Why is Pi Network’s Price Falling Despite Major Developments?

The Pi Network has broadened its roster of Know Your Business (KYB)-verified entities with the addition of Onramper and Onramp.money. 

The latter could allow users to directly buy and sell Pi Coin (PI) using local fiat currencies, further enhancing the network’s accessibility and adoption.

Pi Network KYB List Adds Two New Names 

The latest addition brings the total number of verified businesses integrated with the Pi Mainnet to eight. The official KYB list now includes Onramper and Onramp.money alongside established names such as OKX, Bitget, Banxa, Gate.io, MEXC, and Pionex.

Notably, the inclusion of Onramp.money is quite significant for the network. For context, Onramp.money is a global fiat-to-crypto platform that enables individuals and businesses to buy, sell, and swap over 400 digital assets.

The platform is active in over 60 countries, including India, Turkey, the United States, Brazil, and more. Furthermore, it supports various local payment options such as UPI and IMPS in India, VietQR in Vietnam, etc.

The option to buy PI Coin has already appeared on the platform, with 25+ supported currencies. However, it is not available for purchase against the US dollar.

Still, Pioneers celebrated this integration as a crucial milestone for the network.

“A major leap forward in making Pi more accessible and usable than ever before. This integration means faster, easier, and more secure ways to onboard users into the Pi ecosystem,” a user posted.

This marks the latest in a string of developments on the network lately. BeInCrypto reported that before Pi2Day, the team introduced a new feature to synchronize Know Your Customer (KYC) data across the Pi Browser and the main Pi App.

Furthermore, Pi Desktop (previously known as Pi Node) received an update that added full window resizing support, a public key on the troubleshooting page, and enhanced Docker compatibility. 

The Pi Browser also gained full account management capabilities. On Pi2Day, the team launched Pi App Studio and Ecosystem Directory Staking.

Despite these back-to-back rollouts, Pi Network’s price struggles have continued. PI staged a recovery last week, jumping 15.8% in a day. Yet, it hasn’t been able to hold on to the gains.

BeInCrypto data showed that PI’s value has dropped 4.3% over the past 24 hours. At the time of writing, the altcoin was trading at $0.51. The trading volume has also declined 4.9% to just $96 million. This indicated reduced trader interest. 

The recent positive announcements haven’t yet had the desired impact on sentiment, so it might be possible that the market is still waiting for a stronger catalyst. What that trigger is remains to be seen.