- Pi Network (Pi) members argue that the introduction of PiFest on the Open Network has negatively affected trading activities.
- Investors who acquired the asset from exchanges accuse the Pi Network team of failing to support the price.
Pi Network (Pi) continues to struggle amidst the fading euphoria and broad market liquidation. According to our market data, the asset has declined by 4.5% in the last 24 hours and 17% in the last seven days to trade at $0.68. Meanwhile, our recent analysis suggests that a potential Binance listing could force a rebound.
Prior to its recent decline, the Pi Core Team had announced that its PiFest on the Open Network had recorded an impressive participation of 125,000 registered sellers. According to the team, the active sellers were more than 58,000 while 1.8 million Pioneers utilized the Map of Pi.
Unfortunately, the Pi community has strongly criticized the PiFest, claiming its introduction has significantly reduced trading activities. According to a user identified as Dr. Altcoin, the co-founders seem to be unaware of the grievances of the community members.
Since the PiFest started, Pi trading activity in the Eco-system has been at its lowest. The only trade was selling Pi for Cash…seem out of touch with the realities of the everyday Pi Community.
The Pi’s communication approach has also been criticized by a user identified as DAO World. According to him, the usual monthly updates have been too predictable since the enclosed mainnet period.
The Pi Core Team’s communication style has not changed at all from the enclosed mainnet period to now. We only hear the same predictable updates once a month. It’s difficult to maintain a large community with this approach. We need a new communication method, a new community leader who understands cryptocurrency well, and we want to hear transparent development updates.
Amidst the backdrop of this, the Pi Network’s base mining rate has marginally declined by 1.18% to 0.0029030 π per hour.
Concerns of Pi Investors
According to our research, investors who purchased the asset between $1.20 to $2.80 on exchanges are becoming increasingly disappointed.
An investor known as Mr H.L. from Ho Chi Minh City recently disclosed that he purchased the asset at $2.80. However, three-quarters of its value has been lost to the series of declines recorded across the various trading sessions. To him, the Pi team appears to be doing nothing to sustain the price.
Back when Pi was newly listed, I saw the price going up despite the overall market downturn, so I jumped in at what turned out to be the peak. Now I feel like I’ve been scammed by the Pi Network team. Since the listing, they’ve done nothing to support the price, and it keeps plummeting every day.
Meanwhile, analysts at CoinCodex have predicted that Pi could stage a rebound to breach its all-time high of $2.9. As highlighted in our previous article, the analysts expect the asset to hit $5 by April 25. Some renowned crypto traders also believe that the price could largely react to two major upcoming updates – Telegram wallet integration and the extension of the PiNet migration deadline, as discussed earlier.
