- The Pi Network is suffering as its native cryptocurrency, Pi, has fallen 19.6% over the last week to dip below the $1 support level.
- Despite the price slump, John Lang is keeping his fingers crossed, pointing to the continued progress made by the PiCore Team.
The Pi Network, launched in February this year, set out on a strong rally after its native token, PI, attained an all-time high of $2.99 in less than a week. However, this rally was short-lived. Since then, the token has bled by over 80%, trading at $0.5801.
This market price also represents a 19.6% drop in the last seven days, though it has seen a slight recovery of 5% in the past 24 hours. As evidenced by data from Coinmarketcap, this also accounts for a 39.42% decline in its trading volume, leaving the mark at $289.23 million.
While the token is down, the broader crypto market is also in a state of devastation. Notably, Bitcoin (BTC) has dropped over 6% in the last 30 days, and Ethereum (ETH) has fallen by more than 27% in the same period.
Amidst the panic, one John Lang, a Pi Network node runner, has stood firm on the token’s future prospects. Via a tweet on the X platform, the stout believer has reassured fellow Pioneers that the PiCoreTeam (PCT) is working behind the scenes, diligently building and refining the network.
In his message, Lang emphasizes the complexity of the team’s task and the sheer amount of work still required to bring Pi Network to its full potential. He concluded that “Just trust the process, and whatever the market condition is, never sell your Pi cheap.”
PiDaoSwap Faces Delays, Moves to Binance Smart Chain
Lang’s remarks follow the backlash against PiDaoSwap’s grievances against the PiCoreTeam’s slow pace of Know Your Business (KYB) approval. Projects have to apply for a KYB and clear the PCT’s due diligence procedure to build on the Network.
PiDaoSwap tweeted on X that its KYB application has been pending for more than 2 weeks without being approved. Describing the waiting period as “agonizing and excessively prolonged,” PiDaoSwap claims the delay has stalled its full-scale development on the Pi mainnet.
In response, the project resolved to launch its non-fungible tokens (NFTs) on the Binance Smart Chain (BSC) as a temporary measure to maintain momentum and keep the community engaged pending PCT approval. Besides the delays in KYB, the PCT is also under fire for the slow pace of listing Pi Coin on top exchanges. Binance has yet to include Pi in its “Vote to List” program, and Bybit also didn’t list Pi Network despite growing requests from the community.
On the bright side, BTCC Exchange, one of the oldest crypto exchanges in the world since 2011, listed Pi Coin, which increased its credibility as the market looks forward to the potential listing by Upbit Exchange.
In the meantime, Pi’s Network domain auction project keeps gaining momentum. As we pointed out in our last article, bidding for domains is open to Pioneers on the Mainnet alone. Already, the auction has recorded more than 200,000 bids by over 40,000 unique bidders for more than 95,000 domains.
