Pi Network (PI) Price: Community Discontent Grows as Token Hits New Low

Pi Network (PI) Price: Community Discontent Grows as Token Hits New Low

TLDR:

• Binance excluded Pi Network from its second Vote to List initiative, dampening hopes for a major exchange listing
• Pi Coin price has dropped below $0.70, down about 20% in the past week
• The Pi Core Team faces criticism for lack of transparent communication despite PiFest participation
• Mining rates have decreased by 1.18% to 0.0029030 π per hour
• Community members are calling for leadership changes and better transparency

Pi Network continues to face mounting challenges as its cryptocurrency struggles with declining prices and community frustration. The Pi Coin is now trading at approximately $0.66, having fallen below the $0.70 mark for the first time in over a month.

This price drop coincides with Binance’s decision to exclude Pi Network from its second Vote to List initiative, further dampening hopes for a major exchange listing in the near future.

The cryptocurrency has fallen around 20% over the past week, raising concerns about its ability to maintain critical support at the $0.60 level. If this support breaks, analysts suggest Pi could head toward its all-time low of $0.6152.

Trading volume has also seen a steep decline, down 52% to $148 million, reflecting waning investor confidence in the project. Technical indicators point to weakening buying interest across the board.

Binance has clarified that only BNB-based projects will be allowed to participate in its Vote to List initiative, which explains Pi Network’s absence from both the first and second rounds. While Binance could potentially list Pi through a direct listing in the future, no timeline has been provided.

The second iteration of Binance’s Vote to List includes 12 tokens: VIRTUAL, BIGTIME, UXLINK, MORPHO, GRASS, ATH, WAL, SAFE, ZETA, IP, ONDO, and PLUME. These tokens span various utility categories, unlike the first edition which focused on memecoins.

Leadership Under Fire

One of the most vocal criticisms directed at the Pi Core Team (PCT) comes from community members who believe the leadership is disconnected from everyday users. Despite the team announcing that over 125,000 sellers participated in the inaugural PiFest event, with more than 58,000 active sellers and 1.8 million Pioneers using the Map of Pi feature, community sentiment remains negative.

Dr. Altcoin, a prominent figure in the Pi community, stated,

“Since PiFest started, trading in the ecosystem has been at its lowest. The only trade happening is selling Pi for cash.”

This sentiment has been echoed by many others who feel the leadership is not addressing real-world concerns.

Critics argue that the monthly updates from the PCT are too predictable and fail to address critical issues such as delayed mainnet launch, exchange listings, and KYC resolutions. This perceived lack of transparency has fueled calls for new leadership with a deeper understanding of cryptocurrency markets and community management.

Some members have even suggested implementing a decentralized governance model to improve transparency and decision-making processes within the network.

Mining Rate Reduction

Adding to investor concerns, Pi Network’s base mining rate has dropped by 1.18% to 0.0029030 π per hour. While this reduction is in line with the project’s long-term strategy, it has raised concerns among miners who see diminishing incentives to continue participating.

The declining mining interest appears connected to Pi’s decreasing value and lack of major exchange listings. Some investors speculate that without listings on major platforms like Binance or Coinbase, mining enthusiasm will continue to wane.

Technical analysis shows that Pi is currently forming a falling wedge pattern, with the next crucial support level at $0.60. A breach of this level could lead to further downside movement.

However, if Pi manages a breakout above the $0.71–$0.72 range with strong volume, it could reverse its downward trajectory. Such a move might push the token toward $0.75–$0.78, where key resistance levels lie.

Despite these challenges, some market experts maintain that Pi crypto still has recovery potential. If Pi Network manages to secure listings with large exchanges and enhances transparency, forecasts suggest it could potentially reach higher price levels in the future.

Some traders have identified a potentially bullish Adam and Eve pattern forming on the price chart, which could signal a breakout after testing strong support levels.

For now, the Pi Network’s immediate future hinges on whether it can hold the crucial $0.60 support level and address the community’s concerns about leadership and communication. If Pi fails to maintain this support, further sell-offs could push the token toward new lows.

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