Crypto analyst Dr Altcoin examines various aspects hindering Pi Coin from achieving full-fledged cryptocurrency status. Major issues include the lack of real use cases, price instability, and low user activity in the network.
Lack of Real-World Use Cases for Pi
According to Dr Altcoin, one of the biggest shortcomings of Pi Network is the absence of trusted and fully functional utilities. Without strong use cases in the real world, he believes that Pi coin will struggle to maintain any meaningful economic value. For a cryptocurrency to be useful, it must underlie transactions, services, and products that people need on a daily basis. Currently, Pi does not have that kind of integration into actual commerce.
Price Instability of Pi Coin
Another concern raised by Dr Altcoin is the lack of price stability. He emphasizes that for Pi coin to be taken seriously as a currency for everyday use, it needs to achieve a level of stability similar to established fiat currencies like the US dollar. If Pi's price keeps swinging, no one will be confident enough to use it for routine purchases.
Issues with the Active User Base of Pi Network
While Pi Network is praised for having over 70 million users, Dr Altcoin points out that this figure does not tell the full story. He highlights that about 95% of Pi holders own less than 1,000 tokens, many of which are still locked or waiting for migration to the mainnet. This indicates that the network's true economic activity remains very limited.
In conclusion, while Pi Network has potential, it is still years away from being a serious global payment option. Currently, without real use cases, price stability, and unlocked supply, Pi Coin may remain stuck in the early stages of development.
