The Pi Network core team has announced the introduction of mandatory two-factor authentication (2FA) for Pioneers, aiming to bolster security and ensure a seamless transition to the Mainnet blockchain. This security enhancement arrives as Pi Coin experiences a relief rally, rebounding from its critical support level of $1.00.
Pi Network Strengthens Security with 2FA
In an effort to enhance wallet security, Pi Network has made 2FA a mandatory step for selected Pioneers before their Pi balance is migrated to the Mainnet. The verification process requires Pioneers to authenticate their accounts via a trusted email, ensuring that only rightful owners gain access to their digital assets.
According to the Pi Core team, 2FA aims to secure wallets and accounts by adding an extra layer of protection. Pioneers who have recently migrated their Pi but remain in the 14-day pending period must complete this verification process. If users fail to comply, Pi Network will return the Pi Coins to their mining app. However, upon successful verification, the user’s balance will be re-migrated to the Mainnet without any loss.
The official statement from the Pi Core team underscores the importance of this security upgrade:
“2FA and the Pi ‘return’ features are meant to ensure, as much as possible, the security of Pioneers’ Pi and accounts. Due to the nature of blockchain, where transactions are immutable and the Pi Wallet is noncustodial, these features provide extra caution and ensure Pi is sent to the rightful Wallet owner.”
Can Pi Coin Regain $2 Soon?
Pi Coin has faced strong selling pressure, shedding 23% over the past week and slipping from the 11th to the 16th spot in market rankings. Despite a market cap decline below $8 billion, trading volume has surged by 15.87% to $600 million, reflecting renewed investor interest.
A symmetrical triangle pattern on Pi Coin’s 15-minute chart suggests a potential breakout. If Pi Coin breaches the key resistance level at $1.20, it could rally toward the $1.25–$1.30 range. However, failure to sustain momentum could see the price drop to support levels around $1.05–$1.02.
Token Unlocks and Exchange Listing Uncertainty
Adding to the volatility, PiScan data indicates that approximately 129 million Pi Coins—worth $175 million—will be unlocked this month. This influx of tokens could exert downward pressure on the price, increasing the risk of Pi Coin falling below $1.
Moreover, Pi Coin’s much-anticipated listing on major exchanges remains in limbo. Binance has yet to confirm any listing plans, leaving market speculation to influence price movements.
Also Read: Pi Day Warning, Major Risks Pi Network Holders Must Watch Out For
With Pi Network’s enhanced security measures and ongoing market developments, the coming weeks will be crucial in determining whether Pi Coin can reclaim its lost ground.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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