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- Pi Network has introduced 2FA in wallets, ensuring secure Pi migration to Mainnet, with a 14-day verification deadline.
- Despite security upgrades, Pi Coin’s value dropped 31% in a week, with market uncertainty over upcoming coin unlocks.
Pi Network has incorporated two-factor authentication (2FA) in its wallets, a significant step towards making the transition to the mainnet blockchain as effortless as possible and as secure as required. The new requirement entails selected Pioneers having to verify their account using a trusted email address before their Pi balance gets migrated.
The Pi Core team has mandated the completion of the process of the 2FA as a requirement for the users during the pending migration period of 14 days. Otherwise, their Pi Coins shall be returned safely to their mining application. Alternatively, successful verification shall see their balance get smoothly migrated to the Mainnet.
“2FA and the Pi “return” features are meant to ensure, as much as possible, the security of Pioneers’ Pi and accounts. Due to the nature of blockchain where transactions are immutable and the Pi Wallet is noncustodial, these features provide extra caution and make sure that Pi is sent to the rightful Wallet owner,” stated the Pi Core team.
Pi Coin Struggles Amid Market Turbulence
Despite this security upgrade, the value of Pi Coin has been falling, losing 31% in the past week. This decrease brought its market cap to $7.77 billion, moving the altcoin to the 17th position, down from the 11th, on the list of cryptocurrencies.
The daily trading volume has increased by 8% to $530 million, showing increased market activity, though. Analysts are upbeat, observing that Pi Coin’s 15-minute price chart shows a symmetrical triangle formation, which tends to be a precursor to a breakout.
If Pi Coin crosses the significant resistance level at $1.20, it could rally towards the $1.25–$1.30 range in the short term. Conversely, failure to cross the level could send the price falling toward the $1.05–$1.02 range, undermining investor confidence.
129 Million Pi Coins Set for Unlocking
Adding to the volatility in the market, PiScan data shows that nearly 129 million Pi Coins, valued at approximately $175 million, are due to be released this month. Major unlock events typically create selling pressure on the price, and the fear is that Pi Coin could slide below the critical $1 mark.
The community hangs in suspense as major exchanges, even Binance, have not made any plans to list Pi Coin. The absence of major exchange listings fuels speculation and skepticism about the future market success of the project.
In the midst of these setbacks, Pi Network continues on the frontlines in its efforts toward mass adoption. Having bolstered security, the team is focusing on building trust and protecting user assets as it inches towards full mainnet integration. The Pi Network has also introduces .Pi domains to boost Pi coin.
