The Pi Network has achieved a significant milestone, with over 12,000 applications created on its newly launched Pi App Studio platform in less than two weeks.
This achievement coincides with a roughly 3% increase in the price of Pi Coin (PI) over the past day. However, an expert warns that the PI may face challenges ahead unless the team implements some major changes.
Pi Network’s Pi App Studio Sees Explosive Growth
The Pi Core Team unveiled the no-code app development tool on Pi2Day. Pi App Studio leverages artificial intelligence (AI) to enable users, regardless of technical expertise, to design decentralized applications (dApps) by simply inputting prompts.
This ease of use has made it popular among users, as a prominent Pioneer, Dr Altcoin, highlighted recently.
“The new Pi App submissions for the AI App Studio have surpassed 12,000!” the user posted.
Dr. Altcoin suggested that Pi Network has the potential to become the largest crypto project in history, even if only half of the submitted dApps are fully functional and approved. He pointed to several factors driving this potential.
These include Pi Network’s large KYC-verified user base, broad global reach in over 200 countries and regions, and distinctive requirement for KYB approval from centralized exchanges and businesses using Pi. Additionally, Pi Network leads the industry with the highest number of community-developed dApps.
“All of this will organically and significantly boost the price of Pi in the years ahead,” the Pioneer noted.
What Does Pi Coin Price Need to Recover?
Meanwhile, PI has shown signs of recovery. BeInCrypto data showed that the price rose 2.98% over the past day. At press time, Pi Coin’s trading price was $0.47.
Pi Coin Price. Source: BeInCrypto
However, the uptick is not due to Pi App Studio’s popularity but rather a market-wide rally driven by Bitcoin’s new record high. Furthermore, the small gains seem hardly enough to bring PI out of its nearly two-month-long slump.
BeInCrypto reported previously that despite several ecosystem developments, the price has failed to reverse its downtrend. Misleading claims, user disappointment, and rising exchange reserves have further weakened the case for a bullish rally.
Pi Coin’s price is just 16% away from its all-time low, and an expert claimed that it is ‘doomed to collapse below $0.40.’ Nevertheless, the Pioneer outlined several actions the team can take to save this sinking ship.
“If PCT (Pi Core Team) implements just 2 of the following 11 actions, the community can regain confidence, and the price can steadily rise again,” Pi Barter Mall stated.
Some of the strategies outlined include releasing a clear mainnet launch timeline, introducing DAO governance, and implementing token burn and buy-back programs. The user also proposes restarting mining rewards, providing incentives, launching liquidity pools, lending, staking, and cross-chain compatibility.
Furthermore, Pi Barter Mall stressed the importance of restoring user trust by sharing team holdings and addressing previous KYC restrictions.
“Without real action, Pi will lose the final layer of trust. But if PCT chooses the right path, we could witness a historic reversal,” the user concluded.
Previously, Ray Youssef, CEO of NoOnes, shared a similar perspective on Pi Network’s future. He emphasized that its success hinges on the team’s ability to move beyond the hype and focus on execution. The executive highlighted the importance of transitioning to an open mainnet, allowing free trading on public blockchains.
Youssef noted that this shift would enable price discovery and greater participation, key elements for the network’s long-term growth and sustainability.
“For Pi to sustainably reach or exceed $10 in a real market, it will need to have a full mainnet launch with open transfers, listings on high liquidity exchanges, a real economic layer, where people use Pi to buy, sell, or pay for services, and controlled inflation to ensure newly unlocked tokens don’t flood the market,” Youssef told BeInCrypto.
Thus, while the team continues to roll out new apps and updates, it still needs to go beyond these surface-level improvements and focus on the fundamentals to drive real price rally and sustainable growth for the network.
