NOIDA (CoinChapter.com)— The Pi Network team claims to be nearing its mainnet launch. However, the project remains shrouded in uncertainty, with the team conspicuously avoiding the announcement of a concrete launch date. Moreover, even a price drop in the PI coin IOU prices fails to merit any discussion on social media.
The silence deepens users’ frustration within the community as they grapple with unanswered questions about the network’s future. Moreover, the team’s attempt to maintain an air of mystery has backfired, revealing a lack of transparency that borders on negligence.
PI Coin Price Plummets, But Not A Word
After days of lateral movement, the PI USD pair finally showed signs of life. The PI coin IOU (disowned by the Pi Network team) price plummeted nearly 16% to a daily low near $30 within hours on Aug. 12, before recovering slightly.
As is the norm, no one noticed the drop in the token’s IOU price. Granted that the IOU does not represent the real price of the Pi Network token.
Yet, the same crowd that celebrates when hopium-addicted users pay other hopium addicts with PI coins, or those that dream the PI USD pair would reach $314,159 on mainnet launch, should take note of price drops as well.
Moreover, despite so many traders assuming weirdly wild prices for the Pi Network token, the token’s IOU price action has often remained steadfastly boring. Even trading pairs with other currencies, like the PI INR pair, have remained flat.
The support near $31.2 held, helping bulls stage a fightback. However, failure of the immediate support could bring the support near $28.7 into action.
On the other hand, in the unlikely event of an uptrend, PI coin price might face resistance near $35.3 and $38.6 price levels.
The RSI for PI remained (surprise, surprise) neutral, with a score of 35.35 on the daily charts.
Trivial Updates Remain More Important To Team
Despite the looming concerns, the Pi Network team has been preoccupied with trivial updates, mainly revolving around KYC processes and vague migration details. Meanwhile, the lack of communication leaves the community in the dark about crucial issues.
The team and other associates rarely discuss broader issues like the utility of the Pi coin and the broader roadmap for the network’s development.
Adding insult to injury is the growing threat of scams within the Pi Network ecosystem. User-generated warnings about fraudulent validation sites and fake wallets have surfaced, yet the team’s official response has been nonexistent.
Rather than addressing these pressing security concerns, Pi Network’s communication channels focus on marketing efforts and irrelevant promotional content. This lack of meaningful engagement only raises further doubts about the platform’s credibility and long-term viability.
