TL;DR
- Pi Network users continue to face migration issues despite completing the required steps.
- PI’s price stays deep in the red on a weekly scale, currently trading nearly 80% below its all-time high.
The Latest Issue
Earlier this week, the X account Pi News (which claims to bring all the news surrounding the controversial crypto project Pi Network) issued important advice.
It urged users who see their PI wallets marked in yellow to confirm again and complete two-factor authentication to be eligible for a second migration. “Validate your checklist and complete anything showing in yellow,” the guidance reads.
Numerous PI users commenting on the post complained that the problem remains even after taking the steps mentioned above. One person claimed they had done that multiple times, but the balance was not transferred.
Others revealed having issues with the first phase of migrations, wondering why the Pi Network team doesn’t get it done properly before moving to the second stage.
The project, which saw the light of day in 2019, finally launched its native token and Open Network in February this year. Despite those milestones, numerous people continue to struggle with the verification requirements and migration to the mainnet.
The KYC process (known as the Grace Period) was aimed at ensuring that all users complete the necessary steps by March 14. Otherwise, they risked forfeiting most of their minted PI tokens. While the process was not extended, the developers allowed some Pioneers to pass two-factor authentication (2FA) using a trusted email before their stash gets successfully moved to the mainnet blockchain.
PI Price Outlook
Despite a minor increase in the past 24 hours, PI’s valuation remains deeply in the red on a weekly scale, currently trading at around $0.64 (according to CoinGecko’s data).
The price is also 78% down from its all-time high of $3 registered in February, while some factors suggest that the downfall might intensify in the near term. A potential element is the major unlock of tokens scheduled for the next 30 days. Data shows that over 280 million coins will be freed up within that period, with the record day being June 11 (14 million PI).
Although the development doesn’t guarantee a mass exit, it gives people the opportunity to offload their tokens, potentially increasing selling pressure.
Some X users also foresee an additional slump. Joe Swanson recently claimed that PI has formed “a textbook inverse cup & handle” pattern, viewing this as “a classic bearish continuation.” The analyst envisioned a plunge to $0.40 if the price slips below $0.55.
“Trend is weak. Structure is bearish. Caution warranted,” they alerted.
