The Pi Network (PI) has been at the center of controversy for months now. While its early promise attracted millions of mobile miners and global attention, the post-mainnet reality has shaken user confidence.

From locked coin frustrations to mounting centralization concerns, Pi has had a rocky road since its February 2025 mainnet launch. Many users could not access their holdings early due to Know Your Customer (KYC) delays, and this has left a sour taste, especially for early contributors who expected smoother onboarding into the open mainnet.

One major criticism has been the lack of Tier 1 exchange listings. Despite its massive market cap, over $5 billion, Pi is still not listed on top platforms like Binance or Coinbase. This has triggered serious doubts about the project’s transparency, especially with ongoing allegations of insider selling. Some reports have claimed that members of the Pi Network team have offloaded hundreds of millions of coins, creating a growing trust deficit within the community.

Concerns about centralization have also surfaced. The Pi Foundation is said to hold a majority of the tokens, which has raised red flags about governance. Many believe this central control is a key reason why the network hasn’t yet attracted major DeFi developers or significant institutional interest.

So far, Pi has no working DeFi ecosystem, no active decentralized apps, and very little utility beyond speculation. The promised $100 million Pi Network Ventures fund has also come under scrutiny. Instead of being a transparent, distributed grant model, it reportedly operates in a highly controlled, phase-based approach, leaving some builders discouraged.

Add to this the Pi Core Team’s communication issues. Many in the community feel left in the dark with sparse updates and vague roadmap signals. It’s not surprising that market trust has taken a hit.

But despite all of this, there’s a camp of analysts and holders who still believe in Pi’s long game.

RX (@TheReal_RX) offered a bold comparison that’s now trending in pro-Pi circles. He tweeted, “Pi feels like BTC in its dorm room days—quietly building, widely misunderstood.” He sees Pi not as a hype machine but a slow-burn project engineering real permissionless value flow.

Pi feels like BTC in its dorm room days—quietly building, widely misunderstood.

Back then, few imagined Bitcoin changing global finance.

Today, $Pi isn’t chasing noise—it's engineering a permissionless economy where value flows freely, without middlemen.

Real utility? Already… pic.twitter.com/fYcrHfzu1p

According to RX, what matters isn’t flashy headlines or fast listings but deep infrastructure and long-term adoption. He insists that Pi is already seeing organic utility and growing engagement, even if it doesn’t match DeFi powerhouses like Ethereum yet.

He ends his tweet with a striking sentiment: “Let others doubt. Let markets sleep. Movements don’t need approval, they need vision. We’re not waiting for the future, we’re mining it.” For the hardcore Pi miners, this vision rings true. They’re not flipping for short-term gains—they’re in it for the revolution.

Another analyst, GEM HUNTER (@TrueGemHunter), is also bullish. He tweeted just hours ago, “$PI reversal mode on. Next stop $1, later $1.5 and $2. The #picoin community is too strong and price cheap like this won’t last long.” His optimism is based not just on community strength but on technical signs.

Looking at the posted daily chart, it’s clear why he’s confident. The Pi coin price recently bounced off the $0.55 low and is now trading above $0.84, showing a 14% jump on the day. The green candle has pierced through the 30-day moving average (MA30) which currently sits around $0.73, and it’s heading toward the 10-day MA near $0.87. Importantly, Pi is also now comfortably above its 60-day MA (around $0.71), a key zone that often acts as dynamic support.

The previous high marked at $1.66 shows that Pi has room to climb before facing major resistance again. If it manages to hold current levels and break above the $0.87 resistance formed by the MA10, it could target $1 in the short term—just as GEM HUNTER predicted.

The bullish volume increase shown at the bottom of the chart also supports this reversal narrative. After several days of declining volume and price consolidation, the surge in green volume bars suggests fresh buying pressure is entering the market.

Read Also: 4 Reasons Why Onyxcoin (XCN) Price Is Still Undervalued

While Pi Network remains controversial, the latest price action and bullish commentary from voices like RX and GEM HUNTER show that belief in its long-term potential still runs deep.

Whether Pi can overcome its KYC delays, exchange rejections, and transparency issues is yet to be seen, but for now, the chart is painting a different picture. The Pi price is waking up, and the market just might follow.

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The post Is Pi Network Falling Apart, or Quietly Gearing Up for a Big Comeback? appeared first on CaptainAltcoin.

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