Pi network drops 85% as Cryptomarket takes downturn

Pi network drops 85% as following downturn in cryptomarket

Pi Network Drops 85% as Crypto Market Takes Downturn

The price of Pi Network Coin has plummeted by 85% from its peak earlier this year. Pi Coin was trading at $33.90, reflecting a 12.31% decline in the past 30 days. Although Pi Coin was launched in 2022, it still remains distinct from the main Pi Network project. Currently, it is available on only a limited number of exchanges and sees relatively low trading volume.

A Reflection of the Broader Crypto Market

Pi Network's downtrend mirrors the larger crypto market, which has been facing significant challenges in 2024. Bitcoin, the leading cryptocurrency, has dropped over 20% from its peak this year, while Ethereum has plunged more than 38%. The overall sentiment in the market has been increasingly bearish, with the crypto fear and greed index falling drastically from a high of 90 in March to just 26 as of September 4th.

This market downturn is impacting not only the prices but also the volume of trading. According to DeFi Llama, decentralized exchanges handled $181 billion in August, a noticeable drop from $198 billion in July. This decrease highlights the broader impact of the market conditions on both established and emerging projects, like Pi Network.

Delays in Pi Network’s Mainnet Launch

Adding to the bearish outlook for Pi Coin, delays in the Pi Network's mainnet launch have sparked concern among its investors. The development team has introduced in-app Grace Period reminders to push users to complete their Know Your Customer (KYC) verification process by the September 30th deadline. However, many in the community are growing frustrated with the ongoing delays and lack of clarity on when the mainnet will officially go live.

Despite earlier expectations of launching the mainnet in 2024, the repeated delays have led some to doubt whether it will happen at all. Pi Network has outlined three critical milestones before launching its mainnet, the first being the completion of KYC verification for the majority of its pioneers. Currently, more than 13 million pioneers have transitioned to the mainnet, but the KYC process continues to drag on with no clear end in sight.

While the recent Pi Wallet upgrade was meant to accelerate the process, many users believe it’s insufficient to address the core issues slowing down the mainnet launch. As frustration mounts, investors remain wary, unsure of what lies ahead for Pi Network.

Also read: Pi Network's Bold Move: UPI-like Payments For Global Reach