Pi Coin Price Approaches All-Time Low, Facing Community Backlash
- Pi coin price has dropped for the past few weeks, approaching its all-time low value.
- The Pi Network completed its inaugural PiFest and is about to unlock 126 million tokens this month.
- Core team of Pi faces community backlash for the lack of transparency and calls for new leadership.
Pi Network announced the successful completion of its inaugural PiFest earlier today on X. It highlighted the record participation of community members with over 125,000 registered sellers and 58,000 active sellers. Around 1.8 million Pioneers used Map of Pi, making it one of the largest global commerce events.
The team of Pi Network faced a serious backlash from the community members. An X account named “Dao world” replied that the Pi Core Team makes predictable announcements each month, and it is difficult to maintain a large community with this communication approach. They further said,
“We need a new communication method, a new community leader who understands cryptocurrency well, and we want to hear transparent development updates.”
Another X user named “Trastew” disregarded PiFest’s achievements, stating that other cryptocurrencies have already facilitated payments long before PI. The post even questioned the Pi team whether they answered inquiries from the Pi network community instead of touting the Pi coin.
Pi Coin Price Nears All-Time Low of $0.6157
Pi coin price has been trending downwards for the past few weeks. It is now trading at a $0.66 price level with daily, weekly, and monthly price drops of 7.23%, 17.9%, and 61.29%, respectively. PI price is approaching its all-time low value of $0.6157 after losing a significant $15 billion wipeout of its market cap.
The Pi coin market cap reached around $20 billion after the first week of its mainnet launch. It became the talk of the town in the crypto market after climbing to the 11th position in the market. Now it slipped to the 26th position, losing a significant portion of its market cap along with investor confidence.
What’s Next For Pi Coin Market Price?
The Pi Network team has token unlock events spread over the next 3 years. Based on the data from the PiScan, more than 126 million Pi coins are yet to be unlocked and released into circulation this month. Total token unlocks this year will be over 1.54 billion, which makes the total circulating supply $8.3 billion.
Token unlocks scheduled for the nest three years make Pi coin the most inflationary cryptocurrency. Several cryptocurrencies introduced token burning mechanisms to avoid inflation to increase the token’s market value. However, we are unsure if the Pi team would consider this strategy to increase PI market value.
It is obvious that Pi coin’s price would boost if a major crypto exchange such as Binance announces Pi coin listing. The fact that no major crypto exchange has listed PI so far is noteworthy. For this to happen, the Pi team needs to be transparent and address community concerns over mainnet migration and Pi coin loss issues.
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Will Pi Network Survive This Unlock? Token Nears All-Time Low as Supply Flood Looms
Pi Coin Price Approaches All-Time Low, Facing Community Backlash
- Pi coin price has dropped for the past few weeks, approaching its all-time low value.
- The Pi Network completed its inaugural PiFest and is about to unlock 126 million tokens this month.
- Core team of Pi faces community backlash for the lack of transparency and calls for new leadership.
Pi Network announced the successful completion of its inaugural PiFest earlier today on X. It highlighted the record participation of community members with over 125,000 registered sellers and 58,000 active sellers. Around 1.8 million Pioneers used Map of Pi, making it one of the largest global commerce events.
The team of Pi Network faced a serious backlash from the community members. An X account named “Dao world” replied that the Pi Core Team makes predictable announcements each month, and it is difficult to maintain a large community with this communication approach. They further said,
“We need a new communication method, a new community leader who understands cryptocurrency well, and we want to hear transparent development updates.”
Another X user named “Trastew” disregarded PiFest’s achievements, stating that other cryptocurrencies have already facilitated payments long before PI. The post even questioned the Pi team whether they answered inquiries from the Pi network community instead of touting the Pi coin.
Pi Coin Price Nears All-Time Low of $0.6157
Pi coin price has been trending downwards for the past few weeks. It is now trading at a $0.66 price level with daily, weekly, and monthly price drops of 7.23%, 17.9%, and 61.29%, respectively. PI price is approaching its all-time low value of $0.6157 after losing a significant $15 billion wipeout of its market cap.
The Pi coin market cap reached around $20 billion after the first week of its mainnet launch. It became the talk of the town in the crypto market after climbing to the 11th position in the market. Now it slipped to the 26th position, losing a significant portion of its market cap along with investor confidence.
What’s Next For Pi Coin Market Price?
The Pi Network team has token unlock events spread over the next 3 years. Based on the data from the PiScan, more than 126 million Pi coins are yet to be unlocked and released into circulation this month. Total token unlocks this year will be over 1.54 billion, which makes the total circulating supply $8.3 billion.
Token unlocks scheduled for the nest three years make Pi coin the most inflationary cryptocurrency. Several cryptocurrencies introduced token burning mechanisms to avoid inflation to increase the token’s market value. However, we are unsure if the Pi team would consider this strategy to increase PI market value.
It is obvious that Pi coin’s price would boost if a major crypto exchange such as Binance announces Pi coin listing. The fact that no major crypto exchange has listed PI so far is noteworthy. For this to happen, the Pi team needs to be transparent and address community concerns over mainnet migration and Pi coin loss issues.
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Is Cronos (CRO) Preparing for a Major Price Breakout Above Key Levels?
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