Pi Network's SLICE Test Token Launch Amidst PI Price Slump

The Pi Network's latest move sees the launch of a second test token, SLICE, on its Launchpad platform. This comes at a time when the PI token is grappling with heavy selling pressure, hovering around all-time lows. The test phase for SLICE will run until June 28, aiming to enhance user engagement and gather feedback. Nearly 480,000 community members, dubbed 'Pioneers', have already shaped the new participation model through their inputs.

SLICE emerges as a key tool in refining the Pi Network's token community. The updated mechanics and simplified user interface are direct results of feedback from the first test token, which launched back in March. While SLICE isn't destined for the mainnet, its role is to educate users on new community dynamics before any real tokens are released. it's purely a testnet asset, a training ground for future developments.

Meanwhile, the PI token's price action remains brutal. Recently dropping below $0.12, it has only clawed back a 7% recovery. Yet, it still trades 95.7% below its peak in February 2025. On-chain metrics and the looming token unlock schedule suggest a potential bottoming, with the RSI indicating an oversold condition. But a clear breakout is elusive. Pi2Day on June 28 might stir the pot, historically driving volume and engagement.

The data's unambiguous: while SLICE refines Pi's community mechanics, PI's price struggles underscore the broader market's impact. If losses hold through the weekly close, renewed interest in the network's usability and updates could provide a lifeline.