Pi bullish thanks to a new milestone from App Studio

Pi Network (PI) has just reached an important milestone with over 12,000 applications created on the Pi App Studio platform in less than two weeks.

This achievement coincides with a price increase of about 3.6% of Pi Coin in the past 24 hours. However, an expert warns that PI may face many challenges if the team does not implement major changes in the near future.

Pi App Studio of Pi Network experiences explosive growth

The Pi Core Team has launched a no-code application development tool on Pi2Day. Pi App Studio, powered by artificial intelligence, allows users without technical expertise to design decentralized applications (dApp) simply by entering commands.

This ease of use has quickly attracted users to the platform, as the famous Pioneer Dr. Altcoin emphasized recently.

"The number of new applications submitted to the Pi App Studio integrating AI has exceeded 12,000!".

Dr. Altcoin stated that Pi Network has the potential to become the largest crypto project in history, even if only half of the approved and fully operational dApps are realized. He emphasized several factors that could drive this potential, including the large user community that has completed identity verification (KYC), global reach covering more than 200 countries and territories, special requirements for business verification (KYB) for centralized exchanges and partners using Pi, and Pi Network is currently leading the industry in the number of community-developed dApps.

"All of these factors will help the price of Pi grow naturally and strongly in the coming years," this Pioneer noted.

What does Pi Coin need to recover its price?

Meanwhile, Pi (PI) has shown some signs of recovery. According to data, the price has increased by 3.6% in the past 24 hours. At the time of writing, Pi Coin is trading at $0.48.

Pi price chart 4 hours | Source: TradingviewHowever, this upward momentum does not come from the popularity of the Pi App Studio but mainly due to the overall upward trend of the market as Bitcoin has just reached a new peak. Furthermore, this slight increase is hardly enough to pull PI out of the nearly two-month-long decline.

Although the Pi ecosystem continues to make progress, the token price has yet to escape the downward trend. Misleading statements, user disappointment, and increased reserves on exchanges have weakened the prospects for a strong price surge.

Currently, the price of Pi Coin is only about 16% away from its all-time low. An expert even suggested that Pi "is at risk of collapsing below $0.4". However, Pioneer users are still pointing out some actions that the team could take to "save the sinking ship."

"If the Pi Core Team only needs to carry out 2 of the 11 actions below, the community can regain trust and the price of Pi will gradually recover," Pi Barter Mall shared.

Some proposed strategies include announcing a clear timeline for the mainnet launch, introducing a DAO governance mechanism, implementing token burn and buyback programs, restoring Pi mining rewards, creating user incentive packages, launching liquidity pools, lending, staking, and cross-chain compatibility integration.

In addition, Pi Barter Mall emphasizes the importance of restoring user trust by publicly disclosing the amount of tokens held by the team and addressing the limitations related to the previous KYC process.

"If there are no practical actions, Pi will lose its last remaining trust. But if the team chooses the right direction, we could witness a historic turnaround," this user concluded.

Previously, CEO Ray Youssef of the NoOnes platform also expressed a similar viewpoint about the future of Pi Network. He emphasized that the success of the project depends on the team's ability to overcome the hype and focus on practical execution.

Youssef particularly noted that the transition to an open mainnet will be a key factor, as it allows Pi to be freely traded on public blockchains, facilitating price discovery and attracting broader participation – two essential factors for the sustainable development of the ecosystem.

"For Pi to sustainably reach or exceed the $10 mark in the real market, the project needs to fully deploy the mainnet with the ability to transfer tokens freely, list on exchanges with high liquidity, build a real economic layer where users can use Pi to buy, sell, or pay for services, while controlling inflation to prevent new tokens from flooding the market," Youssef said.

Therefore, although the team continues to launch new applications and updates, to create a real price increase and build sustainable growth, they need to go beyond superficial improvements and focus on the core elements of the network.

Dinh Dinh