The Pi Network community is eagerly awaiting Pi Day, which will mark the sixth anniversary of the project. However, even as anticipation builds within the community over the impact that this day will have on Pi coin price, several concerns remain that could impact token holders. This article explores the four things that Pi Network token holders need to worry about on this pivotal date.
Things Pi Network Token Holders Should Worry About on Pi Day
Pi Day is an event that is celebrated on March 14 every year and will coincide with the project’s sixth anniversary. During this event, Pi Network token holders are awaiting a flurry of announcements that could spike the level of market interest in the altcoin.
Pi Coin has made waves since its launch, with its market cap surging to more than $11 billion. Top exchanges like OKX and Bitget have listed Pi Coin. There has also been notable Pi Coin adoption from a top US real estate company.
Pi Day is set to unlock another stage for the project. This day is also the deadline for mainnet migration. There is also anticipation that a major exchange might list Pi Network token on this day.
Nevertheless, despite the buzz surrounding this day, Pi Coin holders should remain concerned about the following:
KYC and Mainnet Deadline Migration
The Pi Network migration deadline is on Pi Day 2025. This migration will transfer Pi token holders and users from the testnet to the official blockchain that launched last month. Users can only migrate their tokens if they complete Know Your Customer (KYC) verification.
Pi Network has set the deadline for migration on March 14, 2025. It has also stated that there will be no extensions to this deadline. Those who fail to complete KYC and the migration will end up losing most of their Pi tokens.
Pi Network Migration Deadline
The possibility of losing Pi Coins if one misses the migration deadline should concern token holders. Moreover, given the gains that the Pi Network token could see during this event, losing these coins could lead to major losses.
Concerns About Decentralization
Pi Network token holders should also be concerned about the level of decentralization on the project. Pi Coin has a maximum supply of 100 billion tokens. Meanwhile, data from PiScan shows that 62 billion tokens are held by six wallets belonging to the core team.
Pi Coin Core Team Wallets
Besides the supply distribution, the Pi Network has 2 active validators globally and only 17 active nodes. This is a significantly small number compared to decentralized networks like Bitcoin and Ethereum, which have thousands of active nodes and validators that guarantee decentralization.
Pi Network Nodes
Such concerns could weigh on the Pi Network price after Pi Day. It may also hinder broader adoption, and impact investor confidence.
Delayed Listing on Top Exchanges
The Pi Network community is optimistic about Binance listing Pi Coin. Some anticipate that the listing could happen on Pi Day after the mainnet migration and users meet KYC requirements.
Nevertheless, Binance has yet to confirm the listing. Coinbase has also not revealed plans to list this token despite Pi Coin gaining swift adoption in the US. If Pi Network token is not listed on another major exchange on Pi Day, it could slow the momentum and reduce investor confidence.
Pi Network Price Shows Slow Momentum
Pi Network price today is $1.68 with a marginal drop of 1.7% in 24 hours. The RSI is at 55, which is close to neutral levels, indicating that buying activity has slowed. The CMF indicator has also tipped south, which is a sign of Pi Coin price weakness as buying pressure fades.
The lack of significant buying pressure around the Pi Network token despite the hype around Pi Day is concerning. If this momentum continues, the price could slip to the 23.6% Fibonacci level of $1.36. Conversely, if buying pressure surges and reverses the trend, Pi Coin could touch the 123.6% Fib level of $1.93.
PI/USDT: 2-hour Chart
Bottom Line
The Pi Network token is poised for price volatility on Pi Day. While a flurry of announcements could spark gains, Pi Coin holders should still take note of factors like the mainnet migration. Concerns about decentralization and failure of being listed on other top exchanges may affect the price performance.
The post 4 Things Pi Network Token Holders Need to Worry About Ahead of Pi Day appeared first on CoinGape.
