According to market data, Pi Network (PI) has plummeted by approximately 23% in the past 24 hours, falling below $1. This downward trend over the past week has led to a more than 41% decrease in the price of PI, pushing it out of the top 20 cryptocurrencies. One of the main reasons for this decline is the delay in listing on major exchanges like Binance and Coinbase. Initially, rumors of Pi Network being listed caused an increase in demand, but the failure to materialize these predictions has disappointed investors. Additionally, the lack of a transparent roadmap for launching the Mainnet has fueled rumors of this project being a scam. Dr. Alt Coin, a close analyst to the Pi Network project, emphasizes that while transparency issues exist, there is no solid evidence of it being a scam. Nonetheless, he believes that the PI development team should improve their communications with the community. In this regard, Justin Bons, the founder of CyberCapital, considers the excessive focus on Pi Network and the five-year delay in launching the Mainnet as signs of weakness in this project. He also claims that Pi Network’s core technology has been copied from Stellar (XLM). Another major concern for Pi Network investors is the release of 129 million PI tokens worth $140.61 million, which is set to happen soon. Experience has shown that releasing a large volume of tokens usually leads to selling pressure and price decline. However, many Pi Network users have locked their tokens to prevent further price drops. You can view the live prices of all tokens and cryptocurrencies on the instant price page of digital currencies.
