Pi Network Price Volatility Ahead of Protocol Upgrade

The Pi Network is approaching its scheduled protocol upgrade on October 16, and its price has been struggling to hold above $0.0888. This value was reported by CoinGecko on October 3, with a daily volume of around $5.1 million. The protocol upgrade, known as Protocol 28, aims to improve the handling of transaction data delays and allow developers to upgrade smart contracts together.

The price of PI has been trading within a range of $0.0861 to $0.0935 over the past week, with a circulating supply of around 11.24 billion coins. This represents a market capitalization of approximately $1 billion. However, the volume of trades is relatively low at around 0.51% of the market value.

The project has also announced a partnership with Open Standard to explore the use of OUSD stablecoins in its ecosystem. While this partnership may potentially increase demand for PI, it does not guarantee any immediate economic impact or price increase.