- Pi Network introduces 2FA for secure migration, but Pi Coin faces market pressure with a 23% price drop and token unlock events ahead.
- Pi Coin’s technical indicators suggest consolidation, while increased trading volume and 2FA requirements add uncertainty to future price trends.
Pi Network has introduced an update to its security measures with the addition of two-factor authentication (2FA) for wallet protection. This progress comes as the network prepares to migrate its native token, Pi Coin, to the mainnet. While the move adds security for Pioneers, Pi Coin’s price has fluctuated, raising questions about its capability in the coming months.
To ensure the safe migration of Pi Coin to the mainnet, Pi Network has mandated two-factor authentication (2FA) for Pioneers. This added layer of security will be required for users to successfully migrate their balances from the testnet to the mainnet blockchain.
According to the Pi Network Core Team, the 2FA feature protects user wallets and accounts from unauthorized access and ensures that Pi Coins are securely transferred to their rightful owners.
Pi Network has released two-factor authentication (2FA) for wallet confirmation that requires some Pioneers to complete 2FA using a trusted email before their Pi is successfully migrated to the Mainnet blockchain. https://t.co/A9CRrq9noy
This secures and confirms Pioneers’ Pi…— Pi Network (@PiCoreTeam) March 19, 2025
The implementation of 2FA is mandatory for those in the 14-day pending period after their initial migration. If users fail to complete the 2FA process, their coins will be returned to the mining app, but they will not lose any of their Pi.
However, successfully completing the process will allow users to migrate to the mainnet without issue. The Pi Core Team emphasized that this feature aims to secure Pioneers’ wallets while maintaining the integrity of the blockchain.
Pi Coin Faces Market Pressure Amid Wallet Upgrade
In addition to the security upgrade, Pi Coin’s price has been facing increased pressure in the market. Over the past week, the coin has seen a 23% drop, causing its market cap to fall below $8 billion and its ranking to slip from 11th to 16th place among other digital currencies.
Despite this, the token has seen some minor recovery, bouncing off a support level of $1.0. According to the latest data, the price hovers at around $1.15, decreasing by 0.46% over the past 24 hours.
The trading volume for Pi Coin has increased by 6.85%, indicating that there is still active market participation despite the price drop. The increase in volume could suggest that investors are anxious about further price movements with the ongoing migration process and 2FA requirements.
Technical Analysis: Price Action Shows Consolidation
On the technical side, Pi Coin’s price chart shows a possible breakout soon. The coin’s 15-minute chart has formed a symmetrical triangle pattern, often seen as a consolidation phase before a price movement. This pattern signifies indecision in the market, with price fluctuations within converging trendlines, which could precede either a surge or decline.
The Relative Strength Index (RSI) of Pi Coin stands at 35.55, signaling that the coin is nearing an oversold condition. Moreover, when the RSI approaches 30, the market is close to bottoming out, indicating a reversal. However, the market sentiment remains cautious, and the direction of the breakout remains uncertain.
Unlock Events and Market Sentiment
Adding to the market’s uncertainty, Pi Coin is facing a token unlock event. Approximately 129 million Pi Coins, valued at $175 million, are set to be released this month. Such events could create selling pressure, as the unlocked tokens often end up in the hands of new holders who may sell them.
Additionally, as we highlighted in our post, Pi Coin is still awaiting listings on major exchanges like Binance, which has yet to confirm any plans to list the token.