Pi Currency Plummets as Delays Confirmed
The value of Pi currency took a tumble on the crypto markets in mid-September following news of more delays to the Pi Network mainnet roadmap.
The delays have sparked outraged network enthusiasts, who have also blasted the lack of plans to get the Pi currency, PI, listed on major exchanges.
What exactly is happening at the Pi Network?
Pi currency tumble
In a single week in the middle of last month, PI lost more than 20% in value compared to recent highs. The dip came after Nicolas Kokkalis, CEO of the Pi Network, confirmed further delays to the hotly anticipated mainnet roadmap.
Reported by PiNewsMedia on X (previously Twitter), it was revealed that the roadmap would now be unveiled in two phases.
The first phase is expected this month, undermining previous expectations that the full roadmap would be released in October.
While it is hoped that version 2 will still come this year, no exact schedule has been given. The news perplexed and angered many Pi Network fans.
Of course, PI is not yet tradable, so the fall in value recorded by sites like CoinMarketCap refers to the ‘IOU’ price. However, the sudden decline does reflect where sentiment around the project currently sits. It’s clear optimism has dampened, impacting short-term price expectations for PI.
Following the news of the latest delay to the publication of the mainnet roadmap, Pi Network fans did not hold back.
Not only did the value of the PI price dip, there was also outspoken criticism of the network.
The complaints focused on how long the network has been in an enclosed mainnet and the lack of plans to list PI on major exchanges, such as Coinbase and Binance.
Pi Network attracted plenty of fans when it launched. Inspired by the challenges of Bitcoin, the world’s most popular cryptocurrency, the founders sought to offer an alternative.
While Bitcoin requires specialised mining equipment, the Pi Network approach allows anyone with a smartphone to mine PI. This addresses some of the accessibility and energy use issues of Bitcoin, plus brings significantly lower transaction fees within the Pi ecosystem.
The goal was to have this intention at the heart of an entire ecosystem of diverse applications. Pi Network is already being used by developers to create DeFi, gaming, and Metaverse apps.
Millions of users worldwide flocked to Pi Network at the peak level of interest. Stats today, reported by the likes of BanklessTimes, suggest the numbers have fallen sharply. On top of that, there are concerns that Pi Network pioneers now have collections of Pi currency, which is, essentially, worthless.
That is because there is no option to cash out, as PI is not tradeable yet. They will only be able to once PI is listed on exchanges, allowing the Pi currency to be traded like other crypto tokens.
There has been criticism of an apparent lack of plans to do this.
Criticism of core team
Following the latest delay to the mainnet roadmap, fans hit out and alleged inconsistencies in the Pi Network core team. One, an X user called Pi Inu Token, listed several concerns, including claiming that the coins mined so far will not be cashed out while they are concentrated in Vietnam, China, Nigeria, and other countries.
He also raised concerns about how Pi Network will achieve the next network breakthrough and wealth redistribution. He noted that Pi Network has profited from ad revenue generated when people mine, which is high due to the popularity of the project, and suggested that leaving the enclosed mainnet and listing the Pi currency on exchanges would be ‘counterproductive’.
The critic based this on the idea that Pi pioneers would quickly cash out, causing the value to dip, and that a consequential fall in network users would negatively impact ad revenue.
Still life in Pi
Despite the latest news, there is still hope for the Pi currency and network.
Its energy-efficient mining model and large user base means it still retains potential. The network aims to make PI more accessible than other crypto tokens, the ones which require technical knowledge or specialised hardware.
It should also be noted that the PI IOU price soared, up some 15%, following the announcement that its detailed roadmap would be delivered in September. That news spiked the price, in much the same way the delay caused it to dip, so there is clearly still buzz around the Pi project. Once the roadmap is released, pundits expect the Pi currency value to rise again.
Analysis by coincodex suggests bullish potential for PI. Given the substantial social following Pi Network has, and assuming the mainnet launch goes smoothly, the Pi currency could surpass the $200 mark within 12 months, it suggests.
However, there is a note of caution. We must wait to see if the network can meet the community management and technical challenges necessary to achieve that value. All eyes will be on the delivery of the roadmap.
Author: Brendan Beeken
Moni Talks Founder and Chairman Brendan Beeken is an entrepreneur, commercial strategist, investor, and philanthropist. He writes on a wide range of subjects, including cryptocurrency, decentralised finance, blockchain, business advice, and professional wellbeing, for news and business websites, as well as Latest Moni and his personal site, brendanbeeken.com. Brendan draws from his own research and more than two decades of personal experience in business to offer a unique insight, perspective, and commentary on diverse subjects. He is passionate about making the cryptocurrency space more accessible and encouraging safer and more responsible trading and investing. Brendan's LinkTree is https://linktr.ee/brendanbeeken.