Pi Network (PI) major signal: completed smooth migration phase, but the price of Pi coin is still lower than other alts.

Pi Network (PI) has successfully completed the migration phase, marking a surge in its activity and signifying a significant milestone. However, this major advancement has been overshadowed by a sharp fall in the price of Pi coin, which dropped to 0.4555 USD during the early Asian trading session today (15).

Pi Network migration successful but failed to raise Pi coin price

The smooth migration process of Pi Network so far has attracted the attention of the cryptocurrency community. Despite this critical update, the price of PI coins has fallen into a loss state, intensifying traders' anxiety and concerns. Although progress has been made in the migration work, the PI coins have failed to bounce back again, mirroring the lackluster response on Pi2Day.

As revealed by Pi Network in a post on X (formerly Twitter), the migration phase began on July 1. At Pi2Day, the network announced that a 6-month grace period would start on July 1, which is critical for preparing the platform for the open network.

In addition, the network notified the Pioneer Company that they must complete KYC verification and mainnet migration within the specific deadline set by the grace period regulations. Furthermore, the network also assured the Pioneer Company that the grace period would provide flexibility to accommodate any system bottlenecks encountered during this process.

According to reports, the platform is steadily advancing its comprehensive integration with the mainnet. On just July 8th alone, over 16.8 million Pi coins were migrated, worth over 7.9 million dollars.

According to the latest report, since July 1, over 75 million Pi coins have been migrated, with an estimated value of over 37 million dollars. This significant surge in migration indicates that the Pioneer Company is preparing for full-scale implementation, including the use of trading and ecosystem dApps.

Additionally, Pi Network recommends that pioneer users update their Pi wallet, complete the KYC process, and prepare for subsequent steps. This network emphasizes that every update is crucial in this decentralized revolution, and the path toward global utility is being built step by step, advancing gradually.

Pi coin price is lower than other altcoins

Despite the platform's significant development, the price of Pi coin is still showing a downward trend. It is worth noting that the token price is close to the historical low of 0.4 dollars, while the global cryptocurrency market is showing a strong recovery momentum, with Bitcoin prices reaching a new high of 122,200 dollars.

According to CoinGape, the bearish trend of Pi coin is mainly due to the continuous increase in its supply. The network's mobile mining feature has increased the circulation of the token, putting downward pressure on the token's price. It is reported that expert Zoe emphasized that the lack of deflationary mechanisms such as token burns further exacerbates this negative momentum.

(Source: CoinGape)

Another major factor for the fall in Pi coin prices could be the large-scale token unlock in July. It has been reported that over 200 million Pi coins will be released this month. The daily release volume is expected to reach up to 10.1 million coins. This influx typically leads to increased selling pressure as large holders liquidate their assets, exceeding buyer demand, thus driving down prices.

Despite the poor performance of Pi Network, renowned cryptocurrency analyst Dr. Altcoin stated that he firmly believes the coin will eventually break its all-time high (ATH). He pointed out that all "mainstream" cryptocurrencies have historically exceeded or approached their initial issuance prices, and Pi Network is no exception.