Despite the backlash, the Pi Network .pi Domains auction gains traction with $1.7M in bids ahead of its June 28 close, showing rising investor interest.
The Pi Network team held a name auction for .pi domains, which are becoming increasingly popular among investors.
This step aims to improve community relations and broaden the ecosystem.
However, the holders’ responses are conflicting.
The bidding is reaching new heights in this tumultuous climate, where the Israel-Iran crisis influences investors’ trading decisions, and the Pi community awaits significant news.
Who is in charge? Let’s talk.
Why Is Pi Network, Its .Pi Domains Auction Such Big Deal?
After several years of delay, Pi Network finally released its native coin.
The most anticipated release boosted demand in the cryptocurrency community, and the token achieved numerous milestones, including reaching its all-time high of $2.98.
It is in demand due to recent changes, such as the June 28th auction for .pi domains.
Curiously, buyers actively purchase brand-related names, and the domain auction has evolved into a stand-alone app.
According to the official blog post, these domains would give their owners a distinctive web3 identification like that of.com.
Users can connect their domains to projects, DEX app marketplaces, or Pi-based programs.
Users can share their domain rather than lengthy wallet addresses, which is more significant.
The excitement surrounding these.pi domains stems from the team’s ambitions to provide more tools to aid in the development of apps, smart contracts, and services.
Investors are also being captivated by the impending Pi2Day announcement.
Who Is Winning Bid War For Pi Network Domain?
Investors could bid on the .pi Domain auction, which began close to Pi Day 2025.
According to the PCT, these are intended to function as web3 digital identities that connect to the projects, companies, and even apps within the Pi ecosystem.
Interestingly, the Pi auction figure indicates that 3,035,057 Pi Network coins have been bid on.
The current price of the Pi Coin is $0.5578. However, this takes it to an estimated worth of $1,702,060.
According to the bid breakdown, the entries fall under various price groups, including regular, premium, luxury, and elite bids.
96.64% of the bids, out of the total 122,217 offers, are in the standard portion (10-100 Pi).
The wallet address GBPGBN…2YAXUZ placed the highest bid of 20,020 Pi, or $11,233.
The Pi Network user still has $113,711.69 in tokens after bidding on 15 goods. The Pi price is still lower, though, despite everything.
Today’s Pi Price Drops Despite Domain Auction Hype
The coin price is unaffected by the excitement surrounding the auction. It has crashed 7% today and is now trading at $0.5578.
Its market capitalization is $4.15 billion, and its trading volume is $103.37 million.
The main reason for the tremendous selling pressure on the token was the crash of the border cryptocurrency market.
Additionally, most investors are untouched by this domain occurrence as they wait for additional network updates, except for a few.
Investors in Pi coins anticipate the release of features like Smart Contracts and fixes for KYC issues.
Additionally, this demand is limited because domain auctions are for practical use only, not for flipping or passive holding.
