Pi Network's Price Plunge Fuels Community Outrage
Pi Network Price Slumps Amidst Community Backlash
The Pi Network is facing significant headwinds as the price of its Pi coin continues to fall. A recent 4% drop pushed the price below $0.70, accompanied by a decline in trading activity, signaling waning investor confidence. This downturn follows recent Pi token unlocks, further contributing to negative sentiment.
PiFest Fails to Impress Critics
Despite the Pi Core team announcing record participation in the inaugural PiFest—over 125,000 registered sellers, 58,000 active sellers, and 1.8 million Pioneer Map of Pi users—the community remains largely unimpressed. Dr. Altcoin, a prominent community member, observed that PiFest primarily saw selling of Pi for cash, with minimal other trading activity. Further criticism targeted the core team's perceived disconnect from community realities.
Concerns extend beyond PiFest. Many criticize the core team's communication strategy, described as stagnant since the enclosed mainnet phase. The monthly updates are viewed as insufficient to maintain engagement within a large and active community. Calls for greater transparency and new leadership with cryptocurrency expertise are growing.
Mining Rate Reduction Exacerbates Concerns
The Pi Network's base mining rate has decreased by 1.18% this month, now at 0.0029030 π per hour. While this is a continuation of a gradual reduction trend, some speculate that the falling rate reflects diminished mining interest linked to the coin's low trading value.
Despite hopes of listing on major exchanges like Binance and Coinbase, the Pi coin only saw a brief listing on BTCC, failing to provide any substantial price boost.
Pi Coin Price: A Bleak Outlook?
The Pi coin price has experienced a 20% drop over the past week. The next significant support level sits at $0.60. Daily trading volumes plummeted 52% to $148 million, indicating strong selling pressure. Currently, the price is forming a falling wedge pattern, with a possible bullish signal if a breakout occurs above $0.71–$0.72, potentially driving the price towards $0.75–$0.78.
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Although some analysts remain optimistic about a potential price recovery to $3 or higher, the current market sentiment remains overwhelmingly negative.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Conduct thorough research before investing in cryptocurrencies.