The Pi Network, once a promising player in the cryptocurrency space, is facing a significant decline in both its usage and trading activity. Recent data has revealed a concerning trend as the network’s testnet and mainnet now show nearly zero activity, raising questions about its future viability.
Decline in Activity and Trading Volume
According to a viral post shared by a user on X (formerly Twitter) known as Dr Pi, both the testnet and mainnet of Pi Network have experienced a sharp drop in usage. On the mainnet, most of the limited activity is attributed to user migration, while other ecosystem operations seem stagnant. Furthermore, the network’s trading volume has dwindled to just $23 million in the past 24 hours. This marks a substantial drop from the $72 million trading volume observed at the beginning of September.
As of now, Pi is trading at $0.3485, positioning it dangerously close to its all-time low of $0.33. Experts are warning that without significant improvements in usage and sentiment, Pi could slip further in value.
Growing Discontent Among the Pi Community
Frustration is mounting among Pi Network users as developers continue to face delays and uncertainties regarding the project’s full migration to the mainnet. Many participants in the Pi ecosystem have been waiting since 2021 for a clear roadmap or migration strategy, yet updates remain scarce.
Dr Pi noted that these delays in providing a concrete plan, coupled with compliance issues, are causing many investors to lose confidence in the cryptocurrency. “The Pi community is extremely disappointed. Developers don’t even know when their projects can connect to the mainnet,” he added.
This lack of transparency and direction is leading to a fading interest in the network. For investors and miners who had initially been optimistic about its potential, the project’s stagnation represents a major setback.
Can Pi Network Recover Its Ground?
Despite these challenges, some analysts continue to remain hopeful about Pi Network’s potential. They argue that the network could still climb back if it manages to regain community trust and introduce the long-awaited migration plan. From a technical perspective, experts suggest that Pi would need to reach $0.360 to avoid slipping below its all-time low — but achieving this threshold amid current conditions seems like an uphill battle.
For users and investors still betting on Pi’s recovery, staying informed is crucial. Maintaining diversification and considering established cryptocurrencies can also be a prudent strategy. If you’re exploring opportunities to diversify your crypto portfolio, tools like the Ledger Nano X, a trusted cryptocurrency hardware wallet, can help securely store your investments.
As the cryptocurrency market continues to evolve, only time will tell if Pi Network can overcome its current challenges and deliver on its promises.