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Pi Network Is a Slow Rug, Says Former PI Proponent

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简要说明

  • PI’s 65% price crash over the past month has shifted sentiment, with even former fans now lambasting the project.
  • Hopes for a recovery rest on potential exchange listings from Binance or Coinbase.

From a Supporter to a Critic

Pi Network’s native token witnessed another correction in the past 24 hours, with its price tanking by 7%. Currently, it trades at around $0.63 (per CoinGecko’s data), representing a whopping 65% decline in the last month. 

Its massive retreat as of late seems to have changed the sentiment of even its hardcore fans. The X user MOON JEFF, who recently predicted that PI could skyrocket to an all-time high of $5, joined the critics’ corner. The analyst claimed that Pi Network is “now a slow rug,” criticizing the team behind the project:

“The team is not delivering what they promised. They promised 100 Dapps on launch, but only less than 5 are working.”

According to MOON JEFF, PI’s potential spike to $1 is “just a dream,” while breaking above that point is “just another dream.”

Besides lambasting the project, the analyst noted that the coin’s daily unlocks “are back in millions.”

“The daily unlocks will kill PI. The daily selling pressure is insane.”

Earlier this week, Watch.Guru revealed that more than 121 million PI tokens will be unlocked 于 the next 30 days. The increased circulating supply could further negatively influence price performance (assuming demand doesn’t react accordingly). 

Currently, the amount of tokens in circulation stands just below 6.8 billion, meaning that over 90% of the total designated supply has yet to enter the market. The de facto circulating supply constitutes locked mining rewards and unlocked mining rewards. The latest data shows that almost 75% of the tokens remain locked, raising uncertainty about how the price will react once this amount frees up.

What Can Stop the Freefall?

One important factor that may prevent PI’s price from further collapsing and even put the asset on the green track again is support from leading cryptocurrency exchanges. Such a development will increase the token’s liquidity, boost its accessibility, and positively impact its reputation. 

Binance issued a vote in February to determine whether its users wish to see PI trading on the platform. More than 86% of the voters clicked the “yes” option, but the company remains silent on the matter.

Coinbase was also rumored to embrace PI. Paul Grewal (the company’s chief legal officer) triggered enthusiasm across the Pi Network community in mid-March when saying:

“We take PiDay at Coinbase very seriously.”

Despite the interaction, there hasn’t been a follow-up, and the asset remains unavailable on the US-based cryptocurrency exchange. 

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