American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Investing

Very bad news for Pi Network holders: will the Pi coin price crash?

by admin January 31, 2025
January 31, 2025
Very bad news for Pi Network holders: will the Pi coin price crash?

Pi Network price remained on edge on Friday morning after the developers announced another extension of the Know Your Customer (KYC) verification. The Pi token was trading at $42.75 on Friday, down by over 57% from its highest level in 2024. 

Pi Network KYC grace period delayed again

In a statement, the developers said that the new grace period date will be extended to February 28. This is a big disappointment to Pi Network pioneers, who have been waiting for this process to complete as soon as possible. 

The initial grace period for the KYC was on November 30th. It was then extended to the December 31st and then to January 31st. It has been extended by another month, disappointing many users waiting for the mainnet launch.

The Pi Network said the extension will give pioneers more time to migrate their tokens to the mainnet. They expect that the more pioneers who complete the KYC verification and move their tokens to the mainnet will benefit the network. 

They hope that the extension will increase inclusivity and fairness, remedy for corner cases, and strengthen the network for the mainnet launch. 

On the positive side, the developers noted that the KYC extension will not affect the mainnet launch, which is expected to happen in the first quarter of this year. They still expect it to happen later this quarter, most likely in March. 

The challenge, however, is on how to trust the Pi Network team because of its long track record of deceiving the users. For example, in an announcement on December 27, 2023, the developers said that the intention was to launch the Open Network in 2024, which did not happen.

Read more: Will the Pi Network mainnet launch in 2024?

What next for the Pi Network price?

Pi Network price chart by TradingView

The Pi coin price has been in a strong downward trend in the past few months as the developers continued to extend the KYC verification. Judging by history, there a high chance that the February extension will be extended again. 

Also, the developers have not lived up to the previous guidelines on the mainnet launch process, meaning that the current Q1 deadline may not happen. 

The developers have a good reason to extend the mainnet launch. One of the three criteria for the launch is that they should be at least 100 mainnet-ready applications. There are now about 80 mainnet-ready apps. As such, the developers can justify another extension. 

All this bodes negatively for the Pi Network price. On the daily chart, the coin has moved below the 50-day moving average and has formed a bearish flag pattern. This pattern comprises a long vertical line and a rectangle and is one of the most bearish signs in the market. 

Therefore, the Pi Network price will likely have a bearish breakdown, potentially to the key support at $29.15, its 2024 low, and 31% below the current level. 

Read more: Is Pi Network a genuine crypto project or a scam?

The post Very bad news for Pi Network holders: will the Pi coin price crash? appeared first on Invezz

0
FacebookTwitterGoogle +Pinterest
previous post
USD/INR forms a small double-top: Is the rupee about to rebound?
next post
USD/RUB forecast: here’s why the Russian ruble is soaring

Related Posts

Peter Krauth: Silver in New Territory, Worst-case Scenario...

June 7, 2024

Cameco Shares Fall 9 Percent After Q2 Results...

August 3, 2024

Here’s why Warner Bros stock price could crash...

May 6, 2025

AUD/NZD forecast: golden cross nears after the RBA...

August 12, 2025

StrategX Expands Nagvaak Critical Metals and Graphite Discovery...

March 28, 2024

SPCE stock price analysis after the $12 billion...

March 7, 2025

Crypto prices crash as investors shift to viral...

April 8, 2025

USD/CAD analysis: hanging man candle forms ahead of...

January 10, 2025

Awale Resources Limited

February 2, 2024

Cosa Resources Acquires the Cosmo Uranium Property, Athabasca...

February 22, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • Europe bulletin: Manchester synagogue attack aftermath, stocks close higher

      October 5, 2025
    • Evening digest: Trump sets deadline for Hamas, Canada’s slowdown, BTC rebounds

      October 5, 2025
    • Iran executes six people for alleged links to Israel, state media reports

      October 5, 2025
    • US digest: Trump’s Hamas ultimatum, government shutdown stalemate continues

      October 5, 2025
    • Japanese stocks may extend record run as Takaichi win revives ‘Abenomics’

      October 5, 2025

    Categories

    • Business (4,191)
    • Investing (2,958)
    • Latest News (2,080)
    • Politics (1,536)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 americaninvesthub.com | All Rights Reserved