Pi Network’s Biggest Scandal? KYC Deadline Could Wipe Out Millions

Pi Network (PI) has fallen by 2.5% in the past 24 hours, with its dip to $1.38 coming after its team reaffirmed that its KYC grace period will end on Friday.

This means that any holder who hasn’t completed know-your-customer verification will have to forfeit the PI tokens they’ve mined to date, with unverified PI remaining locked permanently.

The deadline appears to have had a negative impact on PI’s price, with the coin also down by 20% in a week, and by 53% since reaching an all-time high of $2.99 on February 26.

Despite these drops, Pi Network remains one of the most talked-about tokens in the market, with its momentum likely to return quickly in the event of a smooth verification process for users.

Pi Network’s Biggest Scandal? KYC Deadline Could Wipe Out Millions

Pi Network has actually extended its KYC grace period on numerous occasions, with its team announcing the latest – and seemingly final – deadline of March 14 on February 28.

Know-your-customer verification will enable so-called ‘Pioneers’ to migrate to the platform’s mainnet, which went live on February 20.

Yet many are reporting that the status of many or most of their coins still reads as unverified, causing concern within the project’s community regarding permanently lost tokens.

Combined with wider market negativity, the uncertainty surrounding KYC is causing investors to stay away from PI at the moment, with its chart today showing that the coin is struggling to regain momentum after the weekend’s big drop.

For instance, PI’s relative strength index (purple) has stood at 50 over the past couple of days, having entered oversold territory on Sunday.

Similarly, PI’s 24-hour trading volume has actually declined in the past couple of days, from nearly $1 billion on Monday to $480 million today.

This would suggest that demand is retreating from the coin after the weekend’s steep losses, with no sign yet of any incoming recovery.

As stated above, it’s likely that PI won’t see a strong rebound until after Friday, when the dust is likely to begin settling in the wake of the KYC deadline.

Assuming that the transition goes well and that most people are able to verify their tokens, trust in Pi Network is likely to return, helping it to recover.

And if we see the coin receive some high-profile exchange listings, it could rally strongly in the coming weeks.

It could return to $1.50 by the end of the month, before reaching $2.50 by H2.

New Alternative Altcoins with Strong Fundamentals

Pi Network may be one of the most popular new coins in the market right now, but traders may be put off by some of the question marks hanging over it.

If so, they may prefer to invest in alternative alts that don’t come with the same baggage, with several presale tokens looking very strong at the moment.

Probably the most interesting such coin is Solaxy (SOLX) , which has raised a very impressive $25.8 million in its ongoing sale.

What’s special about Solaxy is that it’s Solana’s first layer-two network, and as such it will provide users with faster transactions and lower fees once it goes live in the coming weeks.

Its protocol will enable Solana users avoid failed transactions, outages and congestion, while it will also provide instant bridging between itself and Solana.

Given that SOLX will be necessary to pay Solaxy’s fees, it could witness some very strong demand, with the platform also planning to expand compatibility to other chains in the future.

Investors can join its sale by going to the official Solaxy website , where they can buy SOLX using crypto or fiat.

It’s currently selling at $0.00166, but this will rise again tomorrow, so new investors should act quickly.