Key Takeaways:
- Several Pi Network users reported tokens disappearing from their wallets.
- Meanwhile, the PI coin price extended its losses in Aug to over 19%.
NEW DELHI (CoinChapter.com) — Pi Network’s recent announcement of starting the open mainnet migration seems to have had no impact on the platform’s native token, PI coin. Now, a slew of user complaints could further increase the Pi Network token’s losses.
Several users on X shared that PI coins mysteriously disappeared from their wallets. Furthermore, a user shared that his friend’s PI tokens were stolen after the wallet migrated to the mainnet.
The Pi Network warned users not to click on unknown links to prevent falling victim to phishing scams since the “exact reason” behind the loss of the tokens remained unknown.
Other users also complained of losing their wallet holdings, with one user lamenting the loss of 600 PI coins. Meanwhile, Pi Network developers continued to motivate users to complete their PI coin KYC and transfer their holdings to the mainnet wallet.
However, with the mainnet wallet not safe from scammers, users seem to be wary of making the move. Interestingly, Pi Network founder Dr. Nicolas Kokkalis published a blog touting the platform’s “community-sourced” KYC solution, calling it a “human-powered verification” system.
Kokkalis stated that a human-centric KYC solution would be more scalable and allow for greater transparency. But, the platform needs to shore up its security before the mainnet launch. Additionally, delays in the Pi Network open mainnet launch continue to be a headwind for the PI coin’s price action.
PI Coin Price Drops Loses Gains From June And July
Meanwhile, the PI coin price extended its losses in Aug, dropping nearly 19.3% since the month began to reach a daily low near $21.46 on Aug 8. However, it seems Pi Network users are positively reacting to the founder’s blog, with PI coin price spiking nearly 4.2% to a daily high near $22.36 on Aug 8.
The Pi Network token’s price rally might face trouble due to the 20-day EMA (red wave) and 50-day EMA (purple wave) resistance confluence near $23.5.
However, breaking and consolidating above the immediate resistance might provide the PI coin price the momentum needed to target its 100-day EMA (blue wave) near $26.7.
Conversely, if the PI coin price fails to mount a rally, the token might buckle under the selling pressure to test the support near $20.3. Moreover, failure of the immediate support level might result in the Pi Network token dropping to the support level near $17.5 before recovering.
The RSI for the PI coin remained neutral, with a value of 43.45 on the daily charts.
