NOIDA (CoinChapter.com) — Pi Network has once again extended the deadline for its Know Your Customer (KYC) verification and Mainnet migration, pushing it to Feb. 28, 2025. The latest extension, announced by the Pi Core Team, claims to provide additional time for Pioneers to complete the KYC process and transition their Pi holdings to the Mainnet.
While the team maintains that this will not impact the long-promised Open Network launch, skepticism is growing. The project, which has delayed its full release multiple times, has yet to provide a clear timeline for full decentralization or token liquidity. Critics argue that repeated postponements raise concerns about the network’s legitimacy and sustainability. With millions of users still unable to access their Pi holdings, the latest deadline shift does little to reassure an increasingly frustrated community.
Repeated Delays and Uncertain Future
Pi Network has repeatedly delayed its Mainnet transition, missing multiple self-imposed deadlines. The open mainnet launch was initially expected in 2022 but was postponed to 2023, then pushed further to 2024.
With the latest extension, the timeline has been stretched into 2025, with no clear indication that this will be the final delay. The Pi Core Team attributes these setbacks to compliance and KYC verification issues, yet it has provided little transparency on why these processes continue to stall the project’s full launch.
Pi Network announced another extension to its deadline for KYC and mainnet migration.As of Jan. 2025, the team claims that over 10 million users have completed KYC verification, but with over 45 million registered users, the majority remain unverified. Additionally, while the team insists that many verified users have migrated to the Mainnet, there is no independent verification of these claims. Without a functional blockchain explorer or publicly accessible transaction data, confirming how many users have successfully transitioned remains impossible.
The latest extension raises doubts about whether Pi Network will meet its revised Q1 2025 Open Network launch target. Previous postponements have set a pattern of indefinite delays, and with no evidence of real progress, another extension remains likely. Millions of users remain locked in an ecosystem where they cannot withdraw, trade, or utilize their Pi tokens in any meaningful way.
Each missed deadline further weakens the project’s credibility, reinforcing concerns that Pi Network is more of a prolonged experiment than a legitimate blockchain project with a viable future.
Pi Network’s IOU Price Faces Strong Resistance Amid Bearish Pressure
Pi Network’s IOU token dropped over 21% on Feb. 3, crashing through several support levels before recovering. However, despite a slight recovery, the PI coin price remained in the red, with the 200-day EMA (green) and the 20-day EMA (red) acting as major resistance levels. A failed attempt to reclaim either level could push prices lower.
Beyond the EMA trendlines, the PI coin IOU price faces immediate resistance near $44. Flipping the immediate resistance would target the resistance near $48. On the downside, the token has strong support near $38, aligning with the 0.382 Fibonacci retracement level. A breakdown below this support could trigger a deeper correction toward the $35 zone, which previously acted as a strong demand area.
PIUSDT price chart with RSI. Source: TradingviewThe declining trading volume suggests weak buyer interest, making any recovery attempts less convincing. Without an increase in volume, resistance levels will likely hold. The RSI is hovering near 40, reflecting sustained bearish momentum. If RSI drops below 35, it could confirm further selling pressure and accelerate a move toward lower supports.
It’s important to note that PI’s price movements reflect an IOU market rather than a fully functional cryptocurrency. Since the Pi Network has not launched an open mainnet, the IOU is traded on select exchanges, making its valuation speculative. Until Pi Network enables real transactions on its blockchain, the pricing remains disconnected from actual liquidity.
The failure to hold key EMAs and the weakening bullish structure indicate a potential bearish continuation. A decisive move above $41 with strong volume could signal a reversal, but without it, price action remains skewed to the downside. The coming weeks will likely see increased volatility, with sellers maintaining control unless bullish momentum returns.
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