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- Pi Coin has plunged over 20% in 24 hours, now trading at $0.86, extending its weekly losses to 43%.
- Experts warn of centralization concerns, with insiders allegedly controlling 20% of supply, while critics question the project’s legitimacy.
- An upcoming release of 129 million tokens worth $140M could further drive down prices amid ongoing market fears.
Pi Coin has plummeted in a massive sell-off, dropping by more than 20% in the last 24 hours and going below the important $1 mark. Now it is trading at $0.868839. The trend is continuing to decline, with the token losing over 43% of its value in a single week.
Once a cryptocurrency space potential rival, Pi Coin has now fallen out of the top 20 coins, a dramatic drop from the last position of 11th. Its sudden drop is a reflection of growing fears regarding the future of the project, with hype for its highly anticipated mainnet release beginning to wane.
One of the major reasons for Pi Coin’s downfall is the long delay in listing on large exchanges like Binance and Coinbase. Speculation of listing on these platforms was initially creating optimism among investors. However, as these platforms didn’t deliver on this expectation, demand for Pi Coin decreased, and a wave of selling pressure was created.
In addition to this, doubt regarding the Open Mainnet release has placed Pi Network in question. Unlike other blockchain projects that provide definitive roadmaps and establish definitive goals, Pi Network has failed to provide a definitive timeline. Uncertainty has been created through lack of clarity and has left others wondering whether Pi Coin is a legitimate crypto initiative or a clever scam.
Crypto Experts Warn Pi Network Scam or Mismanagement
Noted personalities in the cryptocurrency space have offered opinions on the scandal. Dr. Altcoin, a distinguished researcher with Pi Network, admitted to a large communication gap while rejecting claims that the initiative was a scam. He urged that there was a need for increased transparency by the Pi Core Team to restore investor trust.
In the meantime, CyberCapital’s Justin Bons showed serious doubts about Pi Network’s governance. In a series of tweets on X (formerly Twitter), Bons asserted that Pi Network is by no means decentralized, with insiders allegedly controlling nearly 20% of the total supply. Bybit CEO Ben Zhou shared similar sentiments with a warning that Pi Coin is “more dangerous than meme coins.”
Bons criticized Pi Network for holding off on releasing its mainnet for a time of five years and calling it a strategy to keep people engaged. He also faulted the project for employing existing tech on Stellar (XLM) rather than offering innovation.
Pi Coin Faces Sell-Off as 129M Tokens Unlock
Adding to the bearishness is a pending token unlock event that is overshadowing Pi Coin’s already downtrodden price. The network is to release 129 million Pi tokens worth approximately $140.61 million, and this is a step that will overwhelm the market with excess supply and drive prices even lower.
As a consequence, numerous Pi Network enthusiasts, or Pioneers, have been locking up their stakes in a bid to steady the price. Nevertheless, with faith in the venture diminishing and market sentiment growing more and more negative by the day, Pi Coin’s future is in doubt.
With eyes on the crypto market waiting with bated breath, all eyes are now on Pi Core Team. Will they finally deliver on that long-awaited mainnet release, or will Pi Coin keep spiraling downwards? Only time will tell.
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