- Pi Network is facing backlash from its community due to a lack of transparency and declining mining interest, while Pi Coin’s price continues to drop.
- Despite hopes for major exchange listings, the cryptocurrency struggles with low trading activity and heavy selling pressure.
The Pi Network is under fire as Pi Coin continues to struggle with price declines and growing community dissatisfaction. Recently, Pi Coin price slipped another 4%, falling below $0.70, adding to the concerns of its dedicated community.
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The frustration has boiled over as the Pi Network’s communication strategy remains under heavy scrutiny. Community members have expressed their dissatisfaction with the Pi Core Team’s lack of transparency. Despite the ongoing efforts to promote Pi as a viable cryptocurrency, the network’s developments seem to be failing to meet expectations. The Pi Core Team announced that PiFest, the inaugural event on the Open Network, saw impressive numbers, including over 125,000 registered sellers and more than 1.8 million Pioneers utilizing Pi’s Map. However, for many Pi enthusiasts, these announcements feel hollow.
Critics argue that trading activity has slowed to a crawl. “Since PiFest started, Pi trading activity has been at its lowest,” said Dr. Altcoin, a prominent member of the community, pointing out that the only trades happening involve selling Pi for cash. He added that Pi’s co-founders seem disconnected from the realities of the community’s needs. These sentiments have led to calls for a leadership shift and a more transparent communication strategy. The core team’s once-monthly updates, many say, have become predictable and insufficient.
In addition to communication woes, the Pi Network has made some troubling adjustments. The base mining rate was reduced by 1.18% this month, signaling further disinterest in mining. While some hold out hope for a listing on major exchanges like Binance and Coinbase, there’s been no significant move in this direction. The BTCC exchange’s addition of Pi for spot trading has done little to revive the coin’s price.
The current price trend shows Pi forming a falling wedge pattern, with key support at $0.60. A breakout above $0.72 could potentially offer hope, but as of now, the momentum is bearish. Pi Coin is down 20% over the last seven days, and trading volumes have decreased by more than half.
Pi Network is at a crossroads. Whether it can rebound and reclaim its former optimism remains to be seen, but for now, Pi Coin’s future is uncertain.
