Pi Network launched with much acclaim in February, but the Pi Coin price has since fallen by 78%. We examine the causes and implications.
From top 10 to tumbling
In February, Pi Network emerged as a top contender in the crypto world, with Pi Coin reaching $2.98 and entering the top 10 by market cap. However, by April, the price had plummeted to $0.66, erasing about $14.5 billion in market value. Over 124 million tokens are set to unlock soon, increasing circulating supply to 8.2 billion.
Glitches, delays, and dead ends
KYC verification has become a major obstacle for Pi Network. Without it, users can't move tokens to the mainnet, effectively rendering them useless. Switching to a proprietary KYC system has resulted in technical glitches. Users have lost tokens due to processing delays.
Activity tells a different story
Despite initiatives like PiFest, the community has shown little activity in spending tokens, preferring to hold onto them amid uncertainties surrounding the project's future prospects.
Pi Network must address its current challenges, including streamlining KYC processes and developing functional applications, to regain user trust and support ecosystem growth.
