Pi Network Price Prediction as it Explores Stablecoin Integration After OUSD Partnership

Pi Network price remained under pressure on Oct. 9 as the token struggled to recover from its recent selloff. PI traded around $0.081, leaving it roughly 97% below its record high of about $2.99.

The weakness comes despite two network developments involving stablecoins and blockchain infrastructure. Pi Network has partnered with Open Standard while preparing its Protocol 28 Mainnet upgrade for Oct. 16.

Pi Network Price Wavers Despite Stablecoin Integration

Pi Coin has wavered, even after the developers announced a major partnership with Open Standard, the company that launched OUSD. Open Standard differs from other stablecoins because it shares nearly all revenue with the companies that grow its adoption. It also has over 200 partners, including companies like Google, and a market capitalization of over $666 million.

In a statement, Pi Network said its business model will support ecosystem growth and explore rewards programs for pioneers and broader ecosystem utility. In a separate post, the company said that stablecoins will help to improve the ecosystem by creating stability and improve transaction processing.

Pi maintains that its coin will always be the platform’s main crypto token and that stablecoins will play a complementary role. For now, how it will be implemented is being decided, with the team working on issues such as compliance and guiding principles.

The reality, however, is that incorporating stablecoins on Pi is an admission that the coin itself is not working. For one, the original goal of Pi Coin was to be an independent token that can handle transactions online and offline.

Since its launch, however, the token has crashed by over 90%, meaning that it will be difficult for companies to integrate it. This is the same challenge that has made it nearly impossible for Bitcoin to be accepted by retailers and e-commerce platforms.

All this is happening as the team continues to update the network. The developers have already implemented Protocol 27 and are now working on Protocol 28, which will be implemented on October 16.

This upgrade will improve how the network handles delays in transaction data and enables developers to upgrade groups of smart contracts at once. It will also change how stored data is managed more safely as their applications develop.

Pi Coin Demand Continues to Wane

The ongoing weakness in the Pi Network price is also occurring as demand continues to wane. Data compiled by CoinMarketCap shows that the total volume of tokens traded on exchanges dropped to just $7.8 million in the last 24 hours.

The volume-to-market cap ratio stands at just 0.875%, a sign of no investor demand. Also, while Pi always talks about the 60 million pioneers, it is likely that most of them have already sold their tokens during the plunge.

Pi Network’s demand is declining as more tokens are added to the market. There are now 11.2 billion tokens in circulation against a total supply of 100 billion.

Pi Network Price Technical Analysis

The daily chart that the Pi Coin price has slumped in the past few days. It has dropped from a high of $0.1110 on August 22nd. The token’s has remained below the 50-day Exponential Moving Average (EMA).

At the same time, the MACD indicator has remained below the zero line and is pointing downwards. The Supertrend indicator has turned red. Therefore, the token will likely continue to fall, potentially reaching the key support level of $0.071, its lowest level in July this year. A drop below that level will indicate further downside over time.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices, technical levels and network-development timelines may change as market conditions evolve.