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Highlights
- An expert is urging the PiCoreTeam to learn from OM's price crash.
- A streak of KYC and KYB delays have trailed the Pi Network raising transparency concerns.
- Pi Coin price is inching toward $1 but there are fears for a crash to $0.3 are lingering.
In the wake of the jarring incident around Mantra, community members are calling for Pi Network to glean valuable lessons from the black swan event. Pseudonymous cryptocurrency analyst Dr Altcoin wants the PiCoreTeam (PCT) to establish key guardrails to prevent a repeat of the OM incident for the Pi Network.
The OM Incident Is A Huge Lesson For Pi Network
Cryptocurrency expert Dr Altcoin has urged the Pi Network to learn valuable lessons from the grim Mantra (OM) incident. According to a post on X, Dr Altcoin called on the PiCoreTeam to lay a proper foundation to prevent steep price drops for token prices.
The price of Mantra (OM) fell from $6.32 to $0.57 in one steep drop that left investors scratching their heads. OM, once ranked among the top 50 cryptocurrencies by market capitalization, tumbled by over 90% in a day, stoking speculations of a rug pull.
While the official explanation puts the blame on liquidations, a consensus is forming that the steep drop is a “carefully orchestrated dump.” Market losses totaled $6 billion as a cohort of crypto traders lost $400 million after buying OM three days before the incident.
However, Dr Altcoin wants the PCT to speed up the development of ecosystem guardrails to prevent a repeat of the incident for Pi Network. Dr Altcoin has his eyes on the clock, urging the PCT to set up robust infrastructure before the transition to open mainnet.
“The OM incident is a wake-up call for the entire crypto industry – proof that stricter regulations are urgently needed,” said Dr Altcoin. “It also serves as a HUGE lesson for the PCT as we transition from the Open Network to the Open Mainnet.
Belief In the PiCoreTeam Is Waning
While a cross-section of community members will argue that the PCT is not scheming a rug pull, there is rising dissent in the ecosystem. Dr Altcoin remarks that faith in the PCT is waning, given a trail of transparency issues facing the Pi Network in recent weeks.
“One thing is clear about the PCT,” wrote Dr Altcoin on X. “They are not transparent.”
Questions about the PCT’s transparency first reared their head over the murkiness of the locking and burning mechanism for Pi Coins. Furthermore, delays in issuing KYB approvals for projects leading to PiDaoSwap launching NFTs on the Binance Chain soured optimism for the PCT.
Dr Altcoin notes that if the PCT fast-tracks the KYB process for centralized exchanges, it will unlock the floodgates of demand for Pi ahead of the transition. At the moment, millions of Pi Coins are making their way to exchanges, with Dr Altcoin predicting a price drop to $0.3 in the absence of price stabilization initiatives.
At the moment, Pi miners are capitulating, casting a shadow of doubt over the direction of the Pi Coin price. Pi Coin is on the rise, climbing by nearly 30% over the last seven days to trade at $0.7404, but the specter of a drop to $0.3 hangs like a Sword of Damocles.
“Unless the PCT implements measures to stabilize the price, we could see Pi drop to around $0.30 in the coming months, before a potential recovery starting at the end of August 2025,” remarked Dr. Altcoin.
To stabilize prices, Dr Altcoin is pushing for a token burn as a quick fix by the PCT. Mantra founder JP Mullin has revealed a comprehensive plan to burn OM tokens as the project recovers from the black swan incident.
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