Pi Network Cryptocurrency Struggles With Declining Prices and Community Frustration

This price drop coincides with Binance's decision to exclude Pi Network from its second Vote to List initiative, further dampening hopes for a major exchange listing.

Pi Network continues to face an uphill battle as its cryptocurrency struggles with declining prices and a frustrated community.

The Pi Coin has slid below the $0.70 mark for the first time in over a month and is now trading at around $0.66.

This price drop comes as Binance excludes Pi Network from its second ‘Vote to List’ initiative, dampening hopes for a major exchange listing any time soon.

The cryptocurrency has also seen a weekly price drop of around 20%, raising concerns as traders attempt to maintain critical support at the $0.60 level. According to technical analysis, if this support breaks, Pi could head towards its all-time low of $0.6152.

Trading volume has also seen a steep decline, falling by 52% to reach $148 million. This decrease in volume could be interpreted as waning investor confidence in the project.

Technical indicators across the board indicate weakening buying interest.

Binance has confirmed that only BNB-based projects will be allowed to participate in its Vote to List initiative, explaining why Pi Network was absent from both the first and second rounds.

While Binance could potentially list Pi through a direct listing in the future, no timeline has been provided for this possibility.

The second iteration of Binance’s Vote to List includes 12 tokens: VIRTUAL, BIGTIME, UXLINK, MORPHO, GRASS, ATH, WAL, SAFE, ZETA, IP, ONDO, and PLUME. These tokens span various utility categories, unlike the first edition which focused on memecoins.

The voting round will commence on August 2 at 04:00 UTC and conclude on August 8 at 03:59 UTC.

The winning project will be granted a listing on Binance.

Pi Core Team Under Fire

One of the most persistent criticisms leveled at the Pi Core Team (PCT) comes from community members who believe the leadership is too distant from the everyday users.

This criticism follows the team’s announcement that over 125,000 sellers participated in the inaugural PiFest event, with more than 58,000 active sellers and 1.8 million Pioneers using the Map of Pi feature. However, community sentiment on social media platforms remains largely negative.

Dr. Altcoin, a prominent figure in the Pi community, expressed his take on the current state of the ecosystem.

“Since PiFest started, trading in the ecosystem has been at its lowest. The only trade happening is selling Pi for cash.”

This sentiment has been shared by many who feel the leadership is not addressing real-world concerns.

Critics argue that the monthly updates from the PCT are too predictable and fail to address critical issues such as the delayed mainnet launch, exchange listings, and KYC resolutions.

This perceived lack of transparency has fueled calls for new leadership with a deeper understanding of cryptocurrency markets and community management.

Some members have even suggested implementing a decentralized governance model to improve transparency and decision-making processes within the network.