Over the past week, Pi Network’s price has steadily dropped, following the overall downtrend of the crypto market. According to data from CoinMarketCap, Pi hit a low of approximately $0.87 on the afternoon of March 21.

Pi Network's Price Drops Sharply, Disappointing the Community

By the night of March 21, Pi saw a slight recovery, rising to $1.05. However, this is still three times lower than its peak of $3 last month.

The rapid decline in Pi’s value has left the community increasingly frustrated. In online groups dedicated to Pi Network, many users have expressed disappointment over the project's continuous price drop. Posts encouraging people to accumulate Pi have also become far less common.

On March 14, the Pi Network team reclaimed Pi tokens that users had mined for years. The affected group included accounts that had not completed identity verification (KYC) or had not been approved by the project.

There is no official statistic on the number of users impacted by this decision. However, some sources suggest that the figure could be in the tens of millions.

Even users who have successfully completed KYC report difficulties in transferring Pi to exchanges. After signing the confirmation, their Pi tokens are placed in a queue, awaiting approval from the Pi Core Team before being transferred to their wallets.

Long Wait Times for Pi Transfers Leave Users Frustrated

Many users have complained that they have not been approved by the Pi Core Team to transfer their tokens to exchanges.

The approval process takes a long time, with no clear criteria provided by the Pi Core Team. Some users have had their accounts approved and received Pi in their wallets within a week. Meanwhile, others have had to wait for several months or even over a year.