This week, the Pi Network project witnessed significant developments and challenges, especially with the approaching date of the transition to the mainnet on June 28, 2025. Here’s a summary of the latest news based on the available information:
1 Technical issues in transitioning to the mainnet:
◦ Many users have reported significant issues related to the identity verification (KYC) process and two-factor authentication (2FA). These issues include failures in the verification process and the disappearance of some users' balances despite their compliance with the required procedures.
◦ These challenges have sparked widespread criticism from the community, with calls for greater transparency from the Pi Core Team and a clear plan to resolve these crises.
2 Currency price drop:
◦ The Pi Network currency has experienced a sharp decline in value, with its price nearing historical lows due to increasing selling pressure.
◦ According to recent reports, the price of Pi has decreased by 1.28% over 24 hours, reaching approximately $0.53550, with a market value of $4 billion.
◦ This decline is partly attributed to the absence of strong economic and technical incentives, which enhances the state of anticipation among traders.
3 Positive updates and community initiatives:
◦ The Pi Core Team announced the continuation of the .pi domain auctions, with the launch of a new statistics page showing the most bid domains and the highest prices. This auction has now become an application within the Pi system, enhancing interaction within the ecosystem.
◦ The project continues to focus on community participation, encouraging users to engage in decentralized governance and vote on important decisions, thereby enhancing the democratic nature of the network.
◦ There are reports of increased interest from major trading platforms like Binance and KuCoin, with dedicated pages for the Pi currency being created, which is considered a potential indicator for its listing soon. However, no official confirmation has been issued by the core team.
4 Future challenges and forecasts:
◦ Analysts have pointed out that Pi Network faces significant challenges, including the need to build a robust ecosystem and technical stability to achieve its ambition of becoming a global currency. This process may take years.
◦ There are questions about the currency's ability to meet high expectations, such as reaching $10, especially given the current challenges.
◦ The open mainnet is expected to launch by the end of June 2025, provided conditions such as community cooperation and technical developments are met. This transition could allow for public trading of Pi, potentially boosting its value if implemented successfully.
Important notes:
• Investors are advised to exercise caution, as any trading of the Pi currency is currently not officially authorized until the mainnet launch.
• It is recommended to follow news from official sources such as the Pi Core Team account on platform X to avoid rumors.
• Investing in Pi Network involves high risks due to market volatility and current technical challenges.
If you need more details on any aspect of this news or want a deeper analysis, feel free to ask!