Pi Network Confronts Another Mainnet Delay Amid Community Frustration and Price Volatility

Pi Network Faces Another Mainnet Delay, Confidence Wanes

The Pi Network team has announced yet another delay in its much-anticipated Open Network launch, now scheduled for Q1 2025. This development comes as a major blow to the project’s already dwindling confidence among users.

Despite the repeated delays and mounting frustration within the community, the PI coin price has surprisingly reached $50 after plummeting to around $40. This unexpected surge in value can be attributed to a YouTube short by founder Nicolas Kokkalis that has seemingly excited many users. However, this sudden rise may not last long, as technical analysis suggests that the token’s 20-day EMA (red) and 50-day EMA (purple) have formed resistance near $53.2.

The recent migration issues faced by users have only added fuel to the fire, with numerous complaints surfacing on forums such as Reddit. Users are reporting trouble with migrating their Pi tokens, including incidents of tokens being automatically migrated to old wallets, inaccessible funds, and confusion over wallet addresses. These incidents have sparked allegations of scamming and a lack of transparency within the migration process.

The community is growing increasingly restless, questioning whether the project can execute its ambitious mainnet launch. The founder’s vague promise to launch in Q1 2025 without specifying an exact date has only served to deepen concerns about the project’s preparedness for such a significant milestone.

The recent surge in PI coin price may be short-lived if the token fails to break through the resistance near $53.2, and instead, falls back down to test the support levels around $47.5 or even $44.

Source: coinchapter.com