Pi Network (PI) Drops Below $0.70 for the First Time in Over a Month

Pi Network's cryptocurrency (PI) has dropped below the $0.70 mark for the first time in over a month, falling to $0.6646 as trading activity dwindles.

Pi Network's cryptocurrency (PI) has fallen below the $0.70 mark for the first time in over a month, dropping to $0.6646 as trading activity dwindles.

The price decline comes amid mounting criticism from investors about the Pi Core Team's communication strategy and the token's exclusion from Binance's latest listing initiative.

The PI token has experienced a sharp 20% decline over the past week, leading to concerns about its ability to maintain support at the critical $0.60 level. This price movement has sparked discussions within the community about the project's future direction.

Binance Snubs Pi Network Again

To the disappointment of Pi Network supporters, Binance has not included PI among the 12 tokens selected for its second Vote to List initiative. This marks the second time the popular exchange has sidelined Pi Network in its community-driven listing program.

The tokens chosen for this round are VIRTUAL, BIGTIME, UXLINK, MORPHO, GRASS, ATH, WAL, SAFE, ZETA, IP, ONDO, and PLUME. In contrast to the first iteration which focused on meme coins, this round targets utility tokens across various sectors.

According to Binance, only BNB-based projects can participate in the Vote to List initiative, which automatically disqualifies Pi Network. However, this explanation has done little to calm the concerns of Pi enthusiasts hoping for a major exchange listing.

Despite missing out on the Vote to List program, Pi Network did secure a listing on BTCC Exchange. However, this development failed to generate any positive price momentum for the token.

Communication Transparency Issues

The Pi Core Team recently announced that over 125,000 sellers participated in their inaugural PiFest event, with more than 58,000 active sellers and 1.8 million Pioneers using the Map of Pi feature. Despite these numbers, many community members remain skeptical about the event's impact.

Dr. Altcoin, a prominent crypto figure, weighed in on the matter, criticizing the Pi Core Team and observing that "trading activity in the ecosystem has hit a new low, with the primary transactions being selling Pi for cash." Other critics suggest that the team is disconnected from the realities faced by average Pi holders.

Many investors feel that the monthly updates from the Pi Core Team are too predictable and fail to address key concerns. They believe more frequent and transparent communication is needed, particularly regarding issues like the delayed mainnet launch, exchange listings, and KYC resolution.

Calls for Leadership Change

A growing faction within the Pi Network community is now advocating for new leadership. They believe the project needs leaders who better understand cryptocurrency markets and community management to restore faith in Pi Network.

Some community members have even suggested implementing a decentralized governance model to improve transparency and decision-making processes within the project.

Furthermore, Pi Network's base mining rate has recently decreased by 1.18% to 0.0029030 π per hour, which aligns with the project's long-term strategy but has raised concerns among miners who see diminishing rewards for their participation.

For this month's #PiNetwork base mining rate has decreased by 1.18%, dropping from 0.0029378 𝝅/hour to 0.0029030 𝝅/hour. Not as much #PiCoreTeam

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The technical outlook for Pi Coin appears challenging. The token is forming a falling wedge pattern with the next crucial support level at $0.60. If this level breaks, Pi could head toward its all-time low of $0.6152.

Trading volumes have declined by 52% to $148 million, and momentum indicators suggest weakening buying interest. If Pi fails to hold the $0.60 support, it could trigger additional sell-offs.

However, if Pi price manages to break above the $0.71-$0.72 range with strong volume, it could reverse its downward trend. Such a move might push the token toward the resistance levels at $0.75-$0.78.

Despite current challenges, some market experts believe Pi still has recovery potential. They suggest that if Pi Network secures listings on major exchanges and improves transparency, it could reach price levels of $3 or higher in the future.

For now, Pi Network news remains focused on leadership issues, declining trading volume, and an uncertain path forward. The community's response to these ongoing challenges will likely shape Pi's trajectory in the coming weeks.

The next few days will be crucial in determining whether Pi Network can stabilize its price or face further downward pressure in the market.