Pi Network is currently facing its most severe trust crisis since its launch. The token price has dropped 9.13% in the past 24 hours to $0.177, with a cumulative decline of 19.5% this week, down 87% from its historical peak. However, price fluctuations seem to have become a secondary issue, with more intense discussions occurring within the community.
“I declare that Pi has crashed,”
Some community members have openly stated, “I declare that Pi has crashed.” They attribute this entirely to the poor performance of the Pi core team, which has sparked significant dissatisfaction within the community. Given the current development pace, there will be no positive news in the next 3 to 6 months. With ongoing large-scale migrations, Pi's price is expected to fall below $0.10.
The core dissatisfaction centers around the inequality in the migration process, which has clearly divided the community. Some pioneers who have completed their first migration are already processing their second migration, while a significant portion of community members have not even started their first migration. Even more concerning, many have yet to pass KYC verification.
“Our first migration hasn’t even started, while some pioneers are already on their second migration,” one member complained. “This further exacerbates the community's resistance.”
In a subsequent post, a user signed as Dr. Pi added that if the Launchpad and Pi DEX do not go live on the mainnet soon, confidence will be hard to restore. “Many people have completely lost faith and will not return.”
The Dilemma of KYC Verification
The dissatisfaction with migration is not an isolated case. Community member Awan confirmed in a reply that despite completing KYC and submitting data to the support team long ago, the verification remains stagnant with no updates.
Others pointed out that completion of KYC verification is not guaranteed for everyone. Mohammed Musa mentioned that pioneers marked by the government for fraud or anti-money laundering violations will not be able to pass Pi's verification process. This compliance-related restriction quietly prevents certain user groups from participating in the migration, regardless of their efforts.
Data Reveals the Reality
Amid the community's anger, price data also reveals a concerning structural issue. Pi's turnover rate (measuring the ratio of trading volume to market capitalization) is only 2.43%, indicating extremely thin market liquidity.
Analysts point out that if the support level at $0.177 is breached, the next important support level will be around the yearly low of approximately $0.15. To signal any stabilization or even a trend reversal, the price needs to rise above $0.20.