In the wake of the jarring incident round Mantra, group members are calling for Pi Network to glean priceless classes from the black swan occasion. Pseudonymous cryptocurrency analyst Dr Altcoin desires the PiCoreTeam (PCT) to determine key guardrails to stop a repeat of the OM incident for the Pi Network.
The OM Incident Is A Huge Lesson For Pi Network
Cryptocurrency professional Dr Altcoin has urged the Pi Network to study priceless classes from the grim Mantra (OM) incident. According to a post on X, Dr Altcoin known as on the PiCoreTeam to put a correct basis to stop steep value drops for token costs.
The value of Mantra (OM) fell from $6.32 to $0.57 in a single steep drop that left buyers scratching their heads. OM, as soon as ranked among the many prime 50 cryptocurrencies by market capitalization, tumbled by over 90% in a day, stoking speculations of a rug pull.
While the official rationalization places the blame on liquidations, a consensus is forming that the steep drop is a “carefully orchestrated dump.” Market losses totaled $6 billion as a cohort of crypto traders lost $400 million after shopping for OM three days earlier than the incident.
However, Dr Altcoin desires the PCT to hurry up the event of ecosystem guardrails to stop a repeat of the incident for Pi Network. Dr Altcoin has his eyes on the clock, urging the PCT to arrange strong infrastructure earlier than the transition to open mainnet.
“The OM incident is a wake-up call for the entire crypto industry – proof that stricter regulations are urgently needed,” stated Dr Altcoin. “It also serves as a HUGE lesson for the PCT as we transition from the Open Network to the Open Mainnet.
Belief In the PiCoreTeam Is Waning
While a cross-section of community members will argue that the PCT is not scheming a rug pull, there is rising dissent in the ecosystem. Dr Altcoin remarks that faith in the PCT is waning given a trail of transparency issues facing the Pi Network in recent weeks.
“One thing is clear about the PCT,” wrote Dr Altcoin on X. “They are not transparent.”
Questions in regards to the PCT’s transparency first reared its head over the murkiness of the locking and burning mechanism for Pi Coins. Furthermore, delays in issuing KYB approvals for initiatives resulting in PiDaoSwap launching NFTs on the Binance Chain infected soured optimism for the PCT.
Dr Altcoin notes that if the PCT fast-tracks the KYB course of for centralized exchanges, it should unlock the floodgates of demand for Pi forward of the transition
At the second, Pi miners are capitulating casting a shadow of doubt over the course of Pi Coin value. Pi Coin is on the rise, climbing by practically 30% over the past seven days to commerce at $0.7404 however the specter of a drop to 0.3 hangs like a Sword of Damocles.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and rising applied sciences journalist with a knack for masking needle-moving tales within the house. Aliyu delivers breaking information tales, regulatory updates, and insightful evaluation with depth and precision. When he is not poring over charts or following leads, Aliyu enjoys enjoying the bass guitar, lifting weights and operating marathons.
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