Pi Token Crashes 14% After Protocol v27 Upgrade
Pi Network's native token PI has taken a hit following the launch of its much-anticipated Protocol v27 upgrade. The token plummeted nearly 14% to around $0.0808, adding to concerns about its future viability.
The update, which went live on Mainnet on September 15, brought new features for smart contracts and decentralized apps, including automated market maker (AMM) liquidity pools and Pi's planned decentralized exchange.
However, despite these improvements, the token's price has continued to drop. The timing of the upgrade's launch may have triggered a 'sell-the-news' reaction among traders who bought PI ahead of the event.
The failure of the CLARITY Act in the U.S. Senate also contributed to the broader market downturn, which hit PI particularly hard. Its price fell about 14% to near $0.0822, with immediate support around $0.080.