Account Sales on Pi Network as Users Encounter Challenges during Mainnet Migration
In the ongoing transition of Pi Network from an experimental phase to broader decentralized app adoption, users are encountering a series of technical and verification hurdles. These issues are causing price volatility and mixed market sentiment as the project moves towards creating real economic value.
**KYC and Verification Delays**
Many users have been stuck at the "Tentative KYC" status due to additional regional verification requirements, preventing them from completing migration. Recent updates have unblocked over 500,000 such users, but individual timing still depends on completing specific verification and actions.
**System Bugs and Wallet Issues**
Users report blank or missing wallet balances, app crashes, and failures in Know Your Customer (KYC) processes despite completing them, causing frustration and raising concerns about system stability and user trust.
**Migration Stability and Throughput**
Although Pi introduced dedicated blockchain API servers to separate migration traffic and improve throughput and stability, some users still face delays completing the migration process.
**Security Threats**
As migration accelerates, security threats have increased, requiring more robust protections to maintain network integrity during this critical phase.
**User Exit and Behavior Changes**
Despite 4 million users leaving, the overall pioneer base shows resilient growth. The shift from incentivized “clicking buttons to accelerate” to real ecological contributions changes user engagement dynamics.
**Impact on PI Price**
The price of Pi Coin has been fluctuating amid these technical challenges and market uncertainties, reflecting both the growing pains of mainnet launch and user confidence issues. The migration deadline imposes economic consequences: assets not migrated within 30 days may face delays in release for up to a year, influencing market supply and demand dynamics.
The ongoing transformation—mainnet launch, compliance framework roll-out, and dApp ecosystem growth—is reinforcing Pi’s economic viability, but volatility and security concerns still affect price stability in the short term.
**Illegal Account Sales and Lock-up Periods**
Accounts sold illegally could be invalidated, potentially causing buyers to lose access. At least 62.6% of all accounts are locked for three years, with around 1.1 million accounts locked for six months and nearly 1.6 million accounts remaining locked for one year.
**Community Support and Price Decline**
Despite these challenges, Pi Network received 88% community support in Binance's new voting model, potentially indicating a future listing on the platform. However, the ongoing issues with Pi Network are reflected in its declining price. In just the past week, PI has experienced a 20% drop in value, and as of today, PI is priced at $1.39, which is 110.79% below its all-time high of $2.93. Pi Network has over 11.5 million accounts, but most of them remain locked.
Market uncertainty, migration issues, and frustrated users selling accounts are contributing to bearish sentiment. Users are advised to exercise caution during this transitional period and to seek reliable sources for updates and guidance.
- To mitigate the ongoing bearish sentiment, Pi Network should consider addressing the various technical issues affecting wallets, KYC processes, and migration delays, offering users more options for resolution.
- As technology advancements continue to reshape the landscape of cryptocurrency, Pi Network could explore implementing innovative solutions to secure bitcoin-like features within its platform, bolstering user trust and fostering market confidence in its economic potential.
