Pi Network’s Big Upgrade? All You Need To Know

Pi Coin price has faced massive selling pressure lately, falling to a new all-time low in the last 24 hours.

However, despite the plunge, market pundits have remained optimistic on the long-term trajectory of the coin.

Besides, the upcoming Stellar upgrade has also sparked discussions over a potential upgrade for Pi Network, given its shared infrastructure with the former platform.

Amid this, a Pi community expert has hinted at a major upgrade for the project, gaining market attention.

In addition, the expert has also shared key reasons behind the delay in the .pi domain auction from June to September.

So, here we explore the recent developments and see their potential impact on Pi Coin value in the near future.

The Pi Network has been one of the hottest topics in town, especially due to its declining price over the past few weeks.

However, despite the short-term woes, market pundits remain bullish on the long-term trajectory of Pi Coin value.

Notably, speculations over a major Pi Network upgrade have gained traction, especially as discussions soared over the upcoming Stellar upgrade.

Considering the shared infrastructure of Pi Network and Stellar, experts hint at a looming upgrade for the former project.

Here’s How Pi Network Can Bypass Intermediate Versions

Renowned Pi Community expert Dr Altcoin has shed light on the possibility of a significant protocol upgrade.

When questioned about the probability of Pi Network’s protocol advancing sequentially from version 19 to versions 20, 21, and 22 or jumping directly to version 23, the expert provided valuable insight.

According to him, it is technically possible for Pi Core Team to bypass intermediate versions and upgrade directly to Protocol 23.

However, he noted that this would require introducing all critical changes from versions 20 to 22 into a single update.

Meanwhile, Dr Altcoin also highlighted that rigorous testing is required to ensure stability, especially considering major shifts like Soroban smart contracts and full Web3 infrastructure integration.

However, he has cited key reasons that back his prediction. For context, he noted that Pi Core Team’s technical expertise, access to expert networks, and the backing of a $100 million ecosystem fund make it possible for a direct jump to Protocol 23.

The deadline extension for the .pi domain action from June to September has also sparked discussions among traders.

Shedding light on the matter, Dr Altcoin said that the delay could be “tied” to the Stellar Protocol 23 upgrade.

The Protocol 23 upgrade is set for a mainnet vote on September 3, and as Pi Network is built on Stellar-core, this upgrade would benefit PI in the long run.

Having said that, the expert believes that the delay in the .pi domain auction is a strategic move by the Pi Core Team.

For context, he said that the team might be waiting for the Stellar upgrade. It would allow them to launch .pi domains on a stronger, scalable, and more web3-optimized infrastructure.

Pi Coin Value Hits New Low, Can it Recover?

Pi Coin value has touched a new low of $0.335 in the last 24 hours, while resting at $0.34 during writing.

However, the relative strength index (RSI) of the asset, at 36, hints that the crypto might be approaching an oversold territory.

In other words, it might help in a strong recovery for the crypto ahead. In addition, the token unlocks will also cool from the September start, which might also boost the Pi Coin value in the near future.

Meanwhile, commenting on the recent dip in Pi Coin value, Dr Altcoin said that it gives more opportunity for traders to enter at a lower price.

Besides, given his confidence in the long-term potential of the asset, he said that he will continue to invest in Pi Network, even if it witnesses a further dip ahead.

Considering that, it seems that Dr Altcoin is betting heavily on the future trajectory of the coin. However, investors should do thorough research before entering the market during this volatile phase.

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