Pi Network's highly anticipated Mainnet launch on February 20 was met with disappointment by cryptocurrency analyst Kim Wong, who expressed concerns over the project’s trading performance.
Despite the buzz and high expectations leading up to the Mainnet launch, PI's trading activity has fallen short of the hype.
Wong turned to X (formerly Twitter) to voice his frustration, stating, “Trading in Pi is disappointing as pioneers keep selling and buy orders are small.”
He pointed out the lack of significant capital inflows, noting that trade volumes were generally low, with the highest observed volume at around 1,000 PI while averaging only a few hundred per trade.
However, there might be a glimmer of hope according to Wong. He suggested that as sellers deplete their holdings, the market dynamics could shift in favor of demand surpassing supply, potentially driving prices up.
“Price will go up when big capital jumps in," Wong noted.
Moreover, Wong highlighted the Mainnet launch as a significant milestone for Pi Network, setting the stage for future growth. He had previously spoken in defense of Pi Network, emphasizing its real-world applications and scalability.
Despite Wong's insights, reactions within the Pioneer community were mixed. Some early adopters stressed that long-term holders had locked their supply for years already.
Some Pioneers expressed skepticism regarding the token distribution, questioning its fairness and pointing out the substantial coin reserves set aside for the project's founders.
After the lackluster trading performance, the price of Pi Coin (PI) took a hit, further exacerbated by its listing on OKX at a floor price of $2. This disappointment led some users to question the purpose of their mining efforts or app usage.
Despite the current challenges, vocal supporters like Dr. Picoin emphasized the project's potential and urged the Pi Core Team to reconsider the listing price’s effect on the community.
“I still see massive potential in this project. I have been closely studying the Pi Blockchain, and it functions exceptionally well with great promise,” Dr. Picoin remarked optimistically.
While the Pi community remains hopeful about the project's future, the market's response has been less than favorable, with PI experiencing a 46% drop in price over the past 24 hours to trade at $0.68. This underperformance in the market contrasts with the growth seen in other Smart Contract Platform cryptocurrencies.
Overall, while challenges abound, there is cautious optimism within the Pi community for the project's long-term success and growth.