The Pi Network community is experiencing escalating tensions as users encounter newly imposed migration requirements within their applications. This has ignited frustration and confusion just weeks before a critical token unlock event.
Key Highlights:
- Users are discontented with unexpected second migration requests and ongoing issues with Know Your Customer (KYC) verification.
- A massive release of 276 million PI tokens scheduled for June could significantly increase market selling pressure.
- Investment sentiment around Pi Coin remains pessimistic, with support at the $0.64 level facing potential threats and further declines possible if negative sentiment persists.
On social media platform X, numerous Pi Network users shared screenshots showcasing their apps’ updated requirements. Even individuals who had successfully completed their initial migration were taken aback by the additional actions requested.
“This Pi of a thing is nonsense. After mining for years we are denied access to our coin… The core team should rethink how they manage their so-called Pi Community,” expressed user @bfrancis_12 on X.
“This Pi of a thing is nonsense. After mining for years we are denied access to our coin and some Miners are claiming their mined coins a second time. This is unacceptable; the core team should reconsider how they manage their so-called Pi Community. I’m very disappointed!”
— Bfrancis (@Bfrancis_12) June 3, 2025
User Backlash Over Second Migration Requirement
A segment of the user base has voiced concerns that the call for a second migration is especially troubling given their ongoing struggles with unresolved KYC submissions, which prevent them from migrating their balances despite having followed prior instructions.
“I have not yet migrated; why are you rushing for the second migration?” questioned a user on X, with others similarly lamenting about pending KYC issues.
“Still I am stacked,” shared user Gemechis Demelash alongside a screenshot of his unresolved status. pic.twitter.com/xLmH9yaNgC
— Gemechis Demelash (@GemechisDemela2) June 2, 2025
A well-known parody account of Pi Network founder Dr. Nicolas Kokkalis generated buzz with a post that claimed, “PI NETWORK 2ND MIGRATION HAS BEGUN!” This viral message encouraged users to complete several steps for the Mainnet, including KYC verification, finalizing their checklist (which comprises wallet and lockup settings), and approving Pi transfers.
The post suggested that completing these steps could enable users to unlock real-world utility for their Pi coins, allowing transactions for goods and services, engagement with Pi-powered decentralized applications (dApps), and participation in broader Web3 innovations.
However, the Pi Core Team has not yet verified any new phase of migration through official channels.
As this situation unfolds, Pi Network is preparing for the unlock of 276 million PI tokens in June, an event valued at around $176 million based on data from PiScan.
Given the current low trading volumes and fragile market sentiment, this large-scale token unlock could put significant stress on market stability.
Pi Coin Faces Ongoing Bearish Pressure
Currently, Pi Coin is trading under substantial pressure, hovering near the $0.64 threshold.
The 30-minute chart illustrates a long-term downtrend since the peaks observed on May 12, with prices consolidating close to the lower Bollinger Band at $0.6410. The Relative Strength Index (RSI) at 40.27 points to diminished buying momentum, while the Moving Average Convergence Divergence (MACD) shows flatline activity, indicating uncertainty.
In a closer look at the 5-minute chart, the RSI has fallen to 29.00, entering an oversold zone that highlights the dominance of short-term sellers.
The MACD also trends negatively, without any signs of bullish divergence, further underscoring waning interest in the asset.
On the 1-minute chart, Pi briefly tested intraday lows of $0.6405, and the RSI slipped to 30.90 before experiencing a minor rebound. Nevertheless, lower highs and lower lows continue to occur, suggesting a prevailing bearish sentiment.
With the impending release of 276 million PI tokens, the potential for further declines remains a significant concern.
If the $0.64 support level is compromised, the next line of defense stands at $0.60, followed by the crucial psychological threshold of $0.40. For the narrative to shift positively, bulls will need to reclaim the $0.65-$0.66 range with robust trading volume.
The news has sparked significant conversation within the cryptocurrency community, posing critical questions about the future direction of Pi Coin and the wider implications for its user base.
