Pi Network Faces Challenges Amid Market Downturn
pi Network’s price has seen a significant drop this year, with buyers staying away. Initially,Pi Coin (PI) soared to almost $3 after its mainnet launch in February. Though, it has as fallen to $0.7925, causing considerable losses for investors.
Three key factors contribute to this decline. First,despite a accomplished mainnet launch,major exchanges haven’t listed Pi Coin. Binance,the largest crypto exchange,surprisingly hasn’t listed it,despite 85% of participants in a Binance poll favoring it. Other exchanges like Coinbase, Bybit, Kraken, and Upbit have also not listed the token. bybit’s CEO even labeled Pi Network as a scam, a claim the developers deny.The lack of listing on these platforms has hindered its growth. The absence from these exchanges limits its accessibility and trading volume.
One positive is the possibility of future listings. If listed,Pi could see a price surge,similar to Orca’s 200% jump after being listed on Upbit. Pi Network’s market cap stands at over $8 billion, indicating its popularity. Yet, the coin’s future remains uncertain due to token unlocks. Millions of Pi tokens will unlock monthly, diluting existing holdings. This uncertainty, coupled with the broader crypto market crash, has affected its value. Bitcoin and altcoins have suffered due to economic concerns, including Donald Trump’s tariffs.
On a technical note, the Pi Network price has been declining. Though,there are signs of a potential bullish breakout. The ADX has dropped from 60 to 15, indicating weakening selling pressure. The BBTrend indicator shows a bullish divergence, and the falling wedge pattern suggests a possible price surge to $1.7980.
