Pi Token Crashes 14% After Protocol v27 Upgrade

The Pi Network's native token, PI, has suffered a significant drop of nearly 14% after the launch of Protocol v27 upgrade on September 15. The update brought new features such as flexible smart contract authentication and infrastructure for automated market maker (AMM) liquidity pools and Pi's planned decentralized exchange.

Despite these additions, PI's price moved lower, showing that network upgrades do not always lead to an immediate rise in token value. The timing of the Protocol 27 launch may have triggered a 'sell-the-news' reaction, with traders who bought PI ahead of the upgrade selling after the event.

The failure of the CLARITY Act in the U.S. Senate also contributed to heavy selling in the broader crypto market, further pressuring PI's price. The token is now trading near $0.0822, with immediate support around $0.080. If PI holds above $0.0803, buyers may attempt to push the price back toward $0.0908.

However, a break below $0.0803 could bring more selling pressure and push PI toward the next major support near $0.0703, close to its July low. The 45.1 million trading volume also shows strong activity during the latest drop.