The integration of Pi Network into the Telegram wallet was anticipated as a significant step to increase the visibility of the PI token. However, contrary to expectations, its price began to plummet, raising doubts about the project's prospects.
Strategic Integration and Market Impact
The integration of Pi Network into Telegram's crypto wallet, a platform with over a billion users, was expected to significantly boost the token's visibility and adoption. However, the effect was limited: PI increased by only 0.97% in the hours following the announcement, then entered a prolonged decline. Over the past 30 days, its value dropped by more than 61%, showing the disconnection between the announced potential and real market dynamics. The technical indicators further confirm the downward trend. The BBTrend has remained negative for twelve consecutive days, and the RSI indicates continued weakness in buyer interest. Quote: "Paradoxically, a significant announcement alone does not guarantee a sustainable rally, especially given the fragile investor confidence."
Trust Issues and Controversies
Pi Network faces a crisis of credibility, exacerbated by ongoing controversies. The CEO of Bybit exchange, Ben Zhou, openly labeled the token as 'a scam' and announced his refusal to list it. Justin Bons, founder of Cyber Capital, expressed his opinion, stating that PI is 'an investment scam'. Quote: "PI is a straight-up scam! Offering an 'MLM' based 'mining' scheme on mobile is a gimmick, as it does not contribute to consensus." These allegations have left the project vulnerable to criticism, despite the team's attempts to address concerns by clarifying their referral program mechanisms.
Prospects and Challenges for Pi Network
This dual setback from public attack by Bybit and ongoing suspicions surrounding the business model could severely undermine investor confidence. The integration with Telegram raises expectations and could lead to disappointment if the token fails to demonstrate tangible utility. At this point, the future of the project will depend significantly more on its ability to regain trust from the investor community.
Pi Network has found itself in a difficult position, despite its strategic partnership with Telegram, as the project faces challenges of trust and market dynamics. Now, the key factor will be the ability to restore investor confidence.
