Pi Network Mainnet Launch Delays Disillusioning More Users Read CoinChapter.com on Google News

NOIDA (CoinChapter.com)— Pi Network’s open mainnet launch date, at least the promised one, draws closer. However, the project remains mired in controversies, from being a target of scammers to allegations of being a scam itself.

Recently, the Pi Network shilling team took things one step higher, involving billionaire Elon Musk

The project’s earlier shilling campaigns included deluded speculations of a PI coin price spike after the mainnet launch. Now, new speculation started spreading on social media that Elon Musk might soon accept PI tokens as a payment medium. 

Pi Network’s Mainnet Launch Delays Eroding User Trust

Pi Network’s marketing team is getting more and more ridiculous, now including everyday puzzles with a reward of 100 USDT for three correct answers while refusing to reveal any information about the open mainnet launch.

While such posts are simple click-bait to encourage engagement, some other posts continue the tradition of giving extravagant price labels for PI coins once open mainnet launches, the most common one being $314,159.

However, it seems some users are finally getting tired of Pi Network shilling campaigns. An account associated with the Pi Network community, ‘r/PiNetwork‘, shared a post with a link to the Federal Trade Commission website, inviting users to report Pi Network if they believed the project was a scam.

Noting that in its 4 years of existence, no one had reported the project, r/PiNetwork concluded that the project had “nothing dodgy going on.“

A user’s harsh response to a Pi Network shilling post.

Big Mistake! Another X user replied with a list of known crypto scam projects that the FTC had not shut down. The user noted that not being shut down by the FTC did not make a project legitimate.

Another post claimed that the mainnet launch delay and the slow migration were making users lose their faith in the project.

Of all the Pi Network-themed accounts, r/PiNetwork shares the fewest shilling posts. Hence, the strong reaction to the FTC gambit might indicate that users are losing patience with the project.

Will Kokkalis Be Responsible For Losses?

Moreover, Dr. Nicolas Kokkalis, Pi Network founder, remains conspicuous in his absence, leading some to wonder if he is still alive or dead. More often than not, Pi Network shilling sites like Hokanews quote months-old quotes from Kokkalis as breaking news.

Eric Olson, “a subcontractor-for-a-subcontractor for Pi Network,” claimed in a message to CoinChapter that while he believed the project was not a scam, he did not see a future in which it would not fail.

Moreover, Olson highlighted that PI coin “appeals disproportionately to disadvantaged and under-informed populations,” which could be disastrous for the marginalized section should the project get shuttered without the mainnet launch.

“If, at the end of the day, Pi coins are worth nothing and the hopes of millions are dashed, as we would expect them to be. Can we then hold Nicolas Kokkalis and Chengdiao Fan accountable?“

Olson asked

PI Coin IOU Price Moving Inside Bearish Pattern

Meanwhile, PI coin price is moving inside a bearish technical setup called the ‘descending triangle.‘

Market analysts predominantly consider the descending triangle a bearish continuation signal. The pattern features a downward-sloping upper trendline and declining resistance levels that progressively lower the price action’s peaks.

PI coin price formed a bearish pattern with a 50.5% downside target. Source: Tradingview.com

Additionally, a horizontal lower trendline acts as support, maintaining a consistent low point that the price struggles to breach. The formation indicates that selling pressure is gradually increasing, overcoming the buying interest, as each rally is weaker than the last.

In a descending triangle setup, the height of the triangle’s thickest section determines the price target. Hence, if the bearish pattern pans out, the PI coin price could drop over 50.5% to reach the pattern’s projected price target near $18.

Of course, the open mainnet launch would help the token invalidate the pattern, but with no specific date in sight, the outlook remains bearish at the moment.

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