Pi Network Faces Scrutiny After OM Token Collapse – Transparency Urged!

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After the utter disaster that was OM’s catastrophic fall, analysts are practically begging the Pi Core Team (PCT) to show some transparency and exercise caution. It seems like no one learned from OM’s downfall.

The entire circus started after Pi Network finally made the leap to Open Mainnet, which, as we all know, is where dreams either soar or get crushed.

Pi Network Urged to Practice Transparency After OM’s Meltdown

And here we are, looking at a staggering $5.5 billion loss in market cap as OM’s price nosedived more than 90% in mere minutes. If that doesn’t wake someone up, I don’t know what will.

As OM falls apart, the entire crypto world trembles in fear that their own projects might follow the same path. One such project is Pi Network, which just strutted into the Open Mainnet phase like it’s some kind of crypto royalty.

Dr Altcoin, a crypto analyst and self-proclaimed advocate for decentralized ethics (but seriously, who isn’t these days?), wasted no time comparing Pi to OM. His solution? More regulations, because that always solves everything, right?

“The OM disaster is a brutal wake-up call, signaling the need for stricter regulations. It’s a harsh lesson for Pi Network as it moves from the Open Network to the Open Mainnet,” he tweeted with an air of profound wisdom.

But, of course, not everyone is on the “let’s regulate everything” bandwagon. Some Pi Network enthusiasts, bless their hearts, are holding tight to their belief in Pi’s fundamentals. “No speculative hype, just good old utility!” they cheer from the sidelines. But let’s be real: transparency is the name of the game, and Pi is playing like it’s a secret agent.

“One thing is clear about the PCT, they are not transparent,” Dr Altcoin said, and honestly, who can argue with that?

But wait! The Pi army hasn’t given up hope just yet. The Pi Open Mainnet account, representing the shining future of Pi, claims the project is different. How? Well, slow token releases and zero major early sell-offs, of course. That’s the recipe for success, right?

“Massive community (35M+ pioneers), steady unlocks, growing utility (.pi domains, dapps), and a clean track record,” they wrote, proudly waving their flag.

And you know what? Pi’s ecosystem is indeed expanding. Chainlink integration, fiat on-ramps, and Pi Ads are all part of Pi’s so-called “virtuous cycle” of growth and utility. Maybe it’s working. Or maybe it’s just more crypto hype. Only time will tell.

“These advancements form a virtuous cycle for Pi Network. Easier fiat ramps bring in more users (Pi’s community is already ~60M strong), Pi Ads drive more apps & utility, and Chainlink integration adds trust and interoperability. More users →more utility,” they proudly proclaimed.

With Pi’s community reportedly nearing 60 million, many believe it’s built on a solid, user-driven foundation. Unlike OM, which was driven by centralized chaos. But again, who’s counting?

Will Pi Avoid OM’s Fate? Or Is It Just a Matter of Time?

Not everyone is convinced that Pi’s slow and steady path will keep it out of hot water. Mahidhar Crypto, a Pi Coin validator, warns that if you don’t want your Pi coins to be manipulated by market makers, you better get them off centralized exchanges (CEXs) pronto. Because, as we all know, CEXs are where dreams go to die—at least in crypto.

“We’ve seen what happened to OM—market makers dumped on users. When you deposit your Pi Coins on CEX, market makers use bots to create artificial buy/sell walls and manipulate prices or liquidity,” they warned. Really, who could’ve seen that coming?

And, of course, Mahidhar doesn’t stop there. He’s also calling for the Pi Core Team to crack down on KYB-verified businesses and avoid listing Pi derivatives on CEXs. You know, because that worked out so well for OM.

Meanwhile, Trading Digits, a technical analysis firm that just loves drawing lines on charts, points out that the ominous “Pi Cycle Top” indicator had triggered twice for OM—right before its price tanked. That’s a coincidence, right?

“Coincidence or bound to happen?” the firm pondered, probably while sipping coffee and watching the charts explode.

The real question remains: Will Pi Network stick to its “utility-first” approach, or is it just one step away from the same fate that befell OM?

For now, Pi’s PI coin is hovering around $0.74, down 1.36% in the last 24 hours, according to BeInCrypto. It’s not exactly moon-bound, but hey, who knows what the next 24 hours will bring?

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2025-04-15 14:04