Pi Network Mainnet Disaster: Traders Panic as PI Coin Free-Falls!
The eagerly anticipated mainnet launch of Pi Network has not gone as planned. An important turning point for the mobile mining effort was Pi Network’s move to the Open Mainnet yesterday. However, the excitement was short-lived. Despite years of expectation from mobile miners who contributed to the network’s growth, its native PI coin has dropped more than 80% from its original trade price. The PI cryptocurrency crashed within hours of trading on exchanges like Bitget and OKX, leaving millions of its KYC-verified customers unsure of what would happen to their tokens.
Pi Network’s Future in Doubt? KYC Problems and dApp Shortage Raise Concerns!
The price crash was triggered by a few things. There was a huge sell-off as a result of early miners who had been hoarding PI since 2019 hurrying to cash out. Meanwhile, unconfirmed allegations circulated on social media suggesting that the Pi Core Team, which holds about 20% of the token supply, may also be dumping tokens. Technical difficulties further exacerbated the situation.
As the ecosystem of Pi Network tries to demonstrate its practicality, many users are unable to access their tokens due to KYC verification. Even after years of development, there are just 80 dApps available right now, which is far less than what was anticipated. Looking ahead, Pi Network’s comeback will be fraught with difficulties.
The team’s ability to stop more sell-offs will be a major factor in whether analysts predict the token will surpass $11 in the upcoming weeks. The enormous number of users still awaiting KYC verification is a major worry. 73% of the 70 million users of Pi Network have not yet finished this step, the calculation shows. Once they are able to trade, PI may be subject to additional selling pressure.
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