Pi Network continues to remain under strong selling pressure as native cryptocurrency Pi Coin has corrected another 12% today, with its price dropping to $0.81 support levels. With this, it has extended its weekly losses to 28% amid delays in mainnet launch, Binance listing, etc. and initial investor sentiment waning significantly. Investors are turning anxious about whether the Pi Coin price could stage an upside above $1 anytime soon or not.
Pi Network Core Team Needs to Step Up
With delays in plans of a mainnet launch, listing on Binance, or the Pi Domain auction, the Pi community members are seeking answers from the Core team, asking them to step up the game, as the Pi Coin price faces a steep fall from $3 to $0.82. Community members believe that the recent turbulence comes as the Core Team (CT) remains silent on critical updates.
Furthermore, there have been allegations that the Pi core team has been drifting away from its promise of full decentralization, to now attracting big institutions. Large corporations handling billions of dollars in daily transactions naturally prioritize security and transaction speed over complete decentralization.
With these opposing interests, the Pi Network core team seems to have made some compromises while trying to strike a balance between inclusivity and global adoption. Popular community member, Dr. Altcoin noted:
“We should embrace this collaboration between everyday users and big institutions. High-volume trading driven by businesses is what is required to drive our utilities, and that will ultimately push the price upward. The Core Team should also remain committed to rewarding the Pi community. Without the Pi community, the Pi Network would have been just another typical memecoin story”.
What Happens to Pi Coin Price Next?
Despite the strong community back, the Pi Coin price has been seeing a one-directional downside all the way to $0.82. Crypto analyst Moon Jeff has issued a bold prediction regarding Pi Network’s price trajectory. According to Jeff, the token is poised to decline to $0.60, which he identifies as its last significant support level.
Source: Moon Jeff
Despite this, the analyst remains optimistic of the Pi Coin price recovery, suggesting that a rebound from this point could spark a rally toward the $5 mark. Dr. Altcoin also shared a similar outlook noting: “Let’s HODL and buy both Patience and Pi together while they’re still available. Let’s also not be surprised if Pi shoots up to $3.14 in the coming weeks or even to $10 in the coming months”. Recent reports also suggest a projected PI listing on the crypto exchange Upbit.
The post Pi Network: Why Is Pi Coin Price Down Another 12% Today? appeared first on CoinGape.
