Pi Network Explores Stablecoin Integration After Open Standard Partnership as PI Extends Slide
Key Takeaways
- •PI traded around $0.081 on Oct. 9, sitting roughly 97% below its all-time high of about $2.99 amid an ongoing selloff.
- •Pi Network announced a partnership with Open Standard, the OUSD stablecoin issuer with more than 200 partners, including Google, and a market capitalization above $666 million, but how and when a stablecoin would be deployed in the Pi ecosystem has not been determined.
- •The Protocol 28 Mainnet upgrade takes effect on Oct. 16 and will improve handling of transaction data delays, allow smart contracts to be upgraded in groups, and enable safer stored data management.
- •Exchange volume dropped to $7.8 million over 24 hours, with a volume-to-market-cap ratio of 0.875%, indicating weak investor demand as 11.2 billion of the 100 billion total tokens circulate.
- •Technical indicators, including the price staying below the 50-day EMA, a downward-pointing MACD below zero, and a red Supertrend, point to further declines, with $0.071 identified as key support.
Pi Network's PI token remained under pressure on Oct. 9, trading around $0.081 as it struggled to recover from its recent selloff. At that level, the token sits roughly 97% below its record high of about $2.99. The weakness comes despite two notable network developments involving stablecoins and blockchain infrastructure: a newly announced partnership with Open Standard and preparations for the Protocol 28 Mainnet upgrade, scheduled for Oct. 16.
Pi Network Price Wavers Despite Stablecoin Integration
Pi Coin has continued to waver even after developers announced a major partnership with Open Standard, the company behind the OUSD stablecoin. Open Standard sets itself apart from other stablecoin projects through its revenue model: it shares nearly all revenue with the companies that help drive its adoption. The project counts more than 200 partners, including companies such as Google, and carries 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 as well as broader ecosystem utility. In a separate post, the company added that stablecoins will help improve the ecosystem by creating price stability and improving 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, implementation details remain under discussion, with the team working through questions such as compliance and guiding principles. That means the partnership announcement does not yet establish how or when a stablecoin would be deployed across the Pi ecosystem.
The move, however, can be read as an implicit acknowledgment that the coin itself is not working as intended. Pi Coin's original goal was to serve as an independent token capable of handling transactions both online and offline. Since its launch, though, the token has crashed by more than 90%, which makes it difficult for companies to integrate. This is the same challenge that has made it nearly impossible for Bitcoin to be accepted by retailers and e-commerce platforms.
Protocol 28 Upgrade Set for Oct. 16
The developments arrive as the team continues to update the network. Developers have already implemented Protocol 27 and are now preparing Protocol 28, which will take effect on Oct. 16.
The upgrade will improve how the network handles delays in transaction data and enable developers to upgrade groups of smart contracts at once. It will also change how stored data is managed more safely as applications develop.
Pi Coin Demand Continues to Wane
The price weakness coincides with a steady decline in demand. Data compiled by CoinMarketCap shows the total volume of PI traded on exchanges dropped to just $7.8 million over the past 24 hours. The volume-to-market cap ratio stands at just 0.875%, a signal that investor demand is largely absent. For context, this ratio measures trading activity relative to a token's total market value, and figures below 1% generally point to thin trading interest.
While Pi frequently highlights its community of 60 million pioneers, it is likely that most of them have already sold their tokens during the plunge. Demand is also being diluted as more tokens enter the market: 11.2 billion tokens are now in circulation against a total supply of 100 billion.
Pi Network Price Technical Analysis
The daily chart shows the Pi Coin price has slumped over the past few days, falling from a high of $0.1110 on Aug. 22. The token has remained below its 50-day Exponential Moving Average (EMA), a widely watched trend indicator whose breach typically points to sustained downward momentum.
At the same time, the MACD, a momentum gauge, has remained below the zero line and is pointing downward, while the Supertrend indicator, which tracks trend direction, has turned red. Taken together, these readings suggest 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 would indicate further downside over time.
Disclaimer
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.
