- Summary:
- Pi Network Coin is about to form a death cross after the Pi Core Team postponed Open Network migration for the umpteenth time.
The Pi Coin network has kept its faithful community, affectionately referred to as Pioneers, on the edge for a long time. The Pi Core Team has built a reputation for not honouring its word on migration to the Open Network, with the latest one happening on January 31st.
Multiple Postponements Weigh in Pi Network Coin
After going through demanding tasks ranging from signups, mining, KYC verification and even trading in risky Pi IOU coins, investors were hopeful that the moment had finally come when they would experience what it means to hold Pi Coin in real economic terms.
However, the Pi Core team sent a familiar message on social media platform, X on January 31, stating that the Grace Period deadline for the migration to the mainnet had been postponed to February 28.
The team explained that the postponement did not was meant to give users adequate time to transfer their assets and complete their Know Your Customer (KYC) verification requirements. Also, it said that the transition to the Open Network mainnet could still happen before the Grace Period ends. Furthermore, the team maintains that the transition will still happen in the first half of 2025.
Despite the assurance, the Pi Network coin waters are currently muddied. Seemingly endless postponements have injected a sour sentiment in the coin’s outlook and a total loss of confidence in some instances. In addition, the widely traded Pi IOU coin has slumped sharply in the aftermath of the postponement.
The coin’s price has declined by 6% in the last 24 hours as of this writing, and is about to form a death cross. Such a cross happens when the 50-SMA line crosses below the 200-SMA. For context, the coin price was at $87 on November 24th, and it currently trades at $40, meaning it has lost about 54% of its value in just eight weeks. These factors underline a strong downward momentum that could extend Pi Network Coin depreciation.