• Several Pi Network users reported tokens disappearing from their wallets.
• PI coin price extended its losses in Aug to over 19%.
• Pi Network founder Dr. Nicolas Kokkalis published a blog touting the platform’s “community-sourced” KYC solution.
Pi Network Token Disappearances
Several Pi Network users reported tokens disappearing from their wallets, with one user lamenting the loss of 600 PI coins. The exact reason behind the loss of the tokens remained unknown and Pi Network warned users not to click on unknown links to prevent falling victim to phishing scams.
PI Coin Price Drops
The PI coin price extended its losses in Aug, dropping nearly 19.3% since the month began to reach a daily low near $21.46 on Aug 8. However, it seems Pi Network users are positively reacting to the founder’s blog, with PI coin price spiking nearly 4.2% to a daily high near $22.36 on Aug 8.
Pi Network Open Mainnet Launch Delays
Delays in the Pi Network open mainnet launch continue to be a headwind for the PI coin’s price action. Meanwhile, Pi Network developers continued to motivate users to complete their PI coin KYC and transfer their holdings to the mainnet wallet, but with security issues present, many remain wary of doing so.
Human-Centric KYC Solution
Pi Network founder Dr. Nicolas Kokkalis published a blog touting the platform’s “community-sourced” KYC solution as more scalable and transparent than automated systems while allowing greater transparency for users .
PI Coin Price Outlook
The PI coin’s rally might face trouble due to resistance levels at 20-day EMA (red wave) and 50-day EMA (purple wave) near $23.5; however breaking and consolidating above this level could lead it towards its 100-day EMA (blue wave) near $26