Pi Network users are outraged because most of the users are receiving zero token balances following a recent wallet migration. Despite going through all the correct procedures, most Pioneers cannot retrieve their tokens. The situation has raised doubts over the integrity of the project and has also sparked community-level mistrust of the project.
Wallet Migration Problems with the Pi Network
The majority of the users cannot view their token balances after the migration, report indicates. The Pi Network Core Team cautioned users against locking their wallets and not giving recovery phrases to other people. The reminders come at a time when there are yet-to-be-solved problems with token migration.
Frustrated users have taken to the internet to express their concerns, explaining that despite completing all migration processes over the past five years, their tokens were never properly mapped. The community is requesting that the Core Team move with a sense of urgency now that the Pi Day 2 milestone draws near.
Pi Coin Price Drop Amid Market Uncertainty
At the same time, the price of the Pi coin is also experiencing extremely high volatility. According to data from Coingecko, the price dropped close to 3% from its peak worth of $0.65 to $0.63 within a period of 24 hours. The market mood is likewise bad since the trading volume dropped more than 12%, to $56 million.
On-chain data indicate that the Open Interest of the Pi Network has fallen over 50% since mid-March, which indicates decreased appetite for risk among investors. The prediction indicates that the price will drop further to $0.16 if it falls below the critical support level of $0.38.
Pi Network now faces heavy scrutiny as users report losing their tokens during migration, raising questions about the project’s sustainability. While it keeps losing value, doubts regarding its sustainability made headlines.
