Delusions Persist Amid Uncertainty About Pi Network Grace Period
NOIDA (CoinChapter.com)— A recent tweet from the Pi Network-following X handle, r/PiNetwork, has sparked speculation about the status of the KYC grace period, particularly concerning minors. The platform introduced a grace period to meet the requirements for its planned mainnet launch.
The tweet suggests that the Pi Network developers are evaluating the impact of the grace period on minors from both legal and network perspectives.
Moreover, the statement that r/PiNetwork shared indicates that until a final decision is made, the situation remains in limbo, leading some to speculate that the grace period might be paused for everyone.
The ambiguity could further sow dissent in the Pi Network community, who are awaiting further updates on the oft delayed mainnet launch. Additionally, it is unclear what is the source of the statement, since the post did not mention where the Pi Network developers shared their statement.
Deluded Fans Using PI Coins For Real World Transactions
In parallel, Pi Network enthusiasts continue to use Pi coins to purchase real-world items despite the team not yet launching the token. Transactions include high-value items such as cars, with claims that the Pi Network token is worth $314,159 per coin in some cases.
The valuation is purely speculative and not supported by any formal market trading, as the Pi Core Team has denounced IOU (I Owe You) prices that appear on some exchanges.
For instance, videos and tweets showcase users buying goods and services, including electronics and vehicles, using Pi coins. These transactions usually assume an arbitrary and inflated value for the PI coin with no basis in reality. Enthusiasm and belief among followers are necessary for any crypto project.
However, when the same enthusiasm enters the delusion and psychotic mania region, it raises concerns about the financial prudence of these actions.
The adoption of such high, arbitrary prices poses significant risks. Users might be engaging in transactions based on inflated expectations of Pi’s future value, which could lead to repercussions if the coin fails to achieve the anticipated market acceptance or value when and if it launches.
The Pi Core Team cautions against speculative prices, urging real-world transactions to reflect true market value when Pi becomes tradeable.
Pi Network Token Price Remains Near Constant
Pi is a mathematical constant, and the Pi Network token’s price is on the path to becoming one itself. The PI to USD conversion rate remains range-bound and near constant.
Moreover, despite so many traders assuming weirdly wild prices for the Pi Network token, the token’s price action has remained steadfastly boring. Even trading pairs with other currencies, like the PI INR pair, have remained flat.
If the Pi Network token price decides to break out from its horizontal movement and rally, the PI USD pair will face resistance near $40.3 and $43.6.
Conversely, a downtrend could result in the PI coin price testing support near $36.5 and $34 before recovering.
The RSI for PI coin remained neutral, with a score of 47.24 on the daily charts.
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