The Pi Network (PI) token faces a renewed decline, nearing a drop out of the top 50 cryptocurrencies by market cap. This slide occurs despite the project’s Core Team announcing the launch of its first smart contract capability on Testnet. Community reaction remains focused on persistent KYC and migration issues rather than the technical update.
The PI token is close to falling from the top 50 altcoins by market valuation following a latest price rejection. The team behind the popular yet controversial project continues frequent ecosystem announcements without stemming the token’s decline or gaining community approval.
In its latest announcement on X, the Core Team outlined the introduction of the first smart contract capabilities directly on the project’s Testnet. According to them, this would foster “real, recurring, utility-driven use cases” and power sectors like e-commerce and streaming on-chain.
Despite this update, the majority of comments below the post focused on ongoing KYC problems. Many users report issues migrating tokens despite claiming completed verification steps, a point of community contention. The team began second migrations last month and insists hundreds of thousands have completed transfers, but the community remains unconvinced.
After a brief pump following its Kraken listing last month, the asset has been in a free fall for four weeks. It dropped from almost $0.30 to well below $0.20, with a recent rejection at $0.185 pushing it to $0.173.
Its market capitalization now stands at approximately $1.76 billion, endangering its position among the top 50 altcoins. The project’s protocol updates, which began in late February and included versions up to V22 scheduled for April 27, have not reversed the negative price trend.
