Pi Network Is Going Through a Rough Time as Its Cryptocurrency, Pi, Has Seen a Big Price Drop

This uncertainty has made many in the community nervous. However, to fight back against this downward trend, Pi Network supporters are working on a new project called PiDaoSwap.

Pi Network is going through a rough time as its cryptocurrency, Pi, has seen a big price drop. It recently fell below $1, hitting as low as $0.87 before slightly bouncing back to $0.9913.

In the past week alone, Pi has lost about 41% of its value, sparking worries among investors that the price could fall even further, possibly below $0.60. This uncertainty has made many in the community nervous.

However, to counter this downward trend, Pi Network supporters are working on a new project called PiDaoSwap. This will be a decentralized exchange (DEX), which means a platform where people can trade Pi directly without depending on external exchanges that might be manipulating its price.

PiDaoSwap: A DEX to Facilitate Pi Trade

Allegations of price manipulation by external exchanges sparked a move by the Pi Network community to build its own decentralized exchange (DEX) for safer and more efficient Pi trade.

This DEX, named PiDaoSwap, is currently in its final stages of development, awaiting approval from the Pi core team through the Know Your Business (KYB) program.

Highlighting its progress, PiDaoSwap has already secured Twitter’s organizational verification. The Pi Network VietNames community highlights that the DEX will prevent external exchanges from manipulating Pi’s price.

Reports suggest that some platforms are using bots to alter Pi’s valuation artificially. Meanwhile, Pi supporters are expressing frustration over the delay in Binance listing the token, despite the growing community pressure.

Pi Network Branding Restrictions Could Impact PiDaoSwap

While PiDaoSwap is gaining traction, concerns have emerged regarding Pi Network’s intellectual property (IP) policies. The official documentation, available on the Pi Network website, prohibits the use of “Pi-related” branding without approval from the core team.

The PiDaoSwap team has raised questions about whether their project name and domain will need modifications to comply with these restrictions before its launch.

The Rising Scrutiny on Pi Network

As Pi struggles with declining prices amid claims of price manipulation, industry experts have voiced concerns over the project’s sustainability.

Justin Bons, the founder of CyberCapital, recently criticized Pi’s mining process and tokenomics, claiming that the project is highly centralized and its key functions remain locked behind KYC verification. Bons went as far as calling Pi an “investment scam.”

However, not all opinions are negative. Crypto analyst Dr. Altcoin defended Pi Network, stating that after years of involvement with the project, he has found no evidence suggesting it is a scam.

With growing scrutiny, price instability, and regulatory challenges, Pi Network faces a critical test. Whether PiDaoSwap can successfully counter price manipulation and restore investor confidence remains to be seen.