Pi Network price crashed at the start of the week as Bitcoin and most altcoins plunged. It dropped by almost 20% on its worst day since November. Pi coin faces substantial risks ahead that could push it to more downsides. The most notable ones are a potential mainnet launch delay, the ongoing crypto crash, and its weak technicals.
Pi Network Price May Drop If The Mainnet Is Delayed
The biggest risk that the Pi coin faces is a potential mainnet delay. Indeed, the token has already fallen by over 50% since the developers postponed the grace period for the KYC migration in November. They moved it to December 31 and then pushed it again to January 31.
The justification for this mainnet launch delay is that many pioneers are yet to migrate their Pi coins to the mainnet. In the December statement, they noted that they were 2 million pioneers short of the 10 million target. Just recently, they said they had already crossed the 9 million mark, meaning the 10 million target may be achieved by J
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