Pi Network's Growth Stagnates, Declines By Close To 13% In A Week

Pi Network, one of the most innovative systems in the whole of the cryptoworld. The currency known as Pi Network, or Pi coin, made history by moving to a fully decentralised blockchain, transitioning to its Open Mainnet. It was previously a closed system.

Pi Network Flounders

The network transitioned to a decentralised system in February.

Progress of the Pi, however has been lacklustre. The value of this virtual currency has seen major dip in the recent past.

As per CoinMarketCap, the value of Pi has decreased by 12.80 per cent in the most recent session of trade.

When we look at the larger picture, just in the past week or seven days, the overall depletion in the value of Pi Network stands at 13.05 per cent, as according to CoinMarketCap.

As per the latest available data, the current value of Pi Network stands at USD 1.57. The value of the currency, owing to high volatility, has slipped in value.

This not an issue limited to Pi, as this coincides with the larger decline in the prospects of the larger cryptoworld. The cryptocurrency paradigm has seen a steep decline, despite impetus from the US president Donald Trump himself.

The Crypto Decline

Recently, Trump announced a strategic digital asset reserve, espousing the idea of creating a reserve for cryptocurrencies. This reserve particularly involves Bitcoin, Ethereum, Solana and Ripple.

This major move has not aided the cause of these key digital currencies.

In fact, when it comes to Bitcoin, the largest cryptocurrency in the world, the value of this digital currency has dipped by 1.44 per cent or USD 1,257.37 in the past 5 trading sessions.

This took the overall total value to USD 86,026.89, falling far behind its all-time high mark of over USD 1,06,490 in mid-December.

When it comes to Ethereum, the second largest cryptocurrency had a better week, with gains of 0.48 per cent or USD 10.51 in the past week.