Pi Network continues its decline with a sharp daily drop, as the latest announcements fail to impress investors.
Pi Network (PI) is facing a challenging stretch. On Tuesday, June 17, the token dropped 11%, hitting a daily low of $0.5311 and wiping out its gains from the previous few days. A generally negative market trend further dampened enthusiasm for the network’s latest updates.
The two-day slide, which took Pi from a high of $0.6345 to its current level of $0.5450, began shortly after June 15. This timing coincided with an announcement that the .pi domain auctions would become a standalone app, separate from Pi mining.
The news failed to spark interest among Pi holders. Most remain far more engaged with the network’s core mobile crypto “mining” feature, which rewards users for app activity. However, those rewards continue to decline.
This caused users to complain that rewards are so low that engaging with the network is no longer worthwhile. Some users noted that by March 20205, even diligent miners could now only earn 2.1 Pi per month, which was less than $2.
As a declining mining rate is a core feature of the project, Pi Network will likely continue to bleed users and value. That is, unless the team inspires the users to become long-term holders and investors, instead of just trying to cash out their mining rewards.
PiChain password leak rocks the Pi ecosystem
The launch followed a security incident that shook the Pi Network ecosystem. PiChain Global, the company behind the Pi Chain Mall e-commerce platform, suffered a password leak, prompting an urgent warning for users to change their login credentials.
PiChain Global, an online marketplace where users can buy and sell items using Pi tokens, is not officially affiliated with the Pi Network. Still, the password leak damaged trust in the broader Pi Network ecosystem.
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