Pi Network Coin (PI) Waters Are Currently Muddied, Endless Postponements Injected a Sour Sentiment

The Pi Coin network has kept its faithful community, affectionately referred to as Pioneers, on the edge for a long time. The Pi Core Team has built a reputation for not honouring its word on migration to the Open Network

The Pi Coin network has a loyal community, known as Pioneers, who have been eagerly awaiting the network's Open Mainnet launch. However, the Pi Core Team has repeatedly postponed the migration deadline, leading to frustration among investors.

After completing tasks like signups, mining, KYC verification and trading in Pi IOU coins, investors were expecting to finally hold Pi Coin in its real economic form. But on January 31st, a message on social media platform, X, announced that the Grace Period for the migration to the mainnet had been extended to February 28th.

The Pi Core Team stated that this was to give users sufficient time to transfer their assets and complete their KYC verification. The team also mentioned that the transition to the Open Network mainnet might still occur before the end of the Grace Period. The team maintains that the transition will still happen in the first half of 2025.

Despite this assurance, the Pi Network coin is facing challenges. The continuous postponements have created a negative sentiment towards the coin and some have lost confidence in the project. The widely traded Pi IOU coin has also seen a sharp decline following the postponement.

The coin's price dropped by 6% in the last 24 hours and is on the verge of forming a death cross, where the 50-SMA line crosses below the 200-SMA. For reference, the coin's price was $87 on November 24th, and it now trades at $40, indicating a loss of about 54% in eight weeks. These factors suggest a strong downward momentum that could lead to further depreciation in the Pi Network Coin.