A recent price decline of 65% for Pi Network’s native token has shifted the sentiment surrounding the project, even among former supporters. The price drop, which brings it down to around $0.63 as of late, has prompted many, including prominent crypto analyst MOON JEFF, to voice their criticism. JEFF joins a growing chorus of skeptics who believe that Pi Network’s potential rise is unrealistic and its future hinges on listings on exchanges like Binance or Coinbase. 24-hour price drop of 7% has further fueled the negative sentiment.
His critique centers around the project’s perceived lack of progress in delivering on initial promises, such as a commitment to launching 100 decentralized applications (DApps). He believes that Pi Network is now facing a slow decline and that reaching $1 or breaking past it remains an unrealistic expectation. This sentiment is further supported by his analysis highlighting a sharp increase in daily unlocks for PI, fueling fears of increased selling pressure on the token.
While the amount of tokens circulating represents less than 6.8 billion, with a majority still locked, further release could significantly impact pricing. The potential for increased liquidity and accessibility from listing on exchanges such as Binance or Coinbase remains crucial for halting the decline. Despite this hope, silence remains from both companies regarding a listing decision.
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