Due to significant selling pressure on Pi Coin, which has fallen below $1 and is expected to drop to the support level of $0.82, the market sentiment surrounding Pi Network is rapidly fading.
The native cryptocurrency of Pi Network, Pi Coin, has significantly depreciated, plummeting another 20% today to below $1. With the weekly decline of the PI cryptocurrency expanding to over 43%, the initial excitement after the mainnet launch seems to be rapidly fading. As a result, this altcoin has dropped out of the top 20 cryptocurrencies list from last week’s 11th place.
The enthusiasm for Pi Network is rapidly fading.
As Binance's listing plans continue to be delayed, the excitement surrounding Pi Coin seems to be rapidly fading, significantly impacting market sentiment.
Another major common complaint among Pi Coin investors is the lack of a clear roadmap for the open mainnet release. While other crypto projects provide transparent timelines, Pi Network's future plans remain vague. This has sparked discussions about whether Pi is a scam. Dr. Altcoin, closely associated with the project, clarified:
Clearly, the Pi core team lacks communication and transparency, which may lead some to misunderstand Pi Network as a scam. However, I have been involved in the project for many years and have not found enough evidence to label it as a scam.
The analyst further stated that the Pi Core team needs to enhance effective communication with the Pi community and not leave any gaps in the process.
Where will the price of Pi Coin head next?
In the past week, the price of Pi Coin has been on a vertical decline, breaking key support levels of $1.4, $1.2, and $1.0. This major adjustment occurred before this week's Pi token unlocking event.
While the token unlocking has been a major concern for investors, many pioneers in the Pi Network community have also recently been locking their PI assets.
Currently, the next support level for Pi Coin's price is $0.82. Cryptocurrency market analyst Kripto Bilgi states that the sentiment around this altcoin is very weak and predicts it will drop to $0.30. Furthermore, Pi price predictions also suggest that the asset will enter a bearish phase in the future.
Current development of the ecosystem
The recent auction of .pi domain names and the introduction of a domain name tab in the Pi browser is a significant step for Pi Network. This development aligns with its vision of a decentralized, Web3-centric ecosystem.
These .pi domain names can serve as digital addresses for Pi-powered websites, services, or applications, accessible via the Pi browser or other Web3-compatible platforms.