In a significant market move, Pi Coin (PI) has experienced a sharp decline of 28% in the past 24 hours, with its price currently sitting at $1.10.
The drop has triggered concern among holders and analysts alike, prompting questions about what may come next for the popular but controversial cryptocurrency.
Market Snapshot
- Current Price: $1.10
- 24-Hour Volume: $1.5B (↓5.58%)
- Market Cap: $7.86B (↓28.02%)
The Pi Coin’s volume-to-market cap ratio stands at 19.28%, suggesting considerable trading activity amid the price dip. Despite the downturn, the token maintains a profile score of 81%, indicating a solid foundation in terms of market visibility and project fundamentals.
Why the Drop?
While no single event appears to have triggered this specific crash, several possible factors may be contributing:
- Lack of Exchange Listings: Pi Coin has been criticized for its limited accessibility, as it is still not listed on major centralized exchanges. This limits liquidity and amplifies volatility.
- Speculative Trading: Much of Pi’s value has been driven by speculative interest, especially since it hasn’t fully transitioned to a decentralized open mainnet. Sudden selloffs can cause cascading effects in such speculative environments.
- Market Sentiment: The broader crypto market may also be experiencing short-term bearish trends, influencing altcoins like Pi more severely.
What to Expect Next
1. Short-Term Volatility
Pi is likely to continue experiencing wild price swings in the coming days. With no strong exchange infrastructure or institutional backing yet, retail sentiment heavily influences price.
2. Support Levels to Watch
The $1.00 mark now becomes a critical psychological and technical support. A breach below this could trigger further panic selling, while stabilization might invite short-term accumulation.
3. Awaiting Mainnet Launch
Investors should monitor news related to Pi Network’s mainnet release and regulatory disclosures, as these could significantly influence future valuations.
4. Exchange Listings
Any announcement related to listing on prominent platforms (like Binance, Coinbase, or Kraken) would serve as a bullish catalyst.
Conclusion
Pi Coin’s steep decline is a stark reminder of the volatility inherent in emerging crypto projects. While the fundamentals and community backing of Pi Network remain strong, the lack of a fully operational ecosystem and trading infrastructure continues to limit its price stability. Caution is advised, especially for short-term traders, while long-term holders may choose to wait for clearer developments on mainnet deployment and broader exchange support.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/pi-coin-dropped-by-over-28-in-the-past-24-hours-what-to-expect-next/