As investors demand explanations from the Pi Network core team regarding the plan delays, the price of Pi Coin continues to drop by 12%.
Pi Network continues to endure strong selling pressure, as the native cryptocurrency Pi Coin has retraced 12% today, with the price falling to the support level of $0.81. Due to delays in the mainnet release, Binance listing, and a significant decline in initial investor sentiment, Pi Network's weekly decline has expanded to 28%. Investors are beginning to worry whether the price of Pi Coin can break $1 soon.
The Pi Network core team needs to strengthen.
Due to the delays in the mainnet launch, Binance listing, or Pi domain auction plans, Pi community members are seeking answers from the core team, urging them to speed up, as the price of Pi Coin is facing a significant drop from $3 to $0.82. Community members believe that the recent turmoil is due to the core team's (CT) silence on key updates.
Furthermore, there are accusations that the Pi core team has deviated from the commitment to complete decentralization and is now attracting large institutions. Large companies that handle billions of dollars in transactions daily will naturally prioritize security and transaction speed over complete decentralization.
In the face of these conflicting interests, the Pi Network core team seems to be making some compromises while trying to balance inclusivity and global adoption. Popular community member Dr. Altcoin pointed out:
"We should embrace this collaboration between everyday users and large institutions. The significant amount of transactions driven by businesses is a necessary condition for driving our utility development, ultimately pushing up prices. The core team should also continue to commit to rewarding the Pi community. Without the Pi community, the Pi Network would just be another typical memecoin story."
What will happen to the price of Pi Coin next?
Despite strong community support, the price of Pi Coin has been on a one-way downward trend, falling to $0.82. Cryptocurrency analyst Moon Jeff made a bold prediction about the price trend of Pi Network. According to Jeff, the token is expected to drop to $0.60, which he considers its last significant support level.
Source: Moon Jeff
Nevertheless, analysts remain optimistic about the recovery of Pi Coin's price, stating that a rebound from this point could trigger a rise towards the $5 mark. Dr. Altcoin also shared a similar viewpoint, noting: 'Let’s buy them together while Patience and Pi are still available. If Pi skyrockets to $3.14 in the coming weeks or even reaches $10 in the coming months, we shouldn’t be surprised.' Recent reports have also indicated that PI is expected to be listed on the cryptocurrency exchange Upbit.
