Pi Network users face renewed frustrations due to unexpected migration prompts and unresolved KYC issues, just weeks ahead of a significant token unlock. With market confidence waning, Pi Coin is trading below $0.66, raising concerns about potential sell-offs as 276 million tokens are set to be released.
New Migration Prompts Frustrate Pi Network Users
Many users of Pi Network are expressing dissatisfaction over unexpected second migration invitations appearing in their apps. For some, this has been a shock, especially those who believed they had already completed the initial migration phase.
On the social media platform X, users, including seasoned Pi miners, have voiced strong critiques, accusing the Pi core team of poor communication and inconsistent requirements. One user lamented, “This Pi of a thing is nonsense. After mining for years, we are denied access to our coin…”
The frustration is particularly severe among those stuck in unresolved KYC verification stages. These users claim they are being asked to migrate their balances again, despite never completing the first migration due to verification delays. The lack of official confirmation from the Pi core team regarding a second migration phase has only added to the confusion within the community.
276 Million PI Tokens Set to Unlock in June
Adding to the growing concerns is the planned release of 276 million PI tokens in June, valued at approximately $176 million, which could potentially flood the market. With transaction volumes currently moderate and investor sentiment fragile, analysts warn that this event might exert significant downward pressure on the price of Pi Coin.
The Pi Core team’s silence regarding significant bullish developments ahead of this unlock only exacerbates the situation. Historically, token unlocks have led to sell-offs, especially in markets lacking strong fundamental catalysts. Given that Pi Coin is already struggling to maintain critical support levels, there is a real risk of a substantial decline.
Technical Analysis of Pi Coin
From a technical perspective, Pi Coin remains entrenched in a downward trend, currently trading at about $0.6481 after a decline of approximately 22% over the past week. On the four-hour chart, the token exhibits a classic bearish pattern known as an inverse cup and handle.
Furthermore, Pi is currently trading below its 50-day moving average, reinforcing negative outlooks. Analysts predict that if the support level at $0.5547 does not hold, the token could fall toward the psychologically significant range of $0.40.
Future Price Predictions for Pi Network
Currently, the fundamentals for Pi remain weak, with major concerns about its lack of listings on prominent exchanges, unresolved decentralization issues, and low validator participation. The Pi Foundation is reported to control over 92 billion tokens across more than 2,000 wallets, raising questions about centralization.
In the absence of bullish news and amid ongoing migration confusion, short-term prospects for Pi Coin appear bleak. The charts indicate that Pi Coin is struggling to surpass the resistance level of $0.66. If conditions do not improve, it seems unlikely that previous peaks will be reached in the near term.
Looking further ahead, analysts suggest two divergent scenarios. If Pi Network gains widespread adoption for payments, DeFi applications, and e-commerce, the token could reach $1.25 by the end of 2025. However, should the project fail to transcend speculation and hype, its price might remain below $1.
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