Pi Network’s token fell 14% to around $0.083, dropping its market cap below the $1 billion psychological level for the first time since August. The sharp decline came as the broader cryptocurrency market corrected after the US Senate failed to advance the CLARITY Act, with Bitcoin and Ethereum also posting losses.
Pi Network’s native token suffered the steepest decline among the top 100 cryptocurrencies, sliding 14% in a single day to trade near $0.083, its lowest level since the start of August. The sell-off pushed Pi Network’s market capitalization below the $1 billion psychological threshold to roughly $940 million, making it the 76th-largest cryptocurrency.
The broader market turned sharply negative after the US Senate failed to advance the CLARITY Act, as the bill did not reach the necessary 60 votes. Bitcoin plunged to $75,000, while Ethereum dipped below $2,400 after a 3% daily decline, though these drops were significantly smaller than Pi Network’s losses.
The decline occurred despite a recent ecosystem development. According to a post from the X account BSCN, the Pi Network Core Team initiated protocol upgrade v27, starting with a Testnet2 implementation and planning to transition to Mainnet by the end of the week. The post stated that the transition upgrades Pi Node Docker to V27.1.0 and aims to ensure network infrastructure stability while preparing for future developments such as integration with Pi Dex. Pi Network’s official X account has not yet confirmed the upgrade.
Despite the grim price action, some market observers see potential for a rebound. An X user named Crypto With Gopal claimed the price has printed a double-bottom setup and is holding the $0.075-$0.085 support zone while forming higher lows. He stated that a clean reclaim above $0.10 could confirm bullish momentum and open the path toward the $0.14 target, adding that bulls are slowly regaining control after the prolonged downtrend.
Technical indicators support this view. Pi Network’s Relative Strength Index (RSI) has plunged to an oversold reading of 23, a level that historically suggests the token could be gearing up for a recovery. The index runs from 0 to 100, where values above 70 are typically interpreted as a warning for an impending correction.
