Pi Network Faces Continued Criticism as PI Records a Sharp Plunge
- Pi Network faces criticism from its community due to its KYB delays.
- PI took a sharp plunge today and made a comeback, trading at $0.59.
Pi Network is slowly turning into a controversial topic in the crypto industry. The reputation it has built over the past few years is at stake due to its network delays. Major crypto exchanges distanced themselves from listing Pi coins as the project is lacking transparency and has network issues.
One of the major issues about the Pi Network that has surfaced recently is its delay in processing Know-Your-Business (KYB) requests. KYB approval from the Pi Network is essential for any project to officially launch on its network. As these requests are facing delays in processing, developers are choosing other platforms.
PiDaoSwap made a post on its official X account expressing its impatience over Pi Networks KYB delays. It submitted a KYB application 15 working days ago, and there has been no progress on the process. Since the foundational framework of PiDaoSwap was completely developed, the team decided to choose Binance Smart Chain as a temporary solution.
Pi Network (PI) Market Price Makes a Comeback After Sharp Plunge
Pi coin market price is trading at $0.66 at press time after hitting an all-time low of $0.407 earlier today. Its price took a sharp plunge a few hours ago, but made a comeback within a couple of hours and went above the $0.6 price level. While its market cap is hovering around $4.45 billion, its 24-hour trading volume surged by 91%.
Pi coin price has been on a downward price movement as the network continues to face criticism over its failure to address issues. Some of the pioneers reported KYC issues and Pi coin losses. The team didnt address these issues and made announcements of events such as PiFest on top of it.
Major crypto exchanges such as Binance and Coinbase didnt make any announcements regarding the Pi coin listing. The lack of transparency, combined with network issues, is further pushing the Pi coin market price downwards. Until the core team of the project comes forward and addresses its communitys concerns, there is no hope for the project to make a recovery.
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Read more: https://thenewscrypto.com/pi-network-faces-continued-criticism-as-pi-records-a-sharp-plunge/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
