Synopsis
Pi Coin plunged over 55% within 24 hours of launch, impacted by early miners selling, absence from Binance, limited real-world utility, and market uncertainty. Analysts expect price recovery as selling pressure eases.
Pi Coin’s much-anticipated debut on the open market has taken a sharp downturn, shedding more than 55% of its value within 24 hours of its official launch.
The cryptocurrency, developed by Pi Network, launched Thursday on exchanges including OKX, Gate.io, and Bitget with initial prices peaking above $2. By Friday morning, Pi Coin had plummeted to $0.78 as traders and analysts scramble to assess its future.
While the precise reasons behind the steep decline remain speculative, several factors appear to be influencing Pi Coin’s rocky start, from early profit-taking by miners to the absence of major exchange listings and lingering concerns over its real-world utility.
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1. Early miners cashing out
One of the most likely drivers of the sell-off is early miners liquidating their holdings. After years of accumulating Pi Coins through mobile-based mining, many of these early adopters have opted to take profits now that the token is finally tradable on exchanges like OKX, Gate.io, and Bitget.
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“Trading in Pi is disappointing as pioneers keep selling and buy orders are small (highest 1K Pi, on average a few hundred Pi). No big capital is insight. However, this can also be looked at as positive, as sellers exhaust, and buyers jump in, price should go back up again,” said digital currency analyst Kim H Wong on microblogging site X, formerly known as Twitter.
“No matter what, what is important is that the Pi network has successfully opened its network to the world and as people understand the power of Pi Network, price will go up when big capital jumps in. Hold your precious Pi coins,” said Wong.
2. Missing a key exchange listing
The absence of a listing on Binance, the world’s largest crypto exchange, has also likely weighed heavily on Pi’s market performance.
Binance is reportedly exploring the possibility of listing Pi Coin, though no official decision has been made yet. In a recent post on X, Binance asked its followers to share their thoughts on the Pi Network project, signaling that the exchange is gauging community sentiment before taking any concrete steps. Without a Binance listing, however, Pi Coin lacks access to the broader liquidity and visibility that could help stabilize its price.
3. Limited real-world utility
Despite years of development, the Pi Network’s ecosystem remains in its infancy, with few decentralized applications (dApps) available for users. While the Pi Browser and Pi Wallet offer some functionality, critics argue that the network’s lack of clear, real-world utility may be discouraging new investment.
4. Airdrop sell-off trend
Historically, cryptocurrencies distributed via airdrops tend to experience sharp price declines shortly after trading begins. With millions of Pi Coins released into circulation, many users are rushing to sell their holdings for quick profits, following a pattern seen in other airdropped tokens.
5. Regulatory and market uncertainty
Broader regulatory concerns and market volatility are also playing a role. Cryptocurrencies globally are under increasing scrutiny, and Pi Network’s compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) standards could influence investor confidence going forward.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
