Crypto Dreams Dashed: Pi Network’s Dubious Dance with Disappointment

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As the world turned its hopeful gaze towards the illustrious unveiling of Pi Network’s Mainnet on February 20, the cryptocurrency cosmos found itself in a disheartening state of affairs, as analyst Kim Wong presented a rather lackluster report.

The tremendous build-up, fueled by the fervent aspirations of many, seemingly crashed into the icy waters of reality, as Pi’s trading performance failed to scale the heights of anticipation.

Tumultuous Times for Pi Network: A Tempest in a Teapot

In a rather vocal display on X (formerly Twitter)—where one might expect flaming opinions and cat memes in equal measure—Wong lamented the trading woes.

“Trading in Pi is disappointing as pioneers keep selling and buy orders are small,” he muttered, a confession worthy of an ancient sage.

Wong highlighted the lamentable absence of substantial capital inflows, like seeds in a dry field. With the highest trade volume limping along at merely 1,000 PI, one could utter, “What of the rest? Where are the buyers?” The average trades dwindled to a meager few hundred PI, the market trend echoing a cry of lost hope.

Yet, in typical human fashion, he grasped at strands of optimism. As the sellers, like weary travelers, deplete their inventory, an opportunity for demand to outpace supply might just arise. Dreams of rejuvenation flicker like a candle in a tempest.

“Price will go up when big capital jumps in,” he speculated, as one might suggest that a fox will surely share the henhouse with its occupants.

Wong lauded the Mainnet launch as a singular milestone; a gaudy banner heralding future endeavors. Yet, the comments ignited a firestorm among Pioneers! Some, clad in their armor of conviction, reminded us that early adopters had long locked away their treasures, waiting like royalty in a slumber.
“Don’t say pioneers. I’m a first 50 miner to PI. Thank the newbies who came in the last year and bought supply off of others,” said one, proudly wielding their history.

Others, skeptical as owls under a moonless sky, raised eyebrows over the fairness of token distribution.

“The founders had 20 billion coins set aside for themselves correct? They are billionaires and you are what? The only winners are the founders. Just like everyday life—nothing changes at the top,” observed another user, wielding bitter humor like a club.

Aftermath: Pi Coin Stumbles Post-Launch to the Ground

In the cruel aftermath, the unfortunate trading performance cast a shadow over Pi Coin (PI), which was already noted for its struggles even before the grand debut. Listing on OKX at a paltry floor price of $2 sent waves of discontent rippling through the ranks of its users, who harbored dreams of soaring valuations but were met with a cold splash of reality.

“It is obvious that every Pioneer is disappointed with the listing price and not happy at all! What is the point of mining or even having the app if any random person can get 3,000 Pi coins for $3,000 from the CEX!?” lamented Dr. Picoin, his despair palpable.

He urged the Pi Core Team to ponder the implications of such pricing decisions, and yet, a vein of hope persisted as he noted the project’s long-term potential, a phoenix perhaps, waiting to emerge from the ashes.

“I still see massive potential in this project. I have been closely studying the Pi Blockchain, and it functions exceptionally well with great promise,” he pointed out, a voice in the wilderness of discontent.

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With the price sinking like a stone—46% down over a mere 24 hours—PI now swims at $0.68. In comparison, its fellows, other Smart Contract Platform cryptocurrencies, have risen the gauntlet by 1.30%, thus highlighting PI’s less-than-stellar performance amid the cacophony of trading.

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2025-02-21 10:48