Pi Network's New Pi Domains Feature Fails to Spark a Rally, Token Drops 15%

Pi's market cap currently sits at $7.93 billion, making it the 15th largest cryptocurrency by value (CoinMarketCap). Yet, Pi has faced a continuous downtrend

The price of Pi tokens has fallen by 15% in the last 24 hours, hitting a low of $1.08 per token. The token is now trading at $1.16, testing a key support level. A break below this level could open the door for a continuation of the downtrend, with little support to prevent further declines. However, a rebound from this support could signal a bullish turn for the coin, potentially forming a double-bottom technical setup.

If the price remains in the range of $1.10 to $1.20, it is expected to encounter resistance at the $1.20 to $1.25 mark. A dip below $1.08 may lead to a drop to the $1.05 level.

Earlier this week, Pi Network introduced a new tool called Pi Domains, which enables the creation of decentralized websites using Pi tokens. The launch of Pi Domains comes amid a broader trend of cryptocurrency projects developing their own domain systems. These domains are bought and sold using cryptocurrency, and transactions on these domains are also executed in the same currency.

The aim of Pi Domains is to provide Pi tokens with more utility, thereby increasing their value. However, despite the excitement surrounding the launch, the Pi token has seen a substantial drop of 15% in the last 24 hours.

The new domain feature will allow users to buy domains (e.g., "yourname.pi") only with Pi tokens, and these domains will be registered on the Pi blockchain. E-commerce transactions conducted on Pi domains will also use Pi as the payment method.

The introduction of Pi Domains is part of Pi Network’s broader effort to expand its ecosystem and provide practical use cases for its native token. As Pi Network continues to develop its platform and expand its offerings, it will be interesting to observe how these initiatives impact the token’s price and the project’s overall standing in the cryptocurrency market.output: Pi Network’s new domain feature offers the potential to create decentralized websites using Pi tokens, which can be bought and sold using the cryptocurrency. E-commerce transactions on these domains will also use Pi as the payment method.

The initiative aligns with broader trends in the cryptocurrency space, where projects are developing their own domain systems. These domains are bought and sold using cryptocurrency, and transactions on these domains are also executed in the same currency.

This launch is part of Pi Network’s broader effort to expand its ecosystem and provide practical use cases for its native token. The project’s goal is to create a comprehensive and self-sufficient Web3 environment powered by Pi tokens and technology.

The introduction of Pi Domains aims to give Pi token more utility, enhancing its value proposition. However, it remains to be seen whether this launch can reverse the token’s recent decline and spark a broader rally for Pi Network.

Despite the setback in value, Pi Network has experienced a surge in trading volume, which increased by 63% in the past 24 hours. This surge in trading activity may indicate heightened interest in the token and could be a factor in any potential price recovery.

As Pi Network attempts to establish its place in the cryptocurrency world, the question remains: Will Pi Domains prove to be the key to unlocking a breakout for Pi coins, or will the token continue to struggle in a volatile market? Only time will tell as this technical and fundamental analysis unfolds in the dynamic realm of cryptocurrency.