Pi Coin Falls 0.1% Amid Security Fears Analyst Calls for MFA to Stem Volatility

Pi Coin is experiencing a period of volatility as concerns over security and price stability intensify. Recent reports highlight growing user anxieties following incidents of compromised wallets and stolen passphrases. Dr. Altcoin, a cryptocurrency analyst, emphasized these risks in a public post, stating that reliance on a single passphrase for wallet access creates significant vulnerabilities. He urged the Pi Core Team to implement Multi-Factor Authentication (MFA) to mitigate unauthorized access [1]. The proposed solution involves adding biometric verification or fingerprint authentication as a secondary layer of security, which could reduce theft risks and enhance trust in the platform [1].

Market data reflects the coin’s struggling performance. Pi Coin currently trades at $0.4409, with a 0.1% decline in the last 24 hours. The asset has faced persistent bearish pressure, exacerbated by major token unlocks in July that destabilized buying interest [1]. Analysts note a shift in market sentiment, with negative momentum dominating the month. While some users remain optimistic, the lack of robust security measures has compounded uncertainty.

Dr. Altcoin’s analysis also provides a timeline for potential recovery. He posits that Pi Coin could see organic price growth by late August, as the frequency of token unlocks decreases. Previously, he suggested the $0.40 level might act as a floor for the coin, with further declines unlikely once the unlock rate slows [1]. However, these projections hinge on the Pi Network addressing security gaps and regaining user confidence.

The pressure on Pi Coin underscores broader challenges for emerging cryptocurrencies in balancing innovation with safety. While MFA is a standard practice in many digital platforms, its absence in Pi’s framework has left users exposed. The core team’s response to these concerns will likely shape the coin’s trajectory. For now, the market remains cautious, awaiting tangible steps to resolve security issues and stabilize the asset’s value.

Source: [1] [Pi Coin Under Pressure: Security Concerns Rise as Price Hovers Near Lows] [https://coinpedia.org/news/pi-coin-under-pressure-security-concerns-rise-as-price-hovers-near-lows/]