Pi Network’s native cryptocurrency Pi Coin has seen massive value erosion crashing another 20% today and slipping under $1.0. The initial euphoria around the mainnet launch seems to be fading fast as the PI cryptocurrency extends its weekly losses to more than 43%. As a result, the altcoin has dropped out of the top 20 crypto list, from the 11th spot last week.
Pi Network Euphoria Is Fading Quickly
The euphoria surrounding Pi Coin seems to be fading quickly amid the consistent delays in Binance listing plans, which has been a major hit on the market sentiment.
Another major common grievance among Pi Coin investors is the lack of a clear roadmap for the Open Mainnet launch. While other crypto projects have offered transparent timelines, Pi Network’s future plans are ambiguous. This has led to growing discussions about whether Pi is a scam. Clarifying it, Dr Altcoin, who’s been closely associated with the project said:
Clearly, there is a lack of communication and transparency from the Pi Core Team, which can lead some to misconstrue the Pi Network as a scam. However, I have been involved with the project for many years and have not found sufficient evidence to label it as such.
The analyst further stated that the Pi Core team needs to step up efforts in terms of effectively communicating with the Pi community and not leave gaps in the process.
Where Is Pi Coin Price Heading Next?
The Pi Coin price has been on a vertical fall over the past week, breaking under crucial support levels of $1.4, $1.2, and $1.0. This major correction comes ahead of the Pi token unlocking event this week.
While token unlock has been a major concern for investors, a large number of Pioneers from the Pi Network community have also been locking their PI holdings off lately.
For now, the next support for Pi Coin price stands at $0.82. Crypto market analyst Kripto Bilgi stated that the sentiment around this altcoin is very weak while predicting a fall to $0.30. Besides, a Pi price prediction also hints at a bearish phase ahead for the asset.
Source: Kripto Bilgi
Currently Developments in the Ecosystem
The recent auctioning of the .pi domains and the introduction of the domains tab in the Pi Browser has been a significant step for the Pi Network. This development aligns with its vision for a decentralized, Web3-focused ecosystem.
These .pi domains can function as digital addresses for Pi-powered websites, services, or applications, accessible through the Pi Browser or other Web3-compatible platforms.
The post Pi Network News: Why Is Pi Coin Price Down 20% Today? appeared first on CoinGape.
