- Pi Coin’s price has fallen to $0.81, taking its weekly losses to 28%, as investors become increasingly frustrated about delays in mainnet launch and listing on Binance.
- The community is split on whether Pi Network is remaining decentralized, with some feeling the team is more concerned about bringing in large institutions.
- Analysts forecast more downside to $0.60 but are positive about a possible reversal, particularly with news of a potential listing on Upbit.
Pi Coin is still under pressure as its price loses another 12% to fall to $0.81. This contributes to its 28% weekly loss, with investors becoming increasingly restless over the slow pace of mainnet launch, Binance listing, and other major developments.
The price has declined significantly from $3, with many doubting whether it will bounce above $1 at any point. Members of the community are agitating for answers from the Pi Network Core Team, frustrated at the silence.
Investors are also asking if Pi Network is holding up to its promise of complete decentralization. There are those who believe that the team is more and more focused on attracting big institutions instead of looking at individual users.
These institutions, which process enormous daily transactions, value security and transaction speed over decentralization. This has caused controversy in the community about the long-term direction of the project.
While others decry these developments, others believe that they are a necessity for the global adoption of Pi Network. One prominent community member, Dr. Altcoin, said that collaborations with large institutions would be able to push the utility of Pi and increase its price.
Questions on Decentralization
However, he also stressed that the Core Team should continue to engage with the Pi community since their support is important for the success of the project.
Predictions for Pi Coin
In spite of support from the community, Pi Coin’s price has been plummeting steadily, now grazing at the $0.60 support level. Crypto analyst Moon Jeff forecasts that in case this level does not hold, the price might fall even further.
However, he still believes that Pi might recover and even climb to $5 if there is an increase in buying pressure. Some think it might even hit $3.14 or $10 in a couple of months, as long as the project catches up majorly.
Recent news indicates that Pi Coin can expect to be listed on Upbit, a prominent crypto exchange, in the near future. If this comes to fruition, it has the potential to revive investor confidence and drive prices upward.
Until then, Pi holders are left waiting for more definitive information from the Core Team, hoping that future developments will result in a much-needed price rebound.
Also Read: SEC Closes Investigation Into Immutable as Crypto Regulation Shifts
