Pi Network’s PI has been on a significant decline over the last few months, prompting many in the community to label the project as a scam. Alongside broader bearish trends in the crypto market, other factors hint at a potential further decline.

‘Not a Healthy Correction’

It’s shocking to consider that PI was valued at around $3 nearly a year ago, especially given its price drop to about $0.14, representing a staggering 95% decline from its peak. According to a comment from a user on X, the decline isn’t merely a correction:

“That’s not a healthy correction, that’s the market finally pricing in the obvious: no functioning mainnet after years of promises, no real-world utility beyond ‘keep the app open’, and a whole lot of mobile mining theater.”

They argue that early claims of PI being “revolutionary” have dissipated, portraying it as a protracted pyramid scheme masquerading as Web3 empowerment.

Echoing sentiments in the community, they suggests that Pioneers (Pi Network users) should acknowledge the failure and redirect efforts toward more beneficial endeavors.

“RIP to the bags still being held. Touch some grass, seriously,” concluded the user.

Earlier this month, Pi Network’s Core Team celebrated Moderator Appreciation Day, which was met with backlash, sparking discussions on urgent issues like streamlining the verification process.

What Lies Ahead?

With upcoming token unlocks approaching, which could release around 250 million coins over the next month, PI’s price might experience further pressure. The expected unlock of 23.6 million PI on February 13 could intensify this selling pressure.

Conversely, PI’s Relative Strength Index (RSI) suggests a potential rebound, currently at around 35, indicating an oversold condition that may soon turn favorable for the investors.