Pi Network, which once became a viral sensation, has now faced a wave of criticism from users concerned about transfer issues and the decline in Pi Coin's value.
Migration and Verification Challenges for Users
Pi Network users, known as Pioneers, are facing challenges in transferring their mined Pi Coins to the Mainnet ahead of the March 14 deadline. The network set 8:00 AM UTC as the cutoff for completing KYC verification and migration. Failure to meet the deadline could result in users losing most of their Pi, except for coins mined in the past six months. While a Grace Period was introduced, many users are still encountering technical issues preventing them from transferring their balances.
Pi Coin’s Price Decline and Market Uncertainty
As migration issues continue, Pi Coin has experienced a sharp decline, dropping 16.3% this week and currently trading at $1.40. In the past 24 hours alone, it has seen a 12.2% decline. Despite this downturn, some analysts maintain cautious optimism, pointing to the upcoming Pi Day on March 14 as a potential catalyst for growth. However, key support at $1.43 was broken, and the 50-day EMA at $1.74 is now serving as a major resistance point.
Awaiting Binance Listing and Pioneers' Discontent
The long-anticipated Binance listing remains uncertain. Even though 86% of the community voted in favor, Binance has yet to make an official announcement. This lack of clarity is fueling frustration among Pioneers, many of whom have taken to review platforms to express dissatisfaction. Both Binance and Bybit have faced criticism, with Bybit’s CEO previously labeling Pi Network a scam.
With the deadline fast approaching, Pi Network is under pressure to address users’ concerns to prevent damage to its credibility.
