📉 Concerns about cryptocurrency migration affect the Pi Network - Can optimists defend the $0.60 level?
The Pi Network (PI) has returned to the spotlight after its price failed to break the $0.66 level. After a slight recovery from its recent lows of $0.60, the Pi Network coin has remained stuck in a tighter trading range for four sessions.
Analysts believe that this zigzag pattern indicates a strong move coming, either a breakout or a crash.
The Pi Network coin is now trading at $0.65 after multiple failed attempts throughout the day to push towards $0.66. Price movement is range-bound, with decreased volatility and trading volume, as traders expect a change in sentiment.
The fundamentals of the Pi Network market have deteriorated significantly. HolderScan data reveals that the number of Pi Network holders has stabilized at around 14,952, with few new additions. This stagnation is explained by increasing dissatisfaction among early users. The Pi Network has seen a continuous trend over the month of investors quietly withdrawing, according to analyst Aryaman Sharifastava. He added: "This decline in participation undermines confidence in the project's near-term prospects."
User anger over the migration issues of Pi Network Coin is escalating tensions. Many customers have complained on social media about a second round of migration requirements, especially since some are still in the 'Know Your Customer' (KYC) phase.
Community frustration is growing over migration issues.
While the second migration is garnering attention, the reward for validating the Pi Network has not been discussed in community discussions or in the plan. Source: PiNetwork Times via X
"This talk about Pi Network is nonsense. After years of mining, we can't get our currency," complained one X user about the development of the Pi digital currency.
Although fake accounts claimed the start of a second migration phase, the Pi Core team has not confirmed this. Users are still confused by unexpected application requests for further authentication.
The issuance of 276 million tokens could revolutionize the Pi Network.
The Pi cryptocurrency faces a significant hurdle with the issuance of 276 million Pi coins in June. This issuance, valued at $176 million, could flood the market with new supplies and reduce the value of the Pi coin.
