We will also review the latest price performace of the PI token, which has been rather impressive after last week’s crash.
The Core Team issued an important reminder about a deadline that has now past and the community is expecting updates on the nodes front.
We will also take a look at some of the criticism of the project, as well as the PI’s price resurgance.
Pi Network’s Latest Deadline
Recall that at the end of the previous business week, the team behind the protocol issued an important reminder for Pi Network nodes, describing them as the “fourth role” in the ecosystem. The reason for the February 15 deadline is because the team promised a new series of upgrades to be introduced soon. Nodes had to comply by that date; otherwise, they risked being disconnected from the network.
All nodes were prompted to use laptops or desktops instead of mobile phones. Although the deadline has passed now, the team has yet to publish any additional information about the number of nodes that have completed the necessary step or provide any extensions.
Criticism Grows
On the first Friday of February, the Core Team said they celebrated Pi Network moderators. They published a designated video praising this vital part of the overall ecosystem, indicating that moderators are volunteers not employed or paid by the official Pi Network team, who help moderate chats, answer Pioneers’ questions, monitor Pi apps and products, report bugs, and test new features.
The project’s community, though, was not in a celebratory mood. Many criticized the Core Team for a lack of transparency, clear planning, and failure to implement working KYC solutions. Some urged the team to “speed up the progress” and stop messing around with “all that superficial nonsense.” Others said they had been waiting for over seven years to migrate their Pi coins to no avail.
Separately, one user going by the X handle ‘pinetworkmembers’ addressed the PI token’s massive price calamity and drop to new all-time lows of $0.1312 last week. They blamed the team for failing to introduce a “functioning mainnet after years of promises, no real-world utility beyond ‘keep the app open,’ and a whole lot of mobile mining theater.”
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PI’s Revival
As mentioned above, the project’s native token was hit hard during the broader market’s correction last week, plunging to a fresh low. However, while the cards were stacked against it, PI went on an impressive run in the following days and rocketed to over $0.20 during the weekend, prompting other Pioneers to celebrate the revival.
One popular analyst predicted a massive 500% surge, and hinted about buying some PI “for the midterm.” As of press time, PI remains the top performer on a weekly basis, having jumped 40% despite retracing to under $0.19.
PiScan data shows a sizeable reduction in the number of coins to be unlocked on average in the following month, down to under 6.2 million daily from well over 7.5 million last week. This could further ease the asset’s immediate selling pressure.
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