Ah, the Pi Network, a curious little creature in the vast wilderness of cryptocurrency, seems poised to miss the ongoing bull run. The whispers of concern regarding token sales by the Pi Foundation, the specter of centralization, and the ominous token unlocks linger like a bad smell in a poorly ventilated room.
As of this fine Thursday, Pi Coin (PI) is trading at a modest 0.8100 dollars, just shy of this week’s high of 0.8610 dollars. One might say it’s like a child who has fallen behind in a race, trailing 51 percent below this month’s peak and a staggering 73 percent lower than its all-time high. Quite the underachiever, wouldn’t you agree? 😅
While Bitcoin (BTC) dances joyfully to record highs and altcoins leap like gazelles, Pi Network’s price has taken a step back. This is reminiscent of last week’s performance following the launch of Pi Network Ventures, which, despite its grand ambitions to invest 100 million dollars into startups, has not addressed the pressing issues at hand. Centralization, ongoing token unlocks, and a conspicuous absence from major exchanges remain unaddressed, much like a neglected garden.
One cannot help but raise an eyebrow at the lack of transparency surrounding the Pi token sales. According to the astute blockchain analyst Dr. Altcoin, the foundation has created a staggering 22,000 wallets, hoarding over 92 billion tokens. It’s as if they are preparing for a rainy day that never comes!
Dr. Altcoin has even pointed out a recent transfer of 1.4 million tokens from a four-year-old wallet to a shiny new one, only to be sold on Gate.io, one of the few exchanges that dare to list Pi Coin. The PiScan platform has reportedly identified several similar transactions, raising more questions than answers. 🧐
Pioneers, if you are still in doubt—here is more evidence.
Check these two wallet addresses:
1. Wallet Address:
GASIC7B3HWF2GAI7HWUOZADMY6KW6NDIYI4WMB2XYXT3M4AU2J3WVDBNCreated 4 years ago by Pi Foundation 4 with a balance of 2 million Pi.
It is one of the 22000 wallets…
— Dr Altcoin (@Dr_Picoin) May 22, 2025
Moreover, the daily token unlocks are akin to opening a floodgate during a drought, increasing supply when demand is as muted as a church mouse. This month alone, 110 million coins are set to come online, with 254 million in June and 233 million in July. In total, a staggering 1.507 billion coins will be unlocked in the next year. Talk about a party no one wants to attend!
Centralization remains a thorn in the side of this project, with foundation-controlled wallets reportedly holding over 90 billion tokens. This concentration raises eyebrows and risks for the network, especially if security vulnerabilities are discovered. It’s like putting all your eggs in one basket and then wondering why the basket is so heavy!
Pi Network price technical analysis
The four-hour chart reveals a sharp decline in Pi Coin’s value, plummeting from 1.6692 dollars last week to a mere 0.8180 dollars. The price has formed a bearish flag pattern, a continuation setup that typically consists of a sharp decline (the flagpole) followed by a period of consolidation within parallel trendlines (the flag). The flagpole began its descent on May 12 and ended on May 17.
Currently, Pi Coin is forming the flag section of this pattern. If the structure plays out as expected, a bearish breakdown may follow, with the next support level to watch at 0.6585 dollars, the low from May 17. A break below that level could send it tumbling further down to 0.5545 dollars, the lowest point reached on April 29. Quite the rollercoaster ride, wouldn’t you say? 🎢
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2025-05-22 19:59