The Solana-based meme coin FARTCOIN has emerged as an unlikely outperformer over the past month. The altcoin has defied the broader market troubles and surged by nearly 250% in the past 30 days.
However, buyer exhaustion could soon set in, potentially triggering a wave of profit-taking among FARTCOIN holders eager to lock in gains.
FARTCOIN Enters Overbought Zone
FARTCOIN’s triple-digit rally has pushed its price above the upper band of its Bollinger Bands (BB) indicator, a sign that the meme coin is overbought.
The BB indicator identifies overbought or oversold conditions and measures an asset’s price volatility. It consists of three lines: a simple moving average (middle band) and two bands (upper and lower) representing standard deviations above and below the moving average.
When the price breaks above the upper band, it means the asset’s current value is moving significantly away from its average, making it overbought and due for a price correction.
This pattern suggests that FARTCOIN’s current price level may not be sustainable, increasing the likelihood of a near-term pullback.
Moreover, readings from the token’s Relative Strength Index (RSI) confirm its nearly overbought status. At press time, this momentum indicator rests at 69.09.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.
At 69.09, FARTCOIN’s RSI signals that the meme coin is nearly overbought. Its upward momentum may be weakening, and a price correction could be near.
Will It Hit $1.16 or Slip Back to $0.37?
If the current momentum fades, FARTCOIN could face a short-term correction that causes it to shed some recent gains. In that scenario, the Solana-based asset could retest support at $0.74.
Should it fail to hold, the downtrend strengthens and could continue toward $0.37.
As PI Day approaches, many Pi Network users or Pioneers could lose their accumulated Pi coins.
The risk comes following widespread complaints about the inability to complete the Know Your Customer (KYC) verification process.
Growing Frustration Among Pi Network Users
In a late February announcement, the Pi Network team stated that users who fail to complete KYC and migrate their balance to Mainnet within the extended grace period—ending at 8:00 AM UTC on March 14, 2025—”risk losing most of their mobile balance.”
“…the end of the Grace Period is inevitable to make sure the network can move on in its new phase without large sums of unverified and unclaimed mobile balances. Thus, this is the last chance for any Pioneer to complete the required steps to avoid forfeiting their past mobile balances,” read the announcement.
This announcement has sparked widespread frustration among Pioneers. Based on discontent shared on X (Twitter), many claim they have attempted but failed to complete KYC. Crypto enthusiast Rod Thompson called the situation the biggest con job of crypto, with up to 10,000 PI Coins on the line for him.
“The Pi Network has been earning ad revenue for every one of my daily mining sessions, but I’m going to lose over 10,000 pi coins because people I haven’t spoken to in two years haven’t done KYC. At least one of them passed away over a year ago. That’s over $10,000 due to me for my efforts,” Thompson lamented.
Thompson is not the only Pioneer questioning the fairness of the Pi Network system. Another user, S.O.H., described the situation as “mass social engineering on blockchain.” Meanwhile, others, such as Ahmady Ala, reported that despite mining Pi for six years, they have yet to be allowed to complete KYC.
Pioneer’s screenshot on KYC issues with Pi Network. Source: Ahmady Ala on X
In the same tone, some users have had their KYC documents pending for over two years without resolution.
“My KYC verification has been pending for 2.5 years. Even if it won’t be approved, shouldn’t there be an option to reapply?” user H. Ibrahim posed in frustration.
Unfair Reward Distribution, Centralization, and Migration Delays
In addition to KYC-related frustrations, many users have reported balance inconsistencies. They claim their unverified balance keeps increasing while their transferable balance is significantly reduced.
This makes the migration process confusing, and the lack of transparency leads some to label Pi a “scam network.” Another major concern is the alleged unfair distribution of rewards.
“I mined consistently for 4 years, stayed loyal to Pi Network, brought in 39 people, and even completed KYC for 17 of them—yet I got nothing. Meanwhile, others with no referrals and irregular mining have more Pi than me. How is that fair?” another user, Mango Fan Token, stated.
Meanwhile, despite claiming a user base of 60 million, on-chain data indicates only about 11 million active users. This led to concerns over Pi Network’s actual adoption rate.
Additionally, questions about centralization have emerged. Some critics argue that the project’s control mechanisms limit the potential for a truly decentralized network. Another issue plaguing the network is the failure of many users to migrate their Pi coins to Mainnet.
BeInCrypto reported recently that Pioneers have struggled with transferring their balances, even after fulfilling all required steps. Some users, frustrated by prolonged lockup periods, have resorted to selling their PI Coin accounts on unofficial markets, raising further concerns about the platform’s credibility and long-term viability.
While criticism of the network continues to mount, Pi Coin has recently seen double-digit gains as investors gear up for Pi Day. Some analysts speculate that the surge is driven by optimism surrounding potential developments on March 14.
Pi Network (PI) Price Performance. Source: CoinGecko
CoinGecko data shows that PI Coin’s price was $1.71 as of this writing, up nearly 15% in the last 24 hours. However, whether the price momentum can be sustained in the face of ongoing technical issues and community dissatisfaction remains uncertain.
