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Can Pi Network Recover? All Eyes on Protocol 23
After years of anticipation, Pi Network is entering a critical phase. Once riding high on hype and massive community growth, the project is now grappling with hard questions about real-world utility, liquidity, and long-term sustainability.
Meanwhile, emerging PayFi platforms like Remittix (RTX) are gaining traction by focusing on immediate, tangible use cases in the global remittance market. With both tokens trading under $1, comparisons are becoming more frequent—especially as investors look beyond hype to fundamentals.
Pi Network’s Value Slumps 90%: Sentiment at a Crossroads
Pi Network currently trades near $0.2326, marking a sharp drop of nearly 90% from earlier highs. Daily trading volume has fallen below $30 million, and community sentiment on platforms like X (formerly Twitter) has turned cautious.
One user noted: “The tech might be strong, but it’s taking too long. We need action, not promises.” These views are echoed across various Pi community forums, where frustration over the slow pace of development has become increasingly common.
Market watchers highlight two core issues:
- Declining developer activity
- Low liquidity
Both factors are contributing to thin demand and weakening trust. With liquidity drying up, some bears are now targeting a possible retreat to the $0.10 level unless momentum returns.
All Eyes on Protocol 23
There is still hope that Pi Network can regain traction through Protocol 23, an upcoming update aligned with Stellar Core v23.0.1. The upgrade is expected to bring enhancements in scalability, security, and efficiency, while also introducing DeFi components like a decentralized exchange (DEX) and automated market makers (AMMs).
An oversold Relative Strength Index (RSI) of around 24 suggests the potential for a near-term technical rebound. Recent moves toward self-custody and smaller token unlocks could also help stabilize sentiment.
However, structural issues like tokenomics and liquidity will need more than protocol upgrades. Some community members are calling for buybacks or token burns to address circulating supply and incentivize holders.
Remittix: Real-World Utility in the Spotlight
While Pi Network works through its development hurdles, Remittix (RTX) is gaining attention for offering immediate, real-world application. At a current price of $0.1130, Remittix presents itself as a PayFi (Payment + DeFi) network with a unique proposition: send crypto, and the recipient receives fiat directly into a bank account, often within 24 hours.
This model has attracted both users and investors. According to project disclosures:
- Over 676 million tokens sold
- More than $27.2 million raised
- Ranked #1 on CertiK for code security and team transparency
- Wallet beta currently live and functional
Remittix has also secured listings on BitMart and LBank, with a third exchange listing reportedly in the works. A live $250,000 Gleam giveaway campaign is currently underway to celebrate the wallet beta launch and reward the early community.
Why Remittix Is Gaining Momentum
Unlike speculative projects, Remittix is prioritizing utility. The ability to transfer crypto across borders with fiat conversion directly into bank accounts addresses a real pain point in global finance, particularly in emerging markets.
A CertiK #1 ranking gives added confidence in the project’s technical robustness, while exchange activity and transparent token sales point to growing adoption.
As one community member shared: “I actually used the wallet to send money to my family overseas. It worked in less than a day—that’s the kind of project we need.”
A Moment of Truth for Pi Network
For Pi Network, October may prove decisive. Protocol 23 has the potential to re-ignite interest and developer engagement—but it will need to deliver more than promises. With user patience wearing thin, concrete improvements in liquidity, tokenomics, and DeFi integration are now essential.
Remittix, on the other hand, is moving forward with visible milestones and utility, providing an alternative path for those seeking under-$1 tokens with real-world functionality.
