Pi Network price slipped about 17% today, indicating a waning risk-bet appetite of the investors. Despite the buzz around the coin, the crypto has recorded significant losses lately, especially due to a lack of major announcements and updates regarding the token. Amid this, a Pi Coin enthusiast has revealed key reasons that might have triggered the recent selloff in the market.
Pi Network Price Slips 17%
Pi Network was one of the top laggards in the crypto market today, sparking concerns among traders. Pi Coin value was down more than 17% and exchanged hands at $1.16, while its one-day trading volume rose 54% to $551 million.
Notably, the latest loss comes as a huge Pi token unlock looms. For context, the unlock eventually increases the supply, causing pressure on the price. Besides, it has dampened the traders’ sentiment, resulting in the recent decline in the value.
Pi Coin Faces Major Selloff Amid Investor Concerns
Pi Coin’s recent price plunge has left many investors questioning the project’s long-term viability. Enthusiasts note that the drop directly correlates with declining public sentiment. One of the key triggers was Pi’s failure to secure a Binance listing, despite 86% of its community voting in favor.
This rejection has shaken investor confidence, further pressuring the token. Adding to the concerns, the Pi Core Team failed to deliver any groundbreaking updates on Pi Day, a crucial event for the community.
Many early miners, who have supported the project for years, are now openly criticizing the team for the lack of visible progress. With the project in development for six years, frustrations are mounting as expectations remain unfulfilled.
Lack of Development Roadmap Raises Red Flags
A major complaint among Pi Coin investors is the absence of a clear roadmap for the Open Mainnet launch. Unlike other crypto projects that provide transparent timelines, Pi Network has remained vague about its future developments. This uncertainty has led to growing skepticism, with some fearing that the project may never reach full decentralization.
In a recent social media post, Pi enthusiast Dr Altcoin pointed out that the crypto’s ranking has fallen to #13, with its price dropping below $1.30. He emphasized that the declining value reflects the community’s disappointment in the project’s progress. Without a roadmap, investors remain hesitant, leading to increased sell-offs.
Community Demands Transparency & Progress
The Pi Network community is calling for immediate action from the core team. Investors believe that for Pi Network price to regain momentum, the team must address the lack of trust by:
Releasing a clear Open Mainnet roadmap.
Launching the long-awaited 100 decentralized applications (DApps).
Disclosing key investors and partnerships.
According to Dr Altcoin, these steps are crucial in restoring faith in the project and preventing further price declines. Without transparency and real progress, Pi Coin risks losing more support. However, a recent Pi price analysis hints at a 3X rally if Binance lists the token on its platform.
The post Pi Network Price Slips 17%: Here’s Why Pi Coin Is Falling appeared first on CoinGape.
