Pi Network seems to be losing its edge as the price of Pi Coin continues to face strong selling pressure, dropping another 4% to below $0.70. Moreover, trading activity of PI in the ecosystem is also declining, indicating that investor excitement is rapidly waning. Additionally, the unlocking of PI tokens that occurred in the past week has also led to negative sentiment.

Despite the announcement of PiFest, Pi Network still faces strong opposition

Earlier today, the Pi Core team announced that the number of participants in the first PiFest on the open network has reached a historic high, with over 125,000 registered sellers (including over 58,000 active sellers) and 1.8 million pioneers using the Map of Pi, highlighting Pi's practical utility on a global scale.

However, the community does not seem satisfied with this. Commenting on the reality of PiFest, Dr. Altcoin pointed out: 'Since the start of PiFest, the Pi trading activity in the ecosystem has been at its lowest level. The only trades are selling Pi for cash.' In further criticism of the core team, Dr. Altcoin stated that Pi's co-founders 'seem disconnected from the daily reality of the Pi community.'

Other community members have criticized the communication style of the Pi Core team, stating that it has not changed since the self-contained mainnet phase. Critics like Dao World believe that the monthly updates are too predictable and insufficient to maintain a large and active community.

Community members are currently advocating for a more transparent communication strategy and calling for a new leader with in-depth knowledge of cryptocurrencies.

Pi Network has lowered the base mining rate by 1.18% this month.

The base mining rate of Pi Network has decreased by 1.18% this month, currently at 0.0029030 π per hour. This adjustment continues the trend of the network gradually reducing mining rates. Some community members speculate that the decline in mining interest may be related to Pi's currently low trading value on exchanges.

Despite rumors that Pi Network will be listed on top cryptocurrency exchanges like Binance and Coinbase, this has not yet materialized. However, the BTCC exchange has stated that it has added the cryptocurrency to spot trading, but this has not provided any upward momentum for the price of Pi Coin.

Where will the price of Pi Coin go next?

In the past seven days, the price of Pi Coin has dropped 20%, with the next key support level at $0.60. Additionally, the pullback below $0.70 has brought significant selling pressure as the daily trading volume fell 52% to $148 million.

Pi Network is currently forming a classic descending wedge pattern, testing the lower limit near $0.687. If the volume breaks above the $0.71-$0.72 range, it may indicate a bullish trend, potentially pushing the price towards $0.75-$0.78, where the key resistance levels are located.

Some market analysts still hope that the PI cryptocurrency can reverse the trend and reach highs above $3.