The native cryptocurrency Pi Coin of the Pi Network has seen a significant erosion of value, dropping an additional 20% today and sliding below $1. The initial excitement surrounding the mainnet launch seems to be quickly fading as the PI cryptocurrency extends its weekly losses to over 43%. As a result, this altcoin has fallen off the list of the top 20 cryptocurrencies, from 11th place last week.

The Excitement of Pi Network is Quickly Fading

The excitement around Pi Coin seems to be rapidly diminishing as Binance continues to delay its listing plans, which has significantly affected market sentiment.

Another common complaint among Pi Coin investors is the lack of a clear roadmap for the launch of Open Mainnet. While other cryptocurrency projects have provided transparent timelines, the future plans of the Pi Network remain vague. This has led to increasing discussions about whether Pi is a scam. To clarify this issue, Dr. Altcoin, who is closely involved with the project, stated:

"Clearly, there is a lack of communication and transparency from the Pi Core Team, which may lead some to misinterpret Pi Network as a scam. However, I have been involved in this project for many years and have not found enough evidence to label it as such."

The analyst further stated that the Pi Core team needs to enhance effective communication efforts with the Pi community and not leave any gaps in the process.

Where Will the Pi Coin Price Go Next?

The Pi Coin price has plummeted vertically over the past week, breaking through key support levels of $1.4, $1.2, and $1.0. This significant correction comes ahead of the Pi token unlock event this week.

While the token unlock is a major concern for investors, recently, a large number of Pioneers in the Pi Network community have also locked up their PI stakes.

Currently, the next support threshold for the Pi Coin price is $0.82. Cryptocurrency market analyst Kripto Bilgi stated that the sentiment surrounding this altcoin is very weak while predicting the price will drop to $0.30. Additionally, the Pi price prediction also hints at an upcoming bearish phase for this asset.

Current Developments in the Ecosystem

The recent auction of .pi domains and the introduction of the domain tab in the Pi Browser is a significant step forward for the Pi Network. This development aligns with the Pi Network's vision for a decentralized, Web3-focused ecosystem.

.pi domains can serve as digital addresses for websites, services, or applications running on Pi, accessible through the Pi Browser or other Web3-compatible platforms.