Pi Network (PI) News Today: February 3rd
Pi Network lately tumbled to a brand new all-time low, coinciding with the broader market decline.
In the meantime, the mission group and group members have lately introduced a number of key updates and warnings. In the next sections, we are going to deal with crucial ones.
Unblocking Millions of Users
Pi Network has been criticized for a number of causes over the previous a number of months, and its complicated and controversial know-your-customer (KYC) procedures are amongst them. Numerous customers (generally known as Pioneers) have reported that they can’t full the required verification course of and migrate to the Mainnet.
Earlier this week, the Core Team revealed that just about 2.5 million folks in sure areas will likely be unblocked by a brand new technical replace, assuming they’ve handed the Mainnet guidelines and are energetic in mining.
“Over 700,000 extra accounts can even quickly submit KYC functions! With these updates, extra individuals are in a position to take part within the Mainnet ecosystem. Pi has reached 16 million Mainnet migrated Pioneers general, distinguishing Pi as a large identity-verified blockchain. Complete your KYC and Mainnet Checklist steps as wanted to make sure your account is ready for the subsequent steps,” the announcement reads.
The group additional defined that the unblocking happens in batches as a result of totally different Pioneer teams face varied points. Each group requires a particular technical answer, and as soon as deployed, the affected customers will likely be unblocked.
The Latest Scam Alert
Recently, a group member utilizing the X deal with PiNetwork DEX warned Pioneers to stay vigilant in opposition to a potential fraudulent scheme. According to the alert, an impersonation rip-off targets Pi Network customers, particularly those that are id holders on the Mainnet guidelines.
“The Pi Network core group won’t ever electronic mail you concerning pockets migration, nor will they ask in your passphrase. Like, share, and warn extra folks,” the message reads.
Pi Price Outlook
Pi Network’s native token has skilled a pointy decline over the previous a number of months, and its situation has solely worsened previously few days. Recently, it plunged to a recent all-time low of $0.15, whereas it at the moment trades at round $0.16, or a 7% drop on a weekly scale.
Considering the upcoming token unlocks, there could also be a further short-term decline. Data reveals that greater than 215 million PI will likely be freed up within the subsequent 30 days, giving buyers the chance to dump holdings they’ve been ready to obtain. The common every day unlock is nearly 7.2 million tokens, whereas the document day is February 13, when 23 million cash will likely be launched.
Naturally, this isn’t assured, however the “bullish unlocks” meme exists for a purpose, and that purpose is that unlocks are virtually by no means bullish.
The put up Pi Network (PI) News Today: February 3rd appeared first on CryptoPotato.
