Pi Network (PI) News Today: November 11

Here’s everything that’s most interesting around Pi Network and PI.

The project behind the token continues to make headlines thanks to major updates and improvements.

What’s new?

Just a few days ago, the team behind Pi Network revealed that the Pi Node has been upgraded to version 0.5.4. The enhancement is intended to improve accessibility and reliability and address issues raised by the community. After the update, the feature now includes a better system for tracking open shares on Pioneers’ Nodes.

“This update provides more reliable and secure Node bonus calculations. It is also an essential step towards the larger goal of enabling the migration of Node mining rewards,” the announcement reads.

With the introduction of the 0.5.4. version, the Pi Node application, known as Pi Desktop, supports opening approved external links, allowing access to blog posts and other resources. Last but not least, the improvement fixed a number of bugs reported by Pioneers in the previous version.

The update has created some optimism within the PI community, and even among the X users of pinetwork members (who were quite pessimistic about the coin’s future). saw its benefits.

PI’s recent gains are fading

Pi Network’s native token saw a notable rebound in late October, with its price rising to almost $0.30. However, the upswing was short-lived and PI is currently trading at around $0.23 (according to CoinGecko data), marking a 14% month-on-month increase.

PI’s community, which is huge and made up of dedicated fans of the cryptocurrency, has been somewhat quiet lately. Earlier this year, when the token’s price was trading much higher, there was optimism that its valuation would reach $5, $10 and even more impressive peaks.

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X-user Lord Drey remains one of the few vocal bulls lately to predict that PI could rise to $3 – $5 in the next three years and claims that the fundamentals for the asset are “tremendously bullish.”

More pain ahead?

The looming unlock of the token (although not as substantial as that of some previous months) indicates that the price of PI could experience a further decline in the short term.

Data shows that nearly 143 million coins will be released in the next 30 days, giving investors the opportunity to offload assets they have been wanting to sell for a while.

Furthermore, the amount of PI stored on cryptocurrency exchanges has increased by almost two million tokens in the last 24 hours alone, and the total now stands at over 426 million. This indicates that investors have shifted from self-custody methods to centralized platforms, leading to increased selling pressure.