Pi Coin fell 12% today, to $0.5525, after Israel launched an airstrike on Iran last night. However, PI’s troubles don’t stop there, as the altcoin is also down 16% in two weeks and 53% in a month, and down 81.5% since hitting an ATH of $2.99 in late February.
Over the past few weeks, this coin has suffered more than other altcoins for a variety of reasons, but one of the most damaging is that many PI holders continue to report issues when claiming their tokens.
This ongoing concern continues to undermine confidence in PI and when combined with the lack of listings on major exchanges, it likely points to a disappointing long-term Pi Coin price prediction.
Pi Coin Price Prediction: KYC Failed? Balances Breached? Why This Chaos Could Cause a PI Supply Shock
Despite completing its mainnet migration in February and March, Pi Network continues to experience issues as users are still unable to access their PI tokens, even after completing the necessary KYC steps.
This has been an issue since the migration began in February, with the Pi Core Team receiving angry responses to almost every message and update they posted on X.
Pi Network has addressed these issues in a number of ways, including posting advice on the correct wallet address to use when transferring PI, but issues and complaints continue.
Recent days have also seen a major PI holder – possibly associated with the Pi Foundation – withdraw millions of tokens from exchanges, raising concerns about a supply shortage.
And if we look at the PI chart today, we see that it has dropped sharply and may have bottomed, with the RSI (purple) dropping to 20 this morning, a strong oversold position.
This means that the Pi Coin price will soon see a strong recovery, although critics argue that the price has entered a downward spiral and may never fully recover.
The coin’s trading volume had been below $100 million for a week before today’s sell-off, indicating an alarming lack of interest in the coin.
And as users continue to report issues with migration and full token claims, this cryptocurrency may have difficulty attracting listings on major exchanges (e.g. Binance, Coinbase), which could significantly increase its price.
As such, we could see the price drop below $0.50 in the coming weeks, although a market-wide recovery and good news about Pi Network could help the price return to $1 by the end of the summer.
