As investors demand explanations from the Pi Network core team regarding the delays in plans, the price of Pi Coin continues to drop by 12%.
Pi Network continues to face strong selling pressure as the native cryptocurrency Pi Coin has once again retraced 12% today, with the price dropping to the support level of $0.81. Due to delays in the mainnet release, Binance listing, and a significant weakening of sentiment among initial investors, Pi Network's weekly decline has expanded to 28%. Investors are beginning to worry whether the price of Pi Coin can quickly break through $1.
The core team of Pi Network needs to strengthen.
Due to the delay in the mainnet launch, Binance listing, or Pi domain auction plans, members of the Pi community are seeking answers from the core team, urging them to accelerate their pace as the price of Pi Coin faces a significant drop from $3 to $0.82. Community members believe that the recent turmoil is due to the core team (CT) remaining silent on key updates.
Moreover, there are accusations that the Pi core team has deviated from its commitment to complete decentralization and is now attracting large institutions. Large companies that handle tens of billions in transactions daily naturally prioritize security and transaction speed over complete decentralization.
In the face of these opposing interests, the core team of Pi Network seems to have made some compromises while trying to balance inclusivity and global adoption. Popular community member Dr. Altcoin pointed out:
"We should embrace this cooperation between everyday users and large institutions. The significant transactions driven by businesses are a necessary condition for advancing our utility, which will ultimately drive up prices. The core team should also continue to commit to rewarding the Pi community. Without the Pi community, the Pi Network would just be another typical memecoin story."
What will happen to the price of Pi Coin next?
Despite strong community support, the price of Pi Coin has been on a downward trend, falling to $0.82. Cryptocurrency analyst Moon Jeff has made bold predictions regarding the price movements of Pi Network. According to Jeff, the token is expected to drop to $0.60, which he considers its last significant support level.
Source: Moon Jeff
Nevertheless, analysts remain optimistic about the recovery of the price of Pi Coin, stating that a rebound from this point could trigger a rise towards the $5 mark. Dr. Altcoin, a popular community member, shared a similar view, stating: "Let's buy them together while Patience and Pi are still available. If Pi surges to $3.14 in the coming weeks, or even to $10 in the coming months, we shouldn't be surprised." Recent reports also indicate that PI is expected to be listed on the cryptocurrency exchange Upbit.