Pi Network celebrates 6 years: .pi domain name auction, PiFest explodes – but Pi Coin price plunges 14

Pi Network is celebrating its 6th anniversary on March 14 with the addition of several ecosystem expansions, including the launch of its domain auction platform, interface updates, and the start of the PiFest Open Network shopping phase. The price of Pi has yet to record any positive impact from this announcement, down 14.48% in the past 24 hours. On social media platform X, the PiCoreTeam account, the Pi development team, discussed the introduction of the .pi Domain Name Auction, which allows users to create personalized domain names, and the launch of PiFest, a week-long event aimed at boosting Pi-based e-commerce.

According to the network's blog, users will be required to use Pi to purchase domain names during the auction, which runs from March 14 to June 28, 2025, and the period can be extended if there is a new bid within the last 24 hours before closing. How the .pi domain auction works The .pi domain name auction is open to all members of the Pi community, including individuals who purchase Pi through centralized exchanges. Users can participate by visiting Pi Browser, where they can bid on domain names with a minimum auction of 10 Pi The highest bidder will ensure the domain name is used exclusively. Registration and maintenance fees will be similar to traditional domain name services like those offered on Web2. The Pi team also talked about the auction's reversible auction system feature, where participants are allowed to withdraw their Pi until the auction ends. However, individuals who have purchased Pi on exchanges will have to follow a different process. Instead of using the balance they can claim, they will receive a custom Pi blockchain address for each domain they bid on, where they can send their Pi as payment Refunds for these standard payments will only be processed after the auction ends. Once an exchange-based bidder wins a domain name, they will need to set up a standard Pi blockchain account to receive that domain. The first open network PiFest begins Pi Network has also launched a shopping event for online users and merchants, called PiFest, which will take place from March 14 to March 21, 2025 worldwide. PiCoreTeam claims the merchant registration period began two days before the event, and more than 100,000 businesses have signed up, with 49,000 active merchants listed on Pi Map, a platform where users can find participating businesses. The Web3 project has updated its Ecosystem Interface, removing the requirement for pre-approval for developers. Previously, developers had to meet specific eligibility criteria before applying to list their apps in the Pi Browser ecosystem. With this update, any developer who meets the requirements of the Mainnet can now apply immediately, eliminating delays in the application process. Pi Coin Continues Downtrend After Mainnet Migration Incident Pi Coin's price has fallen from an intraday high of $1.72 to less than $1.50, amid network issues that have made it difficult for users to move their tokens on the expiration date. The token has lost more than 22% of its value since Thursday. According to CoinGecko, the token reached an all-time high value of $2.99 six days after trading began, but is now down about 51% from its peak on Feb. 26. It has also seen a 35.3% drop in two weeks and a 19% drop for the week

As of the time of this writing, Pi Coin is consolidating between $1.44 and $1.46, as market watchers wait for more volatility over the weekend. The cryptocurrency has managed to sustain above the psychological support of $1.40, but is trading much lower than the 10-day and 20-day (EMA) exponential moving averages at 1.59 and 1.66, and will need to break through those levels for a positive price correction.