- The Pi Coin community is urging the Pi Network team to adopt transparency to secure major exchange listings.
- Concerns about a lack of transparency and centralized token holdings are weighing on Pi Network’s price.
The Pi Network community finds itself at a pivotal moment, advocating for transparency to steer clear of the challenges recently encountered by Mantra (OM). Mantra and its $OM token took a nose dive of up to 90%, with a $6 billion market cap loss.
The perceived lack of openness has been a barrier to securing listings on prominent exchanges like Binance and Coinbase. Community members are increasingly vocal about the need for greater clarity to unlock the coin’s full potential and ensure its long-term viability. This push for transparency is seen as crucial for attracting investors and building confidence in the project’s future.
Will Transparency Trigger a Price Surge?
The Pi Network community believes that adopting transparency is essential to avoid a similar downturn to Mantra. Influential voices, such as Dr. Altcoin, have stressed the importance of transparency during the transition to the Open Mainnet.
The $OM incident is a wake-up call for the entire crypto industry—proof that stricter regulations are urgently needed. It also serves as a HUGE lesson for the Pi Core Team as we transition from the Open Network to the Open Mainnet, ”
he stated on X.
Major exchanges require a publicly auditable mainnet to assess key metrics, including liquidity, decentralization, and security, before considering a token for listing. Without this transparency, Pi Coin risks remaining on the sidelines, missing out on the potential for increased trading volume and broader adoption.
Another main concern revolves around the distribution of Pi Coin. Data from Pi Explorer reveals that the Pi Network team holds a substantial portion of the total coin supply. The top Pi account, PI Foundation 1, holds a balance of approximately 53.05 billion π, valued at around $33.45 billion, which accounts for 489.14% of the total supply.
The second-largest account, PI Foundation 14, holds 10 billion, worth about $6.31 billion, representing 92.21% of the supply. In third place, PI Foundation 3 has roughly 4.67 billion π, valued at $2.94 billion, making up 43.05% of the total supply. This centralization of holdings raises questions about the project’s decentralization and could deter potential investors who prioritize a more equitable distribution of tokens.
Currently, Pi Network is trading around $0.6298, down 15% in the last 24 hours, with a trading volume of $ 357.46 M. However, technical analysis indicates that the price has entered a demand zone, suggesting the possibility of a trend reversal. The Relative Strength Index (RSI) reinforces this idea, showing the coin as oversold, a condition that historically precedes price rebounds.
Overcoming the $0.73 price point would confirm a move into bullish territory. A surge in buying volume past this resistance level could pave the way for a more substantial rally, potentially exceeding $1. Moreover, securing listings on major exchanges would act as a catalyst, attracting new investors and driving the price higher, ultimately leading to a new all-time high above $3.
If the Pi Network team addresses these concerns by promoting transparency and clarifying the coin distribution process, it could greatly enhance investor confidence. The blend of active community involvement, increased transparency, and favorable technical signals points to a strong possibility of a price rebound for Pi Network.