The Challenging Quest for Legitimacy of Pi Network

The Pi Coin is currently showing a decrease of over 6%, trading at $0.74. In the days leading up to the Consensus event, the Pi network saw a speculative rise

The price of Pi Coin is currently down more than 70% from its peak. On Monday morning, the token was seen changing hands at $0.74, showing a decrease of over 6%.

In the days leading up to the Consensus event, the Pi network saw a speculative rise, surging over 150% to $1.50 following rumors of a major ecosystem announcement scheduled for May 14. However, when no significant update was delivered, the token’s value quickly reversed its trend.

The daily transaction volume has also decreased by over 44%, indicating reduced buying interest. As a result, analysts are warning of a return to its all-time low of $0.40 in the absence of a major catalyst.

"After 6 years of waiting, why isn't anyone asking the real question: Where are the 100 DApps we were promised?" asked Dr. Altcoin, a crypto analyst, highlighting the issue of unclear communication and repeated delays from the main Pi team.

"The promise of 100 DApps was not just a bonus, but it was essential. Without real utility, Pi risks becoming just another overvalued token. We are not talking about speculative 'memecoins' but functional ecosystems."

He further urged the Pi team to shift from promotion to performance, emphasizing the difference between speculative “memecoins” and functional ecosystems.

According to his estimations, it will take another 2.5 to 5 years for the Pi Network to fully achieve its ecosystem goals. While remaining optimistic about the project’s long-term success, he emphasizes that it will not happen within the community’s initially anticipated timeframe.

"I think it's safe to say that most of us had more immediate hopes for the project's development, but the reality is that it takes time to build anything of value, especially in such a complex domain as blockchain technology and a large-scale ecosystem like the one envisioned by the Pi Network. But I have no doubt that this project will succeed in the long term," concludes Dr. Altcoin.

In the end, the prediction of Pi Network’s price at $0.40 remains uncertain, subject to future developments and Pi’s team capability to deliver on its promises. Transparency and accountability will be crucial to maintain investors’ and users’ trust. If Pi Network manages to deliver real utility and build a solid ecosystem, it could then see its price bounce back. But the road will be long and fraught with obstacles.

In the short term, a strong resistance has formed at $0.95. The latter could be broken in the coming days, with an intermediate resistance at $0.85. technically, the 12H Woodies CCI has turned positive, indicating a potential trend reversal. Nevertheless, $0.4 seems to be beckoning for the PI price.

Therefore, caution will be required in the coming weeks with Pi and monitoring key supports and resistances, but most importantly, the volumes.