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Pi Network (PI) Plummets by 70% Monthly: Will This Be the Lifeline That Saves It?

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TL;DR

  • PI crashed below $0.70 for the first time since late February.
  • One community member believes Pi Network’s team has done a poor job after the launch of Open Network, recommending hiring more people to solve some of the issues.

What Can Put the Brakes on the Collapse?

The cryptocurrency market witnessed substantial volatility in the past month, with numerous leading digital assets registering significant declines. Among the biggest losers is PI – the native token of the controversial crypto project Pi Network.

A few hours ago, its price tumbled below $0.70, representing an 11% daily decrease and a whopping 70% crash in the past 30 days.

PI Price
PI Price, Source: CoinGecko

The freefall has triggered some frustration across the community, with some industry participants criticizing the team behind the project and giving some ideas on what could provide the price its much-needed boost. 

One X user with over 130,000 followers on X opined that Pi Network “is probably in its most difficult situation since the start of the project in 2019.” They claimed the Core Team seems unprepared for the amount of work, responsibility, and tasks that an Open Mainnet brings with it. 

“That’s why their announcements are totally off, don’t represent the real situation, new features don’t work as planned, and the community feels let down,” the X user added.

They suggested that Pi Network’s team needs to hire more people, decentralize the native token, and give developers more freedom to develop on the network “as they wish.” 

Another essential factor that may positively impact PI’s valuation is additional support from leading cryptocurrency exchanges. Over the past several weeks, rumors have increased that Binance would allow trading services with the asset.

The company issued a vote last month to check whether its users want to see the PI listed on the platform. Over 86% of the voters clicked the “yes” option, but the exchange remains silent on the matter.

The well-known trading venues that have already embraced PI include Bitget, Gate.io, OKX, MEXC Global, CoinEx, and others. 

Pump After This Level?

Not long ago, the X user MOON JEFF predicted that PI’s price could continue its plunge to as low as $0.60, labeling it as “the only support left.” However, the analyst expects a massive resurgence to a new all-time high of $5 should this bottom be indeed reached. 

Most recently, MOON JEFF urged people to buy PI at the $0.50-$0.60 range, describing it as the “accumulation zone.”

게시물 Pi Network (PI) Plummets by 70% Monthly: Will This Be the Lifeline That Saves It? 에 처음 등장 크립토포테이토.

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