Pi Coin (PI), Reversing the Bear Market...August 11th Upgrade Determines Continued Uptrend

▲ Pi Network (PI)/ChatGPT Generated Image

Pi Coin (PI) rebounded 8% against the cryptocurrency market downturn. The August 11th deadline for protocol v26 implementation has emerged as a variable determining whether the uptrend will continue.

According to BeInCrypto on August 1st (local time), Pi Coin rose 8% to $0.087 on Saturday. It ranked second in CoinGecko's popular search rankings. While most major cryptocurrencies in the rankings declined, Pi Coin showed a rare upward trend.

Despite the short-term rebound, the mid-to-long-term trend remains sluggish. Pi Coin has risen 7% in the past week but fallen 25% over the past month. Its market capitalization is approximately $957 million, ranking 67th among all cryptocurrencies. The 24-hour trading volume was only about $8.6 million.

Pi Network node operators must install protocol v26 by August 11th. Nodes that miss the deadline will be blocked from the network. Protocol v26 enhances the security of smart contracts and improves data storage methods and communication capabilities with other blockchains. The Pi Network team stated, “Protocol v26 is a major milestone before the final planned upgrade, protocol v27.” Users mining Pi Coin on mobile do not need to take any separate action.

There have been precedents where upgrade expectations led to price increases that quickly reversed. Pi Coin surged 24% ahead of the protocol v25 implementation on July 22nd but gave back the gains on the same day. A similar trend was observed during the protocol v24 mainnet upgrade in June. Protocol v25 added encryption features necessary for privacy-preserving applications.

Pi Coin fell to an all-time low of $0.071 on July 14th. The decline compared to a year ago is 79%. PiScan data estimates that approximately 1.71 billion PI will be unlocked over the next year. This structure involves a large influx of new supply into a market with a daily trading volume below $10 million. Protocol v27 is the last scheduled upgrade, and BeInCrypto analyzed that the rebound can only be sustained if buying demand absorbs the unlocked supply.

[Article Key Summary]

-Pi Coin rose 8% to $0.087 despite the cryptocurrency market downturn.

-Node operators must install protocol v26 by August 11th; exceeding the deadline will result in being blocked from the network.

-Approximately 1.71 billion PI is expected to be unlocked over the next year, making supply pressure a key variable for the sustained rebound.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*