Key Takeaways:
- PI coin price continued to crab near the $30 price level.
- Pi Network fans continued shilling the project and its token.
- However, user complaints of KYC and mainnet launch delays continue.
NEW DELHI (CoinChapter.com) — Pi Network’s native token, PI, continued crabbing as the lack of any bullish news from the developers negated its fans’ hardcore shilling campaign.
PI price has dropped nearly 82% from its all-time high of $255.7, currently trading around $30. The downtrend followed a price spike in mid-August earlier this year when the Pi Network token price spiked 162% to reach $57.7, PI coin’s highest price level since Feb 2023.
Due to Pi Network remaining a closed mainnet, PI coins are trading on IOUs. The IOU system means that participating exchanges would trade future PI coins at the current IOU value. Moreover, several users have made transactions using PI tokens based on the speculative price.
Furthermore, several PI coin fans, or ‘Pioneers,’ have set a far-fetched price level of $314,159 (inspired by the value of pi to 5 decimal places) for the token once the mainnet launches.
Considering only the pre-mainnet mining rewards of 20 billion PI tokens, a price tag of $314,159 would make the tokens worth $6.28 quadrillion, a price tag nearly 587,000% more than the current total crypto market cap.
KYC Delays Continue Hurting Pi Network Users’ Enthusiasm
While the Pi Network’s media team and fans continue asking users if the PI coin price would reach $314,159 at launch, users continue complaining about the delays in KYC approvals.
A Pi Coin fan on X, Edycabas, noted that “millions have left the project” because of KYC delays. However, Edycabas told his nearly 15,000 followers that it was unwise to leave the project “at any point.“
However, another user stated that many PI miners have been waiting two years for the KYC.
It has come to a break point [sic]
The user said
Another user asked the Pi Network’s core developers how hard it was to admit that the mainnet launch might take another year or two, chiding the project over keeping users in the dark.
Meanwhile, reports of scammers targeting Pi Network users have surfaced. Per an X post, scammers connect to the SDK step 1 and call the API using a user’s Pi username in UserDTO.
Pi Core Team needs to take immediate action to punish and recover Pi from this scammer.”
A user stated in a post.
The scammers also created a fake ‘Paixingmall‘ website, a Vietnamese website, leading the user to speculate that the scammers were from the same region.
Pi Network Shilling Continues
Despite all the issues plaguing the platform and its users, Pi Network fans continued to shill the project, asking users if they expected PI coin to launch at the aforementioned ridiculous price tag.
Furthermore, an X account that shares news related to the Pi Network highlighted several instances of businesses accepting PI coin transactions. The platform also reminded its users to keep their wallet’s passphrase safe but did not mention anything regarding reports of a scam.
