The Pi Network continues to be one of the most discussed projects in the cryptocurrency space. With a growing user base and a mobile-friendly mining process, the network has amassed significant attention. However, despite its ambitious vision, Pi Network’s price action has been a rollercoaster since its listing on multiple exchanges. While investors remain optimistic about its long-term potential, skepticism from experts and bearish market indicators continue to cast shadows over its trajectory.
Pi Network Price Volatility: A Test for Investors
Since its debut on various Pi Network exchanges on February 20, the price of Pi Coin has been marked by wild fluctuations. Initially priced at $2 per token, it experienced a sharp drop to $0.60 before making a modest recovery. As of now, Pi Coin is trading at approximately $1.59, struggling to reclaim its earlier highs.
These price swings have kept investors on edge, with many adopting different strategies to navigate the volatility. Chien Dong, a long-time Pi Network supporter, likened his investment approach to “casting a fishing net,” placing multiple buy orders at different levels to take advantage of market fluctuations. “If the price drops significantly, I wait for sellers to exit before buying at the bottom,” he explained.
While some early adopters had high expectations for Pi’s valuation—ranging from $500 to $1,000 per token—the reality has been far different. The initial disappointment triggered widespread sell-offs, yet a portion of the community remains steadfast, convinced that Pi’s mainnet launch will ultimately drive substantial value appreciation.
Pi Network’s Expanding User Base and Community Support
Launched in 2019 by Stanford researchers, Pi Network quickly gained traction due to its user-friendly mining model, which allows users to mine tokens directly from their smartphones. Over the years, the project has amassed a staggering 60 million users worldwide, with 12 million having completed the Know Your Customer (KYC) verification process.
The Pi Network team recently announced an extension for KYC and mainnet migration deadlines, now set for March 14, 2025. This extension allows users additional time to verify their balances and complete the migration process, ensuring a smoother transition to the full mainnet launch.
In certain regions, Pi investors are making bold financial moves despite lingering regulatory uncertainties. Van Thanh, a Pi community administrator in Hanoi, noted that some members have invested substantial amounts. “Even with skepticism surrounding the project, people continue to buy because they believe in its future,” he said.
At the same time, local traders are capitalizing on Pi’s growing demand. Some have established dedicated Pi Coin trading groups, leveraging price arbitrage to earn substantial profits. “I can make anywhere from $2,000 to $3,000 in a single trade,” one trader revealed, highlighting the potential profitability for those willing to take the risk.
Technical Analysis: Is Pi Coin Facing a Bearish Trend?
Despite its resilience, Pi Coin has struggled to establish a clear market direction. Technical indicators suggest weakening bullish momentum, with a 20% decline in On-Balance Volume (OBV) since March 6. Additionally, the Elder-Ray Index recorded a negative reading of -0.0070, signaling that selling pressure currently outweighs buying interest.
Pi Coin is currently hovering around $1.59, with strong resistance at $2.12. A decisive breakout above this level could propel the price toward its previous high of $2.99. However, if bearish momentum prevails, Pi risks further declines, with critical support at $1.52. Analysts warn that a failure to hold this level could lead to an extended downturn, potentially revisiting its previous low of $0.60.
Skepticism Surrounding Pi Network’s Transparency and Decentralization
Despite Pi Network’s significant user base, industry experts remain cautious about the project’s long-term viability. One major concern is its lack of full decentralization. A blockchain analyst pointed out that Pi’s network still relies on multiple approval layers, contradicting the fundamental principles of blockchain technology. “Pi’s system still operates with centralized control, making it less transparent than truly decentralized networks,” the analyst noted.
Another issue is the opacity surrounding Pi’s token distribution and wallet control. Unlike Bitcoin and Ethereum, which have publicly verifiable transaction histories, Pi Network’s transactions lack full visibility. “Large amounts of Pi are manually distributed, and we don’t know who controls the wallets,” an expert warned.
These concerns extend to mainstream cryptocurrency exchanges. Bybit CEO Ben Zhou recently labeled Pi Network a “scam” and refused to list the token. His sentiments align with previous warnings from Chinese authorities, who have cautioned against scams involving Pi transactions.
Is Pi Network on the Verge of a Major Breakthrough?
Despite the skepticism, Pi Network’s community remains hopeful that upcoming developments could change its fortunes. Speculation surrounding a potential Binance listing has fueled optimism, with many believing such a move could push Pi’s price to new all-time highs.
Analysts suggest that for Pi to establish credibility and achieve long-term growth, it must prove its real-world utility. Partnerships with established tech firms or the development of decentralized applications (dApps) on the Pi blockchain could provide the necessary foundation for sustained value appreciation.
For now, Pi Network remains in a state of uncertainty. While some investors see it as a high-risk, high-reward opportunity, others remain cautious about its transparency and long-term feasibility. As the market continues to evolve, all eyes are on Pi’s upcoming milestones and whether it can solidify its position in the crypto space.
