The initial excitement surrounding the launch of the mainnet faded as Pi Coin increased weekly losses to over 43%, which pushed altcoin out of the top 20 cryptocurrencies from 11th place last week.
Continued delays to Binance’s listing plans have dampened market sentiment. Investors are also frustrated by the lack of a clear roadmap for the Open Mainnet launch, leading some to question whether Pi is a scam. Dr Altcoin, who is closely involved with the project, acknowledged the lack of communication from Pi’s main team but said there was no evidence to define it as a scam. He urged the team to improve transparency with the community.
Pi Coin plummeted, breaking through key support levels of $1.4, $1.2 and $1. Many pioneers locked their holdings to avoid further losses around upcoming token unlocks. The next support level is around $0.82, with some analysts predicting a drop to $0.30 in the near future.
Pi Network recently introduced auctions for .pi domains and a domain section in Pi Browser, steps that are in line with the goal of creating a decentralized Web3 ecosystem. These domains can serve as digital addresses for Pi-supported websites and services accessible via Pi Browser or Web3-compatible platforms.
