After months of silence and flagging investor interest, the Pi Network is back in the spotlight.
Its current domain auction has met with unexpected levels of participation, giving a much-needed shot in the arm to Pi Coin’s community. The token, now worth $0.7885, has declined nearly 73% from its all-time high of $2.98, but new activity is bringing optimism to its outlook.
According to Pi blog, More than 200,000 bids have already been placed in the auction within a week, involving over 40,000 unique bidders and targeting a total of 95,000 .pi domains. Nearly 3 million Pi tokens have been committed in this bidding war. A few premium domains even fetched prices as high as 30,000 Pi each.
Domains associated with major brands like Amazon and Samsung have become hot property in the Pi world, leading to fierce competition. There is growing recognition from developers and businesses who are beginning to see value in the blockchain-based Pi ecosystem. The Pi Core Team seems to believe that this shift could attract more services built on their network.
High Stakes, High Hopes
There’s a clear direction behind the auction proceeds. The Pi Core Team says that funds collected are going to be transferred to programs that are sustainably designed for developers, growth-related events, and expansion of the broader ecosystem. The team aims for long-term utility by means of enabling services to thrive within the Pi platform.
Apps created within the network can still obtain domains without joining the public auction, but there’s a catch. Like traditional web domains, these .pi addresses will need to be renewed periodically. For now, they only function inside the Pi Browser, making them more of a digital landgrab for the future than immediate game-changers.
Even with the surge in domain demand, the price of Pi Coin hasn’t followed suit. After a 5% slide, the token is trading well below the much-watched $1 line. The decline is blamed on recent token unlocks and increased selling pressure, a concern among long-term holders.
Upbit Listing Buzz — Could Pi Coin Break $1 Again?
The market also awaits the potential listing by the South Korean Upbit exchange. There are expectations that such a listing would reverse Pi Coin’s recent price decline and attract fresh liquidity. The listing is uncertain, but it’s generating debate and positivity across the Pi community.
Still, there’s a cloud over the celebration. Transparency issues with the Pi Core Team continue to be a thorn in the project’s side. Regulatory uncertainty and the token’s absence from major exchanges like Binance remain significant hurdles.
The auction has undeniably re-energized the community, with more developers looking at Pi as a serious ecosystem. Whether this momentum can carry Pi Coin back above $1 is still an open question. However, community sentiment is shifting, and that shift is being powered by real participation, not just hype.