Pi Network has introduced two-factor authentication security for pioneers migrating to the mainnet. Pi Coin has rebounded from the key support level of 1 dollar.
The Pi Network core team has released an important statement introducing two-factor authentication (2FA) as a mandatory requirement for pioneers successfully migrating to the mainnet blockchain. Following this announcement, the price of Pi Coin rebounded from the key support level of 1.0 dollars, providing relief to investors.
Pi Network introduces 2FA security mechanism for wallet confirmation.
To further enhance wallet security, Pi Network has introduced two-factor authentication (2FA), which will enable a smooth migration to the mainnet blockchain. The new feature requires selected pioneers to complete 2FA through a trusted email before their Pi balance can be successfully migrated to the mainnet.
The Pi Core team stated that 2FA security is designed to protect the wallets and accounts of pioneers by adding an extra layer of protection. For pioneers who recently migrated Pi but are still in the 14-day pending period, completing 2FA is now mandatory.
If pioneers fail to complete the 2FA process, Pi Network will securely return the Pi coins to their mining application. However, after successfully completing the 2FA process, user balances will be migrated back to the mainnet without any losses. The official announcement from the Pi Core team is as follows:
"2FA and the Pi 'return' feature are designed to ensure the safety of pioneer Pi and accounts as much as possible. Due to the nature of blockchain, transactions are immutable, and Pi wallets are non-custodial, these features provide additional caution and ensure that Pi is sent to legitimate wallet owners."
Will the price of Pi Coin quickly return to 2 dollars?
In the past week, the price of Pi Coin has faced significant selling pressure, dropping 23% on the weekly chart. With the market cap falling below 8 billion dollars, this altcoin has slipped from 11th to 16th place. Additionally, the daily trading volume of Pi Coin increased by 15.87%, reaching 600 million dollars. Despite such developments, market analysts remain optimistic about this altcoin. The 15-minute price chart of Pi Coin shows a symmetrical triangle pattern, suggesting an imminent breakout.
Bullish Scenario: A breakout above the key resistance level of 1.2 could push the price of Pi Coin to the range of 1.25-1.30 in the short term. A strong number of buyers may further enhance momentum, leading to higher returns.
Bearish Scenario: If Pi Coin fails to break through the resistance level and drops below the support level around 1.10, the price may revert to lower levels around 1.05-1.02.
Token unlock and listing delays.
The price volatility of Pi Network's native token has intensified, with PiScan data indicating that nearly 129 million Pi coins (worth about 175 million dollars) will be released this month. Such a large-scale unlocking event often leads to increased selling pressure, raising concerns that Pi Coin may fall below the critical 1 dollar threshold.
In addition, the community is still waiting for the large exchange listing of PI. Binance has not confirmed any plans to list Pi Coin, so speculation and market unease dominate the discussion.