TLDR:
- Pi Coin price has dropped 4%, slipping below $0.70 amid community backlash
- Pi Network facing criticism over lack of transparent communication from Core Team
- Base mining rate decreased by 1.18% to 0.0029030 π per hour
- Pi Coin forming a falling wedge pattern with crucial support at $0.60
- Currently trading 77% below all-time high, just 14.9% away from all-time low of $0.6152
Pi Network is experiencing significant challenges as its native cryptocurrency continues to face downward pressure amid growing community frustration. The project, once heralded as an innovative mobile-mining initiative, now finds itself at a critical juncture with both price action and community sentiment deteriorating.
Pi Coin’s price has declined by another 4% in recent trading, pushing it below the $0.70 threshold. This drop comes as part of a larger correction, with the token having shed 20% of its value over the past seven days.
Trading volumes have also taken a substantial hit, plummeting 52% to $148 million, indicating waning interest from market participants. This reduction in market activity suggests the initial enthusiasm surrounding Pi Network may be fading rapidly.
The price movement has formed a classic falling wedge pattern, with Pi currently testing the lower boundary near $0.687. For any potential reversal, the price would need to break above the $0.71-$0.72 range with convincing volume.
Community Dissatisfaction Grows
A significant factor behind Pi’s current struggles appears to be mounting frustration within its community regarding the Core Team’s communication practices.
Despite the team’s recent announcement celebrating the inaugural PiFest on the Open Network, which reportedly saw participation from over 125,000 registered sellers and 1.8 million Pioneers, community members have expressed skepticism about these figures.
One community member, identified as Dr. Altcoin, noted that since the PiFest began, Pi trading activity within the ecosystem has reached its lowest levels, with most transactions involving selling Pi for cash rather than using it for commerce.
Critics have also pointed out that the Pi Core Team’s communication approach remains unchanged since the enclosed mainnet phase, with monthly updates described as predictable and insufficient for maintaining an engaged community.
Many users are now calling for more transparent communication and potentially new leadership with deeper cryptocurrency expertise. This disconnect between the development team and community members could present a significant obstacle to the project’s long-term success.
Mining Rate Reduction and Exchange Listing Rumors
Adding to the network’s challenges, Pi has reduced its base mining rate by 1.18% this month, bringing it down to 0.0029030 π per hour. This continues a trend of gradual reductions in mining rewards.
Some community members have suggested this declining interest in mining may be connected to Pi’s currently low trading value on exchanges, creating a negative feedback loop between mining participation and market value.
Despite persistent rumors about potential listings on major cryptocurrency exchanges like Binance and Coinbase, no such developments have materialized. While the BTCC exchange has reportedly added Pi for spot trading, this news failed to generate any positive momentum for the token’s price.
Technical Analysis Points to Further Weakness
From a technical perspective, Pi’s outlook appears increasingly precarious. The token is just 14.9% away from its all-time low of $0.6152, recorded on February 20.
Recent price action shows Pi briefly finding support at $0.6800, but momentum indicators suggest this was only a temporary respite. The token would need to climb by 6.3% to have another chance at reversing its downtrend.
A Fibonacci retracement study reveals that bears may have set a liquidity trap, as the token surged above the 61.8% level before collapsing shortly after. This pattern typically indicates the continuation of a downtrend rather than its reversal.
Should the current support level at $0.6800 fail to hold, there appears to be little standing in the way of Pi reaching new all-time lows.
KYC Controversies Add to Bearish Sentiment
Recent changes to the network’s Know Your Customer (KYC) protocols have further alienated parts of the community. The project has implemented a requirement for email addresses to activate two-factor authentication (2FA) on its mobile application.
Pi Network is adding email-based two-factor authentication to the overall account management and verification. https://t.co/UeoJ0F8H17
This change addresses challenges with current SMS (text message) account verification, improves security, and lays the groundwork for future…
— Pi Network (@PiCoreTeam) March 29, 2025
While the development team justifies this move by citing the limitations of SMS authentication for a global user base, many in the cryptocurrency community view it as an unnecessary privacy intrusion. In an industry where anonymity is highly valued, such requirements have been met with resistance.
This comes on top of earlier controversies surrounding Pi’s decision to mandate KYC verification for users wishing to migrate their tokens to the public mainnet. Such policies run counter to the decentralization and privacy principles embraced by many cryptocurrency enthusiasts.
These controversies, combined with allegations from prominent figures in the crypto industry questioning the project’s legitimacy, have contributed to Pi trading 77% below its all-time high.
While some market analysts maintain hope that Pi could eventually reach values of $3 or higher, current predictions suggest it may trade below $0.60 throughout April, with the possibility of testing new lows if market sentiment doesn’t improve dramatically.
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