The Pi Network price has plummeted this past week, hitting a low of $0.87 USD on March 21st, three times lower than its peak of $3 USD achieved last month. This sharp decline has deeply disappointed the Pi Network community in Vietnam and internationally, with widespread frustration expressed on various forums.
Causes of the Price Drop
The decline in Pi Network’s price isn’t simply a reflection of general cryptocurrency market trends. Several factors have impacted the coin’s value, including:
- Withdrawal of Pi from Unverified Users: On March 14th, Pi Network initiated a policy to withdraw Pi from users who hadn’t completed Know Your Customer (KYC) verification. This significant measure affected a large number of users, estimated to be in the tens of millions.
- Obstacles to Transferring Pi to Exchanges: Even users successfully completing KYC verification face challenges transferring Pi to digital wallets and exchanges. The Pi Core Team hasn’t clearly defined criteria for account approvals, leading to extended transfer times – ranging from several weeks to several months, and even exceeding a year in some cases. Users report a lack of specific information from the development team.
Impact on the Community
The price drop and difficulties in transferring Pi have sparked widespread disappointment within the Pi Network community. Many users are expressing frustration with the Pi Core Team and the project, feeling abandoned and inadequately supported. The inability to transfer Pi to exchanges has eroded trust for many.
Questions for Pi Network
The price drop and transfer issues raise several critical questions for Pi Network and its developers:
- Does the Pi Network team have concrete solutions to address the difficulties in transferring Pi to exchanges?
- How will the withdrawal of Pi from unverified users affect the long-term value of Pi Network?
- What specific plans does the Pi Core Team have to improve user experience in the coming period?
Conclusion
The Pi Network price is currently at an all-time low. The hurdles involved in transferring Pi to exchanges and the community’s growing frustration demand immediate and effective solutions from Pi Network to restore confidence and attract continued user engagement.
References
Disclaimer: This article does not constitute investment advice. Please carefully consider all factors before making any investment decisions.
