Frustration Grows Among Pi Crypto Investors as Price Falls Below $1
Investors in Pi cryptocurrency are dissatisfied as its price drops below $1, with many facing significant losses and frustration. Initial optimism about the token’s value has waned as it is currently trading at $0.89. Concerns over potential price manipulation and market stability remain prevalent among both seasoned and new investors.
Investors in the Pi cryptocurrency are expressing dissatisfaction as the coin’s value has fallen below $1. Initially, Hoang Kha from Quang Binh Province had amassed over 1,000 Pi coins, investing more than $5,000 when prices reached $1.90. Despite the coin’s price briefly soaring to $3, it has since decreased steadily to $0.89, inducing anxiety regarding his investment, particularly since he used borrowed funds for some purchases.
In Binh Thuan Province, Le Vi, having invited many to join Pi, received over 5,000 tokens for free. He anticipated a price surge to several dozen dollars upon listing, but his expectations were unmet, prompting him to consider selling two-thirds of his holdings rather than waiting for a price recovery. Discontent with the current pricing echoes throughout the Pi community, particularly as many had predicted a substantial increase in value.
Prior to the launch of the open network, Pi supporters believed the token’s value would dramatically rise, with projections between $500 and $1,000. However, the recent decline has eroded confidence among users, as echoed by Hoang Anh, a manager of a related social media group. He indicated that while some members remain hopeful and encourage buying more tokens, others are discouraged by rapid decreases in asset value.
Experts have compared the volatility of Pi to that of meme coins and caution against potential price manipulation. The Pi Core Team stated that the total supply would be limited to 100 billion coins. Currently, wallet data shows that approximately 7 billion Pi are in circulation due to ongoing releases of tokens, causing downward pressure on the price. Veteran investor Nam Nguyen emphasized the necessity for current holders to reevaluate their positions, especially given the influx of new participants in the cryptocurrency market.
Pi Network, launched in 2019, allowed users to mine coins for free via a mobile app. Despite considerable mining activity in Vietnam, the project remains controversial, having taken nearly six years to introduce its mainnet, which launched on February 20. This launch permitted users to transfer tokens for trading, yet many remain concerned about its perceived lack of comprehensive blockchain features and transparency.
The recent decline in the price of Pi cryptocurrency has led to significant frustration among its investors. While some individuals had high hopes for the token’s potential growth, they now face challenging market realities. The project, perceived as still developing and flawed, raises questions about the sustainability of its value in the cryptocurrency market. Investors are advised to reconsider their positions, especially with the fluctuating sentiment within the community. Pi Network has yet to establish itself firmly in the blockchain space, emphasizing the need for caution among new investors.
Original Source: e.vnexpress.net
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