{"id":56538,"date":"2025-04-03T11:49:24","date_gmt":"2025-04-03T11:49:24","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=56538"},"modified":"2025-04-03T11:49:24","modified_gmt":"2025-04-03T11:49:24","slug":"pi-network-is-a-slow-rug-says-former-pi-proponent","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=56538","title":{"rendered":"Pi Network Is a Slow Rug, Says Former PI Proponent"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

PI\u2019s 65% price crash over the past month has shifted sentiment, with even former fans now lambasting the project.<\/span>
\nHopes for a recovery rest on potential exchange listings from Binance or Coinbase.<\/p>\n

<\/a><\/span><\/h2>\n

From a Supporter to a Critic<\/h2>\n

Pi Network\u2019s native token witnessed another correction in the past 24 hours, with its price tanking by 7%. <\/span>Currently,<\/span> it trades at around $0.63 (per CoinGecko\u2019s data), representing a whopping 65% decline in the last month.<\/span>\u00a0<\/span><\/p>\n

Its massive retreat as of late <\/span>seems to have<\/span> changed the sentiment of even its hardcore fans.<\/span> The X user MOON JEFF, who recently <\/span>predicted<\/span><\/a> that PI could skyrocket to an all-time high of $5, joined the critics\u2019 corner. The analyst <\/span>claimed<\/span><\/a> that Pi Network is \u201cnow a slow rug,\u201d criticizing the team behind the project:<\/span><\/p>\n

\u201cThe team is not delivering what they promised. They promised 100 Dapps on launch, but <\/span>only<\/span> less than<\/span> 5 <\/span>are working.\u201d<\/span><\/p>\n

According to MOON JEFF, PI\u2019s potential spike to $1 is \u201cjust a dream,\u201d while breaking above <\/span>that point<\/span> is \u201cjust another dream.\u201d<\/span><\/p>\n

Besides lambasting the project, the analyst noted<\/a> that the coin\u2019s daily unlocks \u201care back in millions.\u201d<\/span><\/p>\n

\u201cThe daily unlocks will kill PI. The daily selling pressure is insane.\u201d<\/span><\/p>\n

Earlier this week, Watch<\/span>.Guru<\/span> revealed<\/span><\/a> that <\/span>more than 121 million PI tokens will be unlocked<\/span> in\u00a0<\/span>the next<\/span> 30 days. <\/span>The increased circulating supply could further negatively influence<\/span>\u00a0price performance (assuming demand doesn\u2019t react accordingly).<\/span>\u00a0<\/span><\/p>\n

Currently, the amount of tokens in circulation <\/span>stands<\/span> just below 6.8 billion, meaning that over 90% of the <\/span>total<\/span> designated supply has yet to enter the market.<\/span> The de facto circulating supply constitutes locked mining rewards and unlocked mining rewards. The latest data <\/span>shows<\/span><\/a> that almost 75% of the tokens remain locked, raising uncertainty about how the price will react once this amount frees up.<\/span><\/p>\n

What Can Stop the Freefall?<\/span><\/h2>\n

One <\/span>important<\/span> factor that may prevent PI\u2019s price from further collapsing and even put the asset on the green track again is support from leading cryptocurrency exchanges. Such a development will increase the token\u2019s liquidity, boost its accessibility, and positively impact<\/span>\u00a0its reputation.<\/span>\u00a0<\/span><\/p>\n

Binance issued<\/a> a vote in February to determine whether its users wish to see PI trading on the platform. More than 86% of the voters clicked the \u201cyes\u201d option, but the company remains silent <\/span>on the matter<\/span>.<\/span><\/p>\n

Coinbase <\/span>was also rumored<\/span> to embrace PI. Paul Grewal (the company\u2019s chief legal officer) <\/span>triggered<\/span><\/a> enthusiasm across the Pi Network community in mid-March when saying:<\/span><\/p>\n

\u201cWe take PiDay at Coinbase very seriously.\u201d<\/span><\/p>\n

Despite the interaction, there hasn\u2019t been a follow-up, and the asset remains unavailable on the US-based cryptocurrency exchange.\u00a0<\/span><\/p>\n

The post Pi Network Is a Slow Rug, Says Former PI Proponent<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR PI\u2019s 65% price crash over the past month has shifted sentiment, with even former fans now lambasting the project. Hopes for a recovery rest on potential exchange listings from Binance or Coinbase. From a Supporter to a Critic Pi Network\u2019s native token witnessed another correction in the past 24 hours, with its price tanking […]<\/p>\n","protected":false},"author":0,"featured_media":56539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-56538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/56538"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56538"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/56538\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/56539"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}