After hitting the all-time high of $2.99 a week after the Pi mainnet launch, the open-source network’s native token has crashed by 49% over the past 14 days. Rolling back to nearly where it started, Pi Network (PI) dipped to $0.81 on Wednesday, positioning itself at the lowest point in a 30-day period.
Pi Coin Community Looking For Answers
During these 30 days, Pi Network’s (PI) growth stumbled upon several high-profile issues, including the community’s feud with Binance and a hastened Pi coin token unlock schedule. Just today, over 10 million of Pi coins (PI) were poured into circulation, adding fuel to another 12% downswing in an already gruesome period for Pi coin’s crypto community.
Matter of fact, Pi Network’s unlock schedule is public and transparent, but the blockchain scanner promises another 102 million Pi coins (PI) to reach circulation over the next 30 days. Despite this transparency, many community members, known as the Pioneers, are sour about the core team’s vague commitment to put out regular updates on X.
Will Things Get Better For Pi Network?
A few days ago, the unclear requirements of establishing a Pi Network SuperNode were brought into discussion by several crypto figures, questioning whether Pi Network is really decentralized. As if that wasn’t enough, data from PiScan shows PI Network’s core team are holding 82.8B out of a total 100B Pi coins.
The debate arose when Pi coin community members were given vague answers on how to become SuperNode validators, claiming that Pi Network had only three nodes running during the testnet phase. Later the number was increased to 43, but that’s still far away from the thousands of nodes decentralized blockchains like Bitcoin (BTC) has.
Now, Pi Network’s native coin is looking at a PI price freefall to $0.6, where a major support territory could rescue the mobile mining altcoin. At present time, Pi coin (PI) is priced at $0.785, retracing over 73% from its all-time peak of $2.99 nearly a month ago.
On The Flipside
- The bearish price action and mixed community sentiment didn’t stop Pi Network from launching their .pi domain auction, racking up over 200,000 bids in less than 7 days.
Why This Matters
Pi Network’s idea to make crypto mining accessible to anyone using a smart device appeals to a large audience of investors around the globe, currently counting over 60 million Pioneers.
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