Pi Network is a mobile-centric decentralized platform where users can mine Pi cryptocurrency via a mobile application. It leverages its Pioneers network to support the network, in contrast to traditional mining, which requires expensive equipment. The project's main goal is to create a Web3 ecosystem that would enable users to easily engage in digital apps and transactions.
It launched its Mainnet on February 20, 2024, making Pi Coin tradable for the first time. This launch generated significant buzz, as millions of users who mined Pi via the mobile app anticipated moving their coins to the open market. But technological problems and migration difficulties have made users frustrated and caused dissatisfaction with the project.
Pi Network has granted a final extension for the Grace Period deadline, giving users until 8:00 AM UTC on March 14, 2025, to complete KYC verification and Mainnet migration. The extension aims to help those facing verification issues after the Open Network launch.
Despite this, a lot of Pioneers are having trouble moving their Pi Network (PI) to the Mainnet, which frustrates them. Due to technical difficulties and verification delays, customers are unsure if they will be able to secure their holdings before the deadline.
Pi Network has fallen 16.3 per cent this week to $1.40, with a 12.2 per cent drop in 24 hours. It broke below $1.43 support, confirming a bearish trend, while the 50-day EMA at $1.74 acts as resistance. If the decline continues, it could test $1.20 or $0.99. Investors remain cautious amid market uncertainty, Binance reported.
The Pi community pushed for a Binance listing, with 86 per cent voting in favour, but the exchange has yet to confirm it. Frustrated Pioneers have flooded Binance and Bybit with one-star ratings on review platforms. Bybit’s CEO previously called Pi Network a scam.
Pi Network is currently trading at $1.37, down 3.35 per cent, and if the decline continues, it may drop below the key $1.00 support level.
