Migration issues and liquidity outflows increase pressure on Pi’s price.
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The PI token is losing ground following unstable user migration to the Pi Network mainnet.
According to CoinMarketCap, the asset has dropped nearly 35% over the past month and 2,5% in the last week. The current price hovers around $0.5369 is a key psychological level of $0.50. Analysts warn that if this level is breached, a further decline in the token’s value is almost inevitable.
For many users, the mainnet transition has been riddled with issues. KYC verification fails even after multiple attempts, and the two-factor authentication (2FA) is malfunctioning, blocking access to wallets and transfers. Most concerning are user reports of balances disappearing entirely after completing the migration process, despite following all provided instructions. These glitches are eroding trust in the network and raising doubts about its readiness for large-scale adoption.
Previously, analysts warned the Pi Network team to avoid the mistakes made by the Mantra project, whose OM token plummeted by nearly 95% due to lack of user communication, poor security, and lack of transparency.
Amid technical issues, users have noticed significant token transfers from addresses linked to the project team. According to PiScan, 7.9 million PI were withdrawn within a day from the wallet labeled Pi Foundation 2. Additionally, three other addresses that received over 2 million PI from Pi Foundation 4 transferred a combined 4.5 million PI.
The nature of these transactions has not been officially explained. However, such volumes are often interpreted by the market as preparations for selling or internal reallocation. Given the increasing exchange activity, this could further intensify bearish sentiment.
At the same time, there has been a notable rise in PI token inflows to centralized platforms:
The total inflow reached 4.91 million PI. A surge in exchange balances typically signals an intention to sell and may lead to an oversupply in the market. This is particularly concerning amid weakening demand.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.
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