Pi Network Rolls Out Major July Upgrades, But Token Price Continues to Plummet
Pi Network’s development team unveiled significant updates yesterday, detailing their functionality and user benefits on the social media platform X. However, the cryptocurrency’s underlying asset has continued its downward trend, reaching new lows with no immediate end in sight.
CryptoPotato previously reported on two key enhancements: an AI-assisted App Planning Phase, empowering developers to build products from initial concepts, and an improved backend support system. In a subsequent announcement, the Pi Network team elaborated on the latter upgrade, highlighting its core features and how “Pioneers” can leverage them.
“Backend capabilities begin with persistent storage for newly created App Studio applications, allowing apps to save and retrieve user-specific data across sessions,” the team stated. This means developers can now create applications on the Pi App Studio that retain user experiences even after users close and reopen them. For instance, games can remember high scores, productivity apps can re-display to-do lists, and note-taking applications can automatically preserve user notes.
Previously, these applications were largely confined to frontend-only, single-session experiences, meaning app data such as preferences or progress would be lost upon exiting. The team emphasized that the introduction of persistent storage is a “significant App Studio platform milestone because it expands what AI-created apps can practically do on Pi Network.” This foundational capability is expected to enable a wider range of practical applications.
Despite the team’s consistent release of protocol updates, Pi Network’s native token has failed to experience a notable recovery. Instead, its price has largely trended downwards.
The token hit an all-time low of under $0.115 at the end of June during a broader market correction. It saw a modest rebound to between $0.12 and $0.13 for approximately a week before declining sharply again at the start of the current business week. Yesterday, it plunged to $0.1033, marking a new record low, with further downward pressure observed several hours ago.
According to CoinGecko data, the latest low stands at $0.1002. Although the token has seen a slight rebound of 1.5% since then, PI remains at risk of falling below the $0.10 mark in the immediate future, influenced by overall market sentiment and a perceived lack of confidence in the token.
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