Pi Network Migration Issues Continue: Users Left in a State of Limbo

"Please check your checklist and complete any items that show yellow," advises Pi News. Earlier this week, the X Pi News ( account claimed to be the source of news about the controversial cryptocurrency project Pi Network) and provided important advice. It urges users to see their PI wallet marked in yellow to reconfirm and complete two-factor authentication to qualify for the second transfer. "Validate your checklist and complete any items that show in yellow," the guide writes. Many PI users commented on the post complaining that the issue still persists even after following the steps mentioned above. One person claimed they had done it multiple times but the balance still was not transferred. Others revealed they had issues with the first migration phase and wondered why the Pi Network team did not execute it correctly before moving on to the second phase. The project, launched in 2019, finally released its native token and Open Network in February of this year. Despite those milestones, many continue to struggle with the verification requirements and moving to the mainnet. The KYC process ( is referred to as the Extension Time ) which aims to ensure that all users complete the necessary steps before March 14. Otherwise, they risk losing most of their minted PI tokens. Although the process is not extended, the developers have allowed some Pioneers to bypass two-factor authentication (2FA) via a trusted email before their vaults are successfully migrated to the mainnet blockchain. PI Price Outlook Despite a small increase in the last 24 hours, the price of PI is still deeply negative on a weekly basis, currently trading at around $0.64 according to CoinGecko.

The price is also down 78% from the all-time high of $3 recorded in February, while some factors suggest the decline could intensify in the near term. One potential factor is the massive unlocking of tokens scheduled for the next 30 days. The data shows that more than 280 million coins will be released during that time period, with the record date of June 11 (14 million PI).

Although this development does not guarantee mass liquidation, it provides people with the opportunity to sell their tokens, potentially increasing selling pressure. Some users on X also predict an additional drop. Joe Swanson recently stated that PI has formed an "inverted cup & handle" according to textbook definitions, considering this a "classic bearish continuation." This analyst envisions a drop to $0.40 if the price falls below $0.55. "The weak structural trend is decreasing. Caution is needed," they advised.