Pi Network’s GCV Sets a Big Date—But Can It Move the Needle While PI Slides?
Pi Network’s Global Consensus Value (GCV) motion is pushing forward with plans for its subsequent main occasion, at the same time as Pi Coin’s (PI) value slumps decrease.
The motion’s founder has introduced the third Global GCV Conference, presenting it as a turning level for uniting the neighborhood and pushing towards the long-awaited Open Mainnet launch.
GCV Conference Sparks Momentum for Pi Network’s Open Mainnet Launch
Doris Yin Pi, founding father of the Global GCV Movement, introduced on X (previously Twitter) that the convention will happen on October 19. She framed the gathering as a motion to sign unity and strength to the Pi Core Team (PCT) and institutional stakeholders.
“We are right here not simply to carry one other occasion, however to ignite a motion, to ship a sign throughout the world, and to show that pioneers are prepared for the full Open Mainnet of Pi Network,” she wrote.
Yin additionally talked about receiving a confidential report from an impartial auditor confirming progress on the Pi Network Open Mainnet code. Still, she advised that its precise launch is determined by Pioneers proving they’re united, educated, and dedicated to long-term worth fairly than fast fiat conversions.
“When establishments and the Core Team see pioneers united and educated, they achieve confidence in our long-term assist. And that may take away their greatest worry: the mass, short-term conversion of Pi into fiat. If pioneers behave short-sightedly, the Open Mainnet (OM) date can’t be decided. But if pioneers rise collectively, OM turns into unstoppable,” the founder added.
As BeInCrypto previously reported, the GCV neighborhood advocates for valuing every PI token at $314,159, a determine symbolically tied to the mathematical fixed π. This phase of the Pioneer neighborhood has promoted this valuation as a really perfect benchmark, bypassing present market costs.
However, this ideology has deepened divisions within the PI neighborhood. Critics argue that GCV’s lofty claims mislead customers and undermine the challenge’s credibility.
Dr. Altcoin has known as on Pi Network’s growth staff to handle and counteract what he describes as ‘sabotage, misinformation, and deliberate disinformation’ from the GCV faction. He contends that these assertions demoralize contributors and impede legitimate market development.
“These are a few of the most dangerous campaigns carried out by the GCV neighborhood. The Pi Core Team has an utmost duty to strongly condemn these false narratives and, if crucial, take authorized motion towards the leaders of this motion earlier than Pi suffers irreversible injury and its worth collapses to unprecedented ranges,” he stated.
Pi Coin’s Price Struggles Continue
This comes as PI continues to face market challenges. Since the preliminary hype pale, Pi Coin’s value efficiency has been fairly underwhelming.
Despite momentum in the broader altcoin market, Pi Network’s token failed to learn from it, remaining disconnected from wider market upswings. Still, PI took a hit as the market dipped in September.
The struggles deepened on September 22, when the altcoin’s worth dropped by 47.8%, hitting a contemporary all-time low. Even after Pi Network’s co-founders, Nicolas Kokkalis and Chengdiao Fan, reaffirmed their long-term imaginative and prescient at a Seoul neighborhood occasion, this didn’t translate into value restoration.
BeInCrypto Markets information confirmed that PI’s worth has declined 30.6% over the previous month. At the time of writing, the coin was buying and selling at $0.26, reflecting a 0.54% decline over the previous 24 hours.
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