Pi (PI) Sees 3.14% Move Amid Protocol 27 and CLARITY Act Fallout
The Pi (PI) cryptocurrency experienced a significant move of 3.14% over the last two days, driven by several key factors.
The launch of Protocol 27 on mainnet was a major catalyst for this move. The upgrade introduced more flexible smart contract authentication, better tools for decentralized apps, and infrastructure for AMM liquidity pools and a planned Pi DEX. However, PI dropped nearly 14% to around $0.0808 after the upgrade, which is framed as a 'sell the news' reaction where traders took profits into the upgrade rather than buying it.
The failure of the US CLARITY Act also contributed to the move. The regulatory disappointment triggered broader crypto market selling, with Bitcoin and Ethereum both dropping, and PI's losses were notably steeper than the market.
Despite this, several incremental developments provided some stability, including a major KYC and mainnet migration fix that unblocked about 914,000 users by resolving duplicate account flags and fast track wallet gas issues. Bitget also expanded its Proof of Reserves coverage to include PI, providing users with reserve ratios and distribution data.