Noida (CoinChapter.com) – Pi Network has once again extended the deadline for its Know Your Customer (KYC) verification and mainnet migration, pushing it to February 28, 2025. The latest extension was announced by the Pi Core Team, giving Pioneers extra time to complete the KYC process and transfer their Pi holdings to the mainnet.
While the team insists this will not affect the promised open network launch, there is skepticism. The project has delayed its full launch several times and has yet to provide a clear timeline for full decentralization or token liquidity. Critics say the repeated delays raise concerns about the legitimacy and sustainability of the network. With millions of users still unable to access their Pi holdings, the latest deadline move does little to appease an increasingly frustrated community.

Multiple delays and an uncertain future
Pi Network has delayed its mainnet migration several times, missing multiple self-imposed deadlines. The open mainnet launch was initially expected in 2022, but was delayed to 2023 and then further delayed to 2024.
With the latest extension, the timeline has been extended to 2025, with no clear indication that this will be the last delay. The Pi core team attributes these setbacks to compliance and KYC verification issues, but has provided little transparency as to why these processes continue to delay the project’s full launch.
As of January 2025, the team claims that over 10 million users have completed KYC verification, but of the over 45 million registered users, the majority are not yet verified. Furthermore, while the team insists that many verified users have migrated to the mainnet, there is no independent evidence to verify these claims. With no functioning blockchain explorers or publicly accessible transaction data, it is impossible to confirm how many users have successfully transitioned.
The latest delay raises questions about whether Pi Network will be able to meet its revised open network launch target of Q1 2025. Previous delays have established a pattern of indefinite postponements, and with no evidence of real progress, another delay remains a possibility. Millions of users remain trapped in an ecosystem that cannot withdraw, trade, or utilize their Pi tokens in any meaningful way.
Each failure to deliver on time further undermines the project’s credibility, reinforcing concerns that Pi Network is more like a long-term experiment than a legitimate blockchain project with a viable future.

Pi Network’s IOU Price Faces Bearish Pressure
On February 3, Pi Network's IOU token fell more than 21%, breaking several support levels before recovering somewhat. However, despite the slight recovery, the PI coin price remains sluggish, with the 200-day EMA (green line) and 20-day EMA (red line) acting as major resistance levels. Failure to retake any of these resistance levels could lead to a price decline.
Above the EMA trendline, the PI coin IOU price faces immediate resistance near $44. Flipping the immediate resistance targets the resistance near $48. On the downside, the coin has strong support near $38, which coincides with the 0.382 Fibonacci retracement level. A break below this support could trigger a deeper correction, pointing to the $35 area, which has previously served as a strong demand area.
Declining volumes suggest weak buyer interest, making any recovery attempt less convincing. In the absence of an increase in volume, resistance levels are likely to persist. The RSI is close to 40, reflecting continued bearish momentum. If the RSI drops below 35, it could further confirm selling pressure and accelerate a move toward lower support levels.
It is worth noting that PI's price movements reflect the IOU market, not a fully functional cryptocurrency. Since Pi Network has not yet launched an open mainnet, IOUs are traded on select exchanges, so their valuation is speculative. Before Pi Network enables actual transactions on its blockchain, its pricing is disconnected from actual liquidity.
Failure to hold the key EMAs and the waning bullish structure hint at a possible bearish continuation. A decisive move above $41 on greater volume could signal a reversal, but absent that, price action remains biased to the downside. Increased volatility is likely in the coming weeks, and sellers will remain in control unless bullish momentum returns.