Pi Network Coin, which launched with much excitement, has taken a major hit after reaching a high of $1.97 in just one day. The coin’s price nosedived to $0.737, leaving many investors wondering what went wrong.
Early miners selling off their holdings is one reason behind the dramatic decline. Pi Coin’s tradability has led to long-time miners rushing to cash out. Digital currency analyst Kim H Wong highlighted this trend in a post on X, saying that trading in Pi is disappointing as pioneers keep selling and buy orders are small.
Another factor contributing to the price crash is the absence of a Binance listing. Pi Coin needs a high-profile exchange like Binance to boost its liquidity and credibility. However, without an official confirmation, Pi remains uncertain about this crucial step.
The mainnet launch of Pi Network is significant for over 10 million users who have been waiting for two years to migrate their mined coins to the mainnet. The transition now allows them to move their assets to external exchanges, trade their holdings, and integrate with the wider cryptocurrency market.
Despite the sharp drop in value, some analysts remain optimistic about Pi’s long-term potential. If Pi Network gains mainstream adoption and establishes real-world use cases, its price could exceed $500 by 2030. However, this will depend on how well the network integrates into everyday transactions and whether businesses begin accepting Pi as a form of payment.
The broader cryptocurrency market is also seeing renewed optimism, with Bitcoin surging to $98,000 comfortably surpassing the $96,200 resistance level. Ethereum, however, remains below $3,000, struggling to cross the $2,800 mark.
The road ahead for Pi Network remains uncertain but promising. With millions of users mining Pi and engaging with its ecosystem, the coming years will determine whether it can transform into a widely used digital currency.
Source: https://economictimes.indiatimes.com/news/new-updates/pi-network-coins-62-crash-explainedwhy-it-declined-and-what-it-means-for-crypto-enthusiasts/articleshow/118442880.cms?from=mdr