Pi Network (PI) Struggles With Bearish Trend Despite Migration Hints and Hackathon Launch

Pi Network (PI) continues its downward trend, losing over 1% as bearish momentum strengthens within a falling channel pattern. The decline persists despite two key developments: a moderator's hint at a potential second token migration in 2025 and the launch of Pi Hackathon 2025.

Community sentiment remains divided as the Hackathon announcement faced skepticism. The event, offering 160,000 PI in prizes to boost Mainnet development, failed to inspire confidence among Pioneers. Questions linger about the abrupt discontinuation of monthly hackathons since 2023, with some anticipating similar issues in this iteration.

A Pi moderator's vague response regarding a possible second migration event this year has added uncertainty. The volunteer's comment "I do think it can" in reply to migration queries precedes an upcoming meeting between moderators and Pi Network founders, leaving the community speculating about the project's future plans.