Pi Network’s Deafening Silence Raises Questions About Project’s Credibility
NOIDA (CoinChapter.com)— Since announcing the Grace Period for KYC, the Pi Network team has maintained an unsettling silence, leaving its community in the dark regarding the progress toward the mainnet launch.
The lack of communication has only amplified the concerns about the project’s credibility and direction.
Recently, Pi Network congratulated participants of the Pi2Day Progress to Open Network challenge, highlighting their completion of essential tasks and exploration of the ecosystem, and emphasized that community engagement propels their journey towards the Open Network.
While this tweet celebrates community engagement, it conspicuously omits any mention of tangible progress towards the mainnet launch. This vagueness further fuels skepticism among traders and investors, especially after the grace period announcement
Pi Network and The Red Flag of Silence
The absence of clear communication from the Pi Network team is a glaring red flag. Transparency and timely updates are crucial for maintaining trust in any project. Pi Network’s silence has led to growing frustration and speculation.
Meanwhile, delusions of hopium-fueled Pi Network fans continue to entertain. The platform’s shilling team has made some very far-fetched claims in the past, such as Elon Musk was likely to accept PI coins as a mode of payment or the latest one about the US government backing Pi Network development.
The wild claims about the US government come from the trusted Pi Network shilling site, Hokanews.
Some die-hard fans are even deluding themselves with wild fantasies, such as Nicolas Kokkalis being Satoshi Nakamoto. This level of delusion underscores the desperation and confusion within the community.
Despite relentless shilling and over-the-top media campaigns, the project’s credibility is now under scrutiny. Traders are openly questioning the Pi Network team’s intentions. The skepticism is clear in tweets such as one by a user Pi Decrypting, who states that the Pi Network developers are “always deceiving users? Isn’t it?“
The user also advised others to keep waiting for a long time for the Pi Network mainnet launch.
Such sentiments reveal a growing distrust and impatience among the community. The Pi Network team must address these concerns with clear and concrete updates on the mainnet launch to restore confidence and quell the rising doubts.
PI Coin Price Action Remains Horizontal
Meanwhile, due to the lack of positive news or basically any cues, the PI coin IOU price continued its lateral movement. The token rallied nearly 7% on July 21 before paring some of its gains on July 22.
Given the general lack of vigor in the token’s price action, it is unlikely that the PI INR pair would start a massive bullrun. If it somehow happens, the PI coin IOU price would likely face resistance near ₹3,790 and ₹4,200.
On the other hand, a bearish turn from here for the PI coin IOU price could see it test the support levels near ₹3,290 and ₹3,000 before recovering.
The RSI for the token remained neutral, with a score of 57.66 on the daily charts.
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