Pi Network Struggles with Mainnet Transition as PI Token Nears Critical $0.50 Support Level
Pi Network's mainnet migration is facing significant technical challenges, including failed KYC verifications, missing balances, and 2FA authentication issues. These operational setbacks come amid a notable decline in the project's token value.
The cryptocurrency has dropped 13.7% over the past two weeks, with a 4.4% decrease this week alone. Currently trading at $0.5379, PI is dangerously close to the critical $0.50 support level, which analysts fear may not hold.
On-chain data shows concerning activity from project wallets, including the movement of 7.9 million Pi tokens from a foundation address. Three separate wallets receiving large allocations have subsequently transferred 4.5 million PI, indicating potential distribution or sell pressure.
