TL;DR
- 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 recently experienced another notable correction, with a 7% decrease in price occurring in just 24 hours. Currently trading around $0.63, this reflects a staggering decline of 65% over the past month.
This drastic downturn has shifted the sentiment among even the most ardent supporters of the project. A recent commentator, known as MOON JEFF, who had previously predicted a potential skyrocketing to an all-time high of $5, has now joined the ranks of critics. The analyst has characterized Pi Network as a “slow rug,” criticizing its leadership by stating:
“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, even a rebound to $1 seems like nothing more than a distant fantasy, making the prospects of exceeding that even less likely.
Further criticism centers around the daily unlocks of the token. JEFF pointed out that these unlocks, returning in the millions, contribute significantly to selling pressure:
“The daily unlocks will kill PI. The daily selling pressure is insane.”
Moreover, a report from Watch.Guru revealed that over 121 million PI tokens are scheduled to be unlocked in the next 30 days. This surge in circulating supply could further deteriorate price stability unless demand increases accordingly.
As of now, the total number of tokens in circulation is just below 6.8 billion, indicating that over 90% of the total supply has yet to enter the market. The situation is compounded by the fact that almost 75% of tokens remain locked, raising concerns about future price movements once these tokens are released.
What Can Stop the Freefall?
To halt the downward trajectory of PI’s price and possibly initiate recovery, support from prominent cryptocurrency exchanges may prove crucial. Such backing would enhance the token’s liquidity, improve accessibility, and bolster its reputation.
In February, Binance conducted a vote regarding the listing of PI, and a remarkable 86% of participants favored its inclusion. However, the exchange has yet to provide any concrete updates on this matter.
Coinbase has also been discussed in relation to the potential adoption of PI. Enthusiasm surged within the Pi Network community after a statement by Paul Grewal, Coinbase’s chief legal officer, in mid-March, implying that they take PiDay seriously:
“We take PiDay at Coinbase very seriously.”
Despite this interaction, no follow-up has occurred, leaving PI unavailable on the US-based exchange.
With sentiments shifting dramatically and hopes for recovery hanging on exchanges like Binance and Coinbase, the future of Pi Network remains uncertain.
The post Pi Network Is a Slow Rug, Says Former PI Proponent appeared first on CryptoPotato.
