Pi coin price returned to the downward trajectory on Monday amidst weakness in its fundamentals. The coin was down by 5.6% at the time of writing, wiping out a substantial portion of Sunday’s gains and trading at $0.709. The coin is currently battling a sour sentiment, ranging from concerns over perceived centralisation to a more serious allegation of a potential rag pull.
The coin rose to two-month highs of $1.670 last week as investors bought into hope of a major announcement ahead of Consensus 2025 event. The event, held in Toronto, Canada between May 14-16 was one of the biggest in the blockchain industry , and Pi Network Founder Nicolas Kokkalis was a keynote speaker. However, his speech was underwhelming for Pi Network coin holders.
Kokkalis’ speech, focused on security and Know Your Customer (KYC), failing to give a much-expected update on Pi Network ecosystem development and the value of Pi Network Coin. In addition, the Pi Core Team announced a $100million venture fund, and the formation of the Pi Foundation, both of which failed to spark investor interest.
Meanwhile, Pi coin faces growing pressure with no developments on its ecosystem since the mainnet launch in February. The Network is controlled by 23 nodes, making it largely centralised. In addition, the Pi Foundation is not open to public membership, and there is no mechanism to audit the 70 billion Pi tokens it holds.
That lack of transparency makes it vulnerable to abuse and is likely to continue haunting the network. In addition, the downward pressure on Pi Network coin price is exacerbated by the massive token drop that will continue for the rest of the year. For instance, 5.7 million tokens valued at $4.04 million will enter circulation today.
Pi Network Price Prediction
The momentum on Pi Network price signals a likely continuation of the downside below $0.730. The first support will likely be at $0.752. However, a stronger momentum will break below that mark and could test $0.675.
Conversely, going above $0.730 will invite the buyers to take control. That will likely see the first barrier established at $0.752. The downside narrative will be invalid if the price breaks above that level. An extended control by the buyers could push Pi higher to test $0.777.
