Pi Coin, the native digital currency of Pi Network, has made significant waves in the cryptocurrency world recently.
After the successful launch of its Mainnet, Pi Coin was officially listed on major exchanges, including OKX and Bitget, and experienced a remarkable surge in price. At its peak, Pi Coin’s value soared to $1.40, with some platforms even reaching an all-time high of over $2. This was a milestone for the Pi Network, which has been in development for over six years.
The price surge was seen as a reflection of the excitement surrounding Pi Coin’s Mainnet launch, which marked a critical phase in the project’s evolution. Users who completed the Know Your Customer (KYC) process were able to migrate their Pi coins to the Mainnet, opening the doors for transactions, business payments, and other applications within the growing Pi ecosystem.
Recent Price Drop and Market Performance
However, despite the initial optimism, Pi Coin has recently experienced a significant decline in its value. As of the most recent data, Pi Coin’s price has dropped to $0.5192 at the time of writing, which is a 37.44% decrease over the last seven days. This sharp drop follows a 30% crash in value, bringing the price down from its previous highs.
The market cap of Pi Coin currently stands at $3.53 billion, reflecting a 14.11% decrease in market value over the past week. Despite the price decline, Pi Coin continues to show strong trading volume, with $504.21 million in 24-hour transactions—marking a 61.75% increase in volume during that period.
Supply and Demand Dynamics
As of now, Pi Coin has a total supply of 100 billion coins, with 6.8 billion currently circulating. This represents a small portion of the total supply, which could influence the price movement as more Pi coins enter circulation. The Fully Diluted Valuation (FDV) of Pi Coin is currently $51.98 billion, indicating significant potential for growth if demand picks up.
The volatile nature of Pi Coin’s price is not unusual for a project that has only just launched its Mainnet. The market is still adjusting to the new listings and the coin’s transition from testnet to Mainnet.
Future Outlook
The future of Pi Coin is uncertain, but the project’s innovative approach to digital currency and blockchain technology is capturing attention. Investors and users alike are awaiting further developments in the Pi ecosystem, such as new applications and business integrations, that could influence Pi Coin’s long-term price trajectory.
While the price dip may cause some short-term uncertainty, the overall potential of Pi Coin remains high, especially considering its extensive user base and ongoing network development. For those who have been waiting for a chance to enter, this price adjustment may present a potential opportunity, though caution is advised as the market remains volatile.
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-price-lost-almost-40-in-last-7-days-whats-next/