(NLDO)- Pi Network is hovering around 50 USD/Pi, down more than 30 USD/Pi compared to the peak.
After Mr. Donald Trump was elected President of the United States, Bitcoin price continuously broke the peak, approaching the 100,000 USD/BTC mark, more than doubling compared to the beginning of 2024, causing Altcoins such as BNB, Ethereum (ETH).... to increase sharply.
However, in recent days, Bitcoin has fluctuated strongly and unpredictably, and is currently trading at $96,186/BTC (VND 2.4 billion), down more than $3,000 from its peak of nearly $100,000. Previously, this digital currency fell to nearly $90,000/BTC, surprising investors.
In that context, Pi virtual currency, a currency not listed on any exchange, also fell sharply by more than 30 USD/Pi compared to the peak and is now hovering around 50 USD/Pi. Compared to a week ago, Pi Network "evaporated" nearly 20%.
Pi Network is not listed on the exchange, the price has decreased by nearly 20% compared to 1 week ago
According to records, the sharp decrease in Pi Network but not increasing again in line with Bitcoin's increase has caused groups about this virtual currency such as "Pi Network Vietnam (322,000 members)", "Pi Network World (247,000 members)", "Pi Network Vietnam (26,000 members)"... to discuss very excitedly and most of them call for "dumping" Pi.
Specifically, at the Pi Network Trading and Exchange Association, the NHH account said that the reason Pi plummeted was because the mainnet could not be opened by the end of 2024 (a condition for Pi to officially trade like Bitcoin and Ethereum). Therefore, those who are holding Pi should sell early to avoid losses when this virtual currency is expected to continue to decline sharply.
"Everyone should not buy and hold Pi at this time, be careful not to lose everything" - NH account warned in the comment section.
Along with that, the ML account said that if Pi Network had potential, it would have increased in price again according to Bitcoin, but currently there is a high risk that Pi will fall in price, or even lose value if the mainnet is slow to open or the opening time cannot be determined.
"I have 2,000 pi, selling for 15,000 VND/pi, whoever buys I will sell all, still negotiate, direct transaction. If I can't sell I will delete the app, Pi Network keeps making promises, it's no different than luring players" - this ML account said.
Meanwhile, under the negative posts about Pi, many other social media accounts jumped in to attack and claim that Pi will open the mainnet in early 2024. They believe that Pi is at a resistance zone so it is decreasing and is accumulating to increase the price strongly again.
"Whoever wants to sell Pi, as long as the price is under 22,000 VND/Pi, I will buy it all, the price is about to increase so be careful not to sell or you will regret it" - PA account commented.
However, according to an expert in the cryptocurrency field, Pi Network is still not on the Blockchain network, so the Pi coins generated on the application are just symbolic numbers, with no buying and selling value.
Using Pi, a currency that is not allowed to be traded for goods, is not yet considered digital currency and has a very high risk of fraud, when subjects make promises to deposit or mistakenly access links containing malicious code...
Lawyer Bui Thi Anh Tuyet, Ho Chi Minh City Bar Association, said that in Vietnam, virtual currency, electronic money, crypto currency... are not currencies and are not legal means of payment, so when there is a risk or dispute, it is very difficult for victims to be protected by the law.
Source: https://nld.com.vn/hoi-nhom-tien-ao-pi-network-chao-dao-theo-gia-bitcoin-196241203113208269.htm
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