PI Community Coin price has plummeted 85% from its peak earlier this yr. As of Sept. 3, PI coin price was buying and selling at $33.90, marking a 12.31% drop up to now 30 days. Regardless of its launch in 2022, Pi Coin stays distinct from the principle Pi Community undertaking, buying and selling on a restricted variety of exchanges with low quantity.
A Grim Reflection of the Broader Crypto Market
The downtrend in PI Community Coin mirrors the broader cryptocurrency market. Bitcoin has skilled a drop of over 20% from its peak this yr, whereas Ethereum has plunged by greater than 38%. This market-wide downturn has been accompanied by an enormous drop within the crypto concern and greed index, which fell from a excessive of 90 in March to 26 as of Sept. 4.
The community’s issues are getting worse as your complete cryptocurrency market takes a success. In response to DeFi Llama, decentralized exchanges processed $181 billion in August, a drop from $198 billion in July.
Pi Community Mainnet Launch Delays Add to Investor Frustration
Delays in Pi Community’s mainnet launch have raised investor considerations. The latest introduction of in-app Grace Interval reminders highlights the urgency for customers to finalize their Know Your Buyer (KYC) course of earlier than the Sept. 30 deadline, including to the already rising frustration throughout the group.
Initially anticipated to launch this yr, the repeated delays have left many buyers questioning whether or not the mainnet will even go reside in 2024. The Pi Community crew set out three vital milestones for the mainnet’s launch. First, they should full Know Your Buyer (KYC) verification for almost all of its pioneers.
The primary milestone is finishing KYC verification for many pioneers. Whereas over 13 million pioneers have transitioned to the mainnet, the verification course of continues to be dragging on with no clear finish in sight. The latest Pi Pockets improve was meant to assist velocity issues up, however many consider it’s not sufficient to repair the underlying issues.
The platform desires to have no less than 100 decentralized functions (dApps) in its ecosystem. Nonetheless, with fewer than 50 at present lively, this goal appears robust to hit, including to the doubts concerning the undertaking’s readiness for its mainnet launch.
Different tap-to-earn tokens are additionally struggling. Hamster Kombat has seen its price crash over 80% from its all-time excessive, and Notcoin has fallen greater than 71% from its peak.