Crypto Journalist
Amin Ayan
Crypto Journalist
Amin Ayan
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Tensions are rising within the Pi Network community as users report new migration requirements suddenly appearing in their apps, sparking anger and confusion just weeks ahead of a major token unlock.
Key Takeaways:
- Pi Network users are frustrated over second migration prompts and unresolved KYC issues.
- A massive 276 million PI token unlock in June could add significant selling pressure to the market.
- Pi Coin remains under bearish pressure, with $0.64 support at risk and lower levels possible if sentiment worsens.
On X, many Pi Network users shared screenshots of their app’s updated checklist. Even those who had already completed their initial migration were surprised to see new prompts for action.
“This Pi of a thing is nonsense. After mining for years we are denied access to our coin… The core team should rethink how they manage their so-called Pi Community,” user @bfrancis_12 wrote on X.
Pi Network Users Complain About Second Migration
Some users have complained that the second migration comes as they remain trapped in unresolved KYC states, unable to migrate their balances despite following all prior steps.
“I am not yet migrated why are you rushing for 2nd migration?” one X user wrote, while others complained about pending KYC.
A popular parody account of Pi Network founder Dr. Nicolas Kokkalis fueled speculation with a viral post declaring, “PI NETWORK 2ND MIGRATION HAS BEGUN!”
The message, which quickly gained traction, urged users to prepare for Mainnet by completing several steps: submitting KYC verification, finalizing their checklist (including wallet and lockup settings), and approving Pi transfers for Mainnet.
The post claimed that completing these steps would enable users to unlock real-world utility for their Pi coins, including purchasing goods and services, accessing Pi-powered decentralized apps (dApps), and participating in broader Web3 innovation.
However, the Pi Core Team has yet to confirm any new migration phase through verified channels.
All this comes as Pi Network prepares to unlock 276 million PI tokens in June, a supply event valued at roughly $176 million, according to data from PiScan.
With trading volumes low and sentiment fragile, this unlock could severely test market resilience.
Pi Coin Remains Under Pressure as Bears Dominate
Pi Coin continues to trade under pressure, hovering around the $0.64 mark.
The 30-minute chart shows a prolonged downtrend from the May 12 highs, with price consolidating near the lower Bollinger Band at $0.6410. RSI (14) at 40.27 signals weak buying momentum, while MACD remains flat, indicating indecision.
Zooming into the 5-minute chart, Pi faces a similar picture. RSI has dropped to 29.00, oversold territory, suggesting that short-term sellers are dominating.
MACD is also trending negative, with no bullish divergence in sight. The lack of volume spikes further confirms fading interest.
On the 1-minute chart, Pi tested intraday lows of $0.6405, while RSI briefly dipped to 30.90 before a slight bounce. However, lower highs and lower lows persist, keeping the near-term bias bearish.
With the massive 276 million PI token unlock looming this month, downside risks remain elevated.
If $0.64 breaks decisively, the next support lies at $0.60, followed by the psychological $0.40 level. To flip the narrative, bulls would need to reclaim the $0.65-$0.66 zone with strong volume.
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