The post Is Pi Network Dying? Testnet Stalls While Price Nears All-Time Low appeared first on Coinpedia Fintech News
The Pi testnet, which was once active with dozens of transactions per block, is now nearly unused. A viral post on X revealed that Pi users are showing their disappointment because Pi developers and pioneers still don’t seem to know the issues around the mainnet.
Pi Testnet and Mainnet in a Dilemma
A Pi user on Twitter, Dr Pi, revealed data that Pi Network’s testnet and mainnet are both showing nearly zero usage. On the mainnet, most of the activity is limited to user migration, while the exchange trading volume is steadily dropping. In the last 24 hours, Pi’s trading volume has also fallen to around $23 million, signaling fading interest and weak liquidity.
Dr Pi also reiterates that Pi users are frustrated because of long lingering uncertainty, compliance issues, and no future plan. The analyst says, “The Pi community is extremely disappointed. Why? Because ecosystem developers never know when their projects can actually connect to the mainnet—they’ve been waiting since 2021.”
Moreover, he also says that because of the lack of a migration strategy or roadmap availability, investors are losing hope in Pi, leading to a constant decline.
Can Pi Overcome This?
Pi started September with a trading volume of over $72 million, which has now dropped to less than half, while the trading price remains close. Pi is currently trading at $0.3485, dangerously close to its all-time low. Despite its falling price and fading confidence, some analysts remain positive about its future.
With its continuous plunge, some experts fear it could slip and fall toward its all-time low of $0.33 anytime. The only way to avoid this bearish outlook is for Pi to climb upward to $0.360. However, experts believe the chances are very slim of achieving this goal.