Pi Network in the storm: Users are outraged due to constant movement, can Pi Coin survive the challenge?

The Pi Network community is currently facing a tense situation as users report a new sudden withdrawal request appearing in their app. This has led to anger and confusion within the community, especially as the time for the large unlocking of Pi tokens approaches.

Users are frustrated about the second transfer notice and the unresolved KYC status.

The Pi Network community is booming with shares of screenshots from the app, showing that the checklist has been updated. Notably, even users who have completed the initial migration process are surprised to see new calls to action appearing. This sudden emergence has left many feeling confused and disappointed.

"This Pi thing is really meaningless. After many years of mining, we are denied access to our own currency... The core team should reconsider how they manage their so-called Pi Community."

This sharing quickly attracted attention and sparked debates within the community about the lack of transparency and ineffective management of the Pi Network development team.

It can be seen that Pi Network users are becoming increasingly frustrated when faced with unannounced changes and a lack of clarity in the transition between stages. They wish to hear explanations from the development team regarding these changes, while also seeking a clearer strategy to ensure the rights of the community.

One of the biggest problems facing the Pi Network community today is the fact that many users have not completed the (KYC) identity verification process and are unable to move their balances. Although they had followed all the necessary steps beforehand, the second move announcement still appeared, adding to the frustration. Many people think that this is a hasty and unreasonable decision when they have not yet been able to complete the basic procedures.

A user shared on X:

"I haven't moved yet, why hurry to move a second time?"

Others also share their frustration at being unable to continue the movement process due to the KYC status not being processed.

Not only that, a fake post from the impersonated account of Dr. Nicolas Kokkalis – the founder of Pi Network – titled “The second Pi Network migration has begun!” has further stirred the community.

The post urged users to prepare for the Mainnet by taking a few important steps: completing KYC verification, double-checking the (bao checklist including installing the wallet and khóa), and approving the transfer of Pi to the Mainnet. As emphasized in the post, upon completion of these steps, users will be able to unlock the actual utility of Pi, such as shopping for goods and services, accessing decentralized applications (dApp) using Pi as a unit of transaction, and participating in the Web3 revolution.

However, despite this message attracting strong attention, Pi Core Team has yet to make any official confirmation of the implementation of the new migration phases through official and verified channels. This further increases the confusion in the community, as users do not know whether they really have to prepare for a big move.

Unlocking 276 million PI tokens could put significant pressure on the market

The situation is becoming more complicated as Pi Network is preparing to unlock 276 million PI tokens in June. This is a major event, with a total value of approximately 176 million USD, according to data from PiScan. This could create a large supply in the market and exert additional strong selling pressure, especially as investor sentiment is very weak.

This unlocking event coincides with Pi Coin still facing significant pressure from the market. Pi Coin is currently trading around 0.64 USD and has yet to escape the downward trend. Technical charts indicate that the price of Pi is still consolidating at low levels and shows no signs of a strong upward movement in the short term.

! 1 Day PI Price Chart | Source: TradingViewPi Coin is still struggling in terms of value. Although there have been short-term rallies in the past, the currency is currently facing a prolonged downtrend. The Pi price has been consistently hovering around $0.64, a weak support zone, with indicators such as the RSI and MACD both pointing to weak buying momentum and market hesitancy.

If Pi Coin is unable to maintain its current support level, it is likely that the price will continue to fall further, especially when trading volumes are low and market sentiment remains weak. The next support level will be at $0.6, and if this level is broken, the market may touch the key psychological support level of $0.4.

The Future of Pi Network and Pi Coin

With the upcoming unlocking event of 276 million tokens, Pi Network is facing a significant challenge. Not only are there internal issues related to movement and incomplete KYC, but there is also a risk of a sharp price drop in the market if there is no good preparation for this unlocking.

In order to reverse the situation and change the psychology of users and investors, the Pi Core team will need to make clearer and more specific moves. Thoroughly solving the KYC issue, improving the migration process, and providing authentic information about the Mainnet will be decisive factors for Pi Network to maintain the trust of the community and maintain the value of Pi in the future.

In the current context, without strong intervention from the development team, Pi Coin may continue to struggle to maintain its value and appeal to the user community.

The Pi Network community is facing a tough time, with unresolved internal issues and pressure from the upcoming token unlock event. In fact, Pi Coin has not yet been able to break out of the bearish trend, and the lack of transparency from the development team makes users feel uneasy. Pi Network needs to act quickly and efficiently to solve these problems, otherwise, the future of Pi Coin may become more murky.

Annie