Pi Coin has experienced a sharp decline, dropping over 20% today and falling below the $1 mark. This marks a continuation of its poor performance, with the coin losing more than 43% of its value over the past week. 

The excitement surrounding the mainnet launch is quickly fading, and Pi Coin has slipped out of the top 20 cryptocurrencies, down from the 11th spot just last week.

What is Causing The Decline?

Notably, Pi Coin’s value has declined due to delays in its listing on major exchanges like Binance and Coinbase. Initial optimism surged when these platforms hinted at a potential listing, but the failure to follow through led to a decrease in demand for the coin.

Another common concern is the lack of a clear roadmap for the Open Mainnet launch. While other crypto projects offer transparent timelines, Pi Network’s plans remain uncertain, leading to rumors and discussions about whether it’s a scam. 

Transparency Issues and More

Dr. Altcoin, who has been closely involved with Pi Network, clarified that while there is a communication gap, there is no solid evidence to label Pi Network as a scam. However, he emphasized that the Pi Core Team needs to improve transparency and communication to restore investor confidence.

In a series of posts on X (formerly Twitter), Justin Bons, founder of CyberCapital pointed out several issues with the network. He suggested that contrary to its claims of decentralization, Pi Network remains heavily centralized. 

Bons also criticized the five-year-delayed mainnet launch, calling the network’s promises of innovation and decentralization misleading. He also claimed that Pi Network’s core technology was copied from Stellar (XLM).

Token Unlock Ahead, More Decline Further?

Pi Coin’s price has dropped significantly, falling below $1.0 ahead of the upcoming token unlocking event. The upcoming release of 129 million Pi coins, worth $140.61 million, is expected to negatively impact the coin’s value. Large token unlocks like this have historically led to price declines.

Investor concerns over the token unlock have intensified, and many members of the Pi Network community, known as Pioneers, have started locking up their PI holdings off as well.

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