Key Takeaways:
- Pi Network users continued facing approval delays in their KYC applications.
- Meanwhile, PI validators claimed the number of KYC approvals had increased.
- PI coin price facing intense bearish pressure.
NEW DELHI (CoinChapter.com) — Mobile-based crypto mining platform Pi Network continued receiving complaints of KYC delays, as the mainnet launch timeline remains a mystery.
The team has not shared any details regarding the much-awaited Pi open mainnet launch, which has angered users. Delays have been the norm with the Pi Network team, with the platform delaying the launch of its roadmap as well.
Users continue to complain about the delays in getting their KYC approvals. One user noted that the document he used in his KYC application expired while he continued to wait for approval.
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. 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.
Despite the delays, the PI coin is attracting users, traders, and miners, mostly in Asian countries like India, Vietnam, Thailand, etc.
For instance, an Indian PI coin user bought a “sofa” (Couch) using the Pi Network token. It seems the transaction was a P2P one. Moreover, since the PI token is yet to launch due to mainnet launch delays, the token only trades as IOUs.
The IOU system means that participating exchanges would trade future PI coins at the current IOU value. Interestingly, the India-based PI coin users decided that the value of the PI coin would be $314,159. The price label took inspiration from the value of ‘pi‘ to 5 decimal places.
At present, the Pi Network coin price in India is near INR 3,250, a rise of nearly 34% from the October’s low near INR 2,430.
Validators Claim Increase In KYC Approvals
Meanwhile, Pi Network validators claimed that KYC validations were “open again.”
One validator claimed that they processed 40 applications in an hour while stating that other validators were also processing the applications.
However, several Pi Network validators stated that users are submitting fake applications in order to have multiple profiles for mining PI tokens. Another validator claimed to validate 47 applications “within 10 mins.”
At the same time, scams continue to hurt investor confidence in the Pi Network team. An X user noted that scammers are taking advantage of a wallet feature in which users can request PI coins from other users.
Scammers create accounts with official-looking usernames and send payment requests to non-suspecting Pi wallet users. Such instances would likely impact the value of PI coin, even after the launch of the open mainnet.
PI Coin Price Facing Bearish Pressure
Meanwhile, the PI crypto value is facing intense bearish pressure, visible from the long upper wicks on the daily price candles. The value of PI coin spiked nearly 7% on Oct. 24 before bears pared gains.
Bears defend the 200-day EMA (the green wave) support near $37.17. However, a breakdown below the trendline would force the value of PI coin to test the support near $31.7.
Conversely, a rally would help the Pi Network coin price target the resistance near $42.6. Breaking and consolidating above the immediate resistance might help the value of PI coin reach the resistance near $50 before correcting.
The RSI for PI remained neutral, with a score of 58.16 on the daily charts.
