Is Pi Coin the Scam Ben Zhou Warned About? Pi Network Community Loses Faith as Leadership Stays Silent

Pi Coin price has experienced a sharp decline below the $0.70 mark. This has been accompanied by increasing community frustration and reduced trading activity for the token. Pi lost approximately 20% of its value last week, signaling growing uncertainty within its ecosystem. Despite developers’ efforts to engage users through initiatives like PiFest, skepticism about project leadership and transparency continues to rise.

Investors and community members express concerns about the falling Pi mining rate, which recently decreased by 1.18% to 0.0029030 Pi per hour. Many believe this reduction, along with unclear communication from developers, contributes to declining market confidence. Technical indicators suggest a potential support level at $0.60. Establishing a bullish trend, however, requires a breakout above $0.72.

Market Trends Indicate Bearish Sentiment

Pi’s market performance has been trending steadily downward. Trading volumes plummeted significantly by 52% to $148 million in daily transactions. Pi currently trades nearly 77% below its all-time high. This performance raises concerns about the network’s long-term viability. If current patterns continue, Pi Network price might approach its all-time low ($0.6152 recorded February 2025).

Technical analysis indicates Pi Network is developing a falling wedge pattern. This pattern suggests potential price recovery if specific resistance levels are breached. Analysts caution, however, that a Pi Coin price drop below $0.7100 could cause an imminent decline toward $0.6900. Investors closely monitor if this cryptocurrency can surpass the $0.73 resistance level. A break above $0.73 might signal a reversal from the current bearish market trend.

Community Discontent Over Transparency and Leadership

Growing dissatisfaction regarding the project’s leadership exists within the Pi Network community. The lack of clear and frequent communication from the Pi Core Team is particularly frustrating for community members. Many users believe the monthly updates provided by the team are insufficient. They complain that these updates leave them uninformed about critical developments within the network. This frustration has led to calls demanding new leadership with stronger cryptocurrency expertise.

Additionally, worries about the declining Pi mining rate fuel speculation about waning project interest. Some community members argue that lower mining rewards, combined with a struggling performance in the market, deter potential new adopters from joining the ecosystem. These elements have complicated the negative sentiment surrounding Pi Coin price’s short-term outlook.

KYC Controversy and Privacy Concerns

Controversy surrounding Pi Network’s Know Your Customer (KYC) protocols adds to its problems. A recent decision mandating email-based two-factor authentication (2FA) faces resistance as many participants view it as a violation of their privacy. This change aimed to solve SMS authentication issues in various regions. However, it has ignited debates about data security practices within the network.

Pi Network is adding email-based two-factor authentication to the overall account management and verification. https://t.co/UeoJ0F8H17

This change addresses challenges with current SMS (text message) account verification, improves security, and lays the groundwork for future…

— Pi Network (@PiCoreTeam) March 29, 2025

The broader cryptocurrency community previously expressed concerns regarding the project’s strict identity verification requirements. Some claim these rules contradict blockchain’s decentralized qualities. Allegations suggesting Pi Network operates as a scam have further damaged its reputation. This situation intensifies selling pressure on Pi. Investor confidence may continue to decline unless these concerns are directly addressed.

Can Pi Coin Price Recover?

Some analysts believe Pi retains recovery potential despite the current bearish market outlook. This possibility depends on breaking key resistance levels and regaining community trust. Optimistic predictions suggest Pi Network price could eventually rise toward the $3 mark. Given current trends, however, trading below $0.60 appears more likely in the coming weeks.

The project must address transparency issues to achieve any significant turnaround. Improving community engagement and offering clearer future roadmaps are also necessary steps. The coming days are critical for determining Pi’s short-term price trajectory. Price movements between $0.7200 and $0.7250 will likely be decisive factors. A clear break above the $0.73 level could reignite bullish market momentum, while further price declines might push Pi below $0.69, worsening stability concerns.