The Pi Network is facing renewed tension as community frustration rises over a fresh wave of migration prompts and ongoing Know Your Customer (KYC) verification problems.
These issues have emerged just weeks before a large batch of PI tokens is set to unlock, increasing pressure on the project’s native token, Pi Coin.
While the network seeks to revive user engagement through new initiatives such as gaming and decentralized apps, market confidence has weakened, reflected in the token’s recent price performance.
Pi Network users receive new migration prompts
Many Pi Network users are frustrated by unexpected second migration prompts appearing in their apps.
For some, this came as a shock—especially for those who believed they had already completed the first migration phase.
On the social platform X, users, including long-time Pi miners, have voiced strong criticism and accused the Pi Core Team of poor communication and inconsistent requirements.
The frustration is particularly acute among users stuck in unresolved KYC verification states.
These users say they are being asked to migrate their balances again, despite never completing the initial migration because of verification delays.
The situation has caused confusion across the community, especially since the Pi Core Team has not officially confirmed a second migration phase through verified channels.
276 million PI tokens set to unlock in June
Adding to growing concerns, data from PiScan indicate that 276 million PI tokens are scheduled to unlock in June.
At an approximate value of $176 million, this increase in circulating supply could overwhelm the market.
With trading volumes currently moderate and investor sentiment fragile, analysts warn this event could exert significant downward pressure on Pi Coin’s price.
The Pi Core Team’s silence on any major bullish developments ahead of the unlock has further dampened sentiment.
Historically, token unlocks often trigger sell-offs, particularly in markets lacking strong fundamental catalysts.
With Pi Coin already struggling to hold critical support levels, the risk of a sharp decline is realistic.
Pi Coin technical analysis
Technically, Pi Coin remains in a bearish trend. It is trading around $0.6481 after a drop of roughly 22% over the past week.
On the 4-hour chart the token shows an inverted cup-and-handle formation, a classic bearish setup.
Additionally, Pi is trading below its 50-day moving average, reinforcing the negative outlook.
On the 12-hour chart a falling wedge pattern has formed.
Although such patterns can indicate a reversal, the wedge lacks confirmation here due to insufficient retests of the lower boundary.
Indicators like the Money Flow Index (MFI) and On-Balance Volume (OBV) continue to reflect weakening momentum and persistent selling pressure.
Pi Network price outlook
Fundamentals for Pi remain weak, with major concerns about the absence of significant exchange listings, unresolved decentralization questions, and low validator participation.
Reports suggest the Pi Foundation controls over 92 billion tokens across more than 2,000 wallets, raising further centralization concerns.
In the absence of bullish news and amid ongoing migration confusion, Pi Coin’s short-term outlook is bleak.
Charts show Pi Coin is struggling to break above the $0.66 resistance level.
According to crypto analyst Joe Swanson, if current support at $0.5547 fails to hold, analysts believe the token could fall toward the psychologically significant $0.40 range.
To reverse the trend, the network must address user concerns, resolve KYC issues, and deliver tangible utility through real-world applications and broader exchange listings.
Without a meaningful increase in demand, reclaiming prior highs in the near term appears unlikely.
Over the longer term, two contrasting scenarios remain possible.
If Pi Network is widely adopted for payments, DeFi use cases, and e-commerce, the token could rise to around $1.25 by the end of 2025 under a best-case scenario.
However, if the project fails to move beyond speculation and hype, the price may remain below $1.