HomeCrypto NewsAltcoin NewsPi Coin Price Plummets 24.13%—What’s Driving the Decline?

Pi Coin Price Plummets 24.13%—What’s Driving the Decline?

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Pi Coin has fallen 24.13% in the past 24 hours, leaving investors concerned about its future. The token now trades at $0.8876, down 47.11% from its weekly high of $1.68. Market-wide volatility and issues surrounding Pi Network have contributed to the sharp decline. Analysts are now watching key technical levels to assess where Pi Coin might be headed next.

Pi Coin’s recent decline comes amid broader market weakness. The global cryptocurrency market cap has dropped 1.69%, standing at approximately $2.76 trillion. However, Pi has underperformed compared to the broader market, falling 42.60% while other major cryptocurrencies have remained relatively stable.

Technical analysis shows that Pi Coin has been in a consistent downtrend since mid-March. The price recently hit a 7-day low of $0.8838, with minimal signs of recovery. Pi Coin is now trading nearly 70% below its all-time high of $2.99. Increased trading volume suggests heightened selling pressure, with the 24-hour volume surging by 54.10% to reach $550.79 million.

Analysts have identified $0.82 as the next key support level. If selling pressure continues, the price could drop to $0.30, according to crypto market analyst Kripto Bilgi. Investors are closely watching whether Pi can stabilize above key resistance levels to avoid further declines.

Binance Listing Delays and Network Concerns Fuel Uncertainty

Pi Network has faced setbacks that have impacted investor confidence. One of the key factors behind the price drop is the uncertainty surrounding Pi Coin’s listing on Binance. Despite an 87.1% community vote in favor of listing, Binance has not confirmed a date. The exchange’s recent “Vote to List” campaign excluded Pi, citing eligibility restrictions for non-BNB Smart Chain projects.

This delay has led to frustration among investors. Some users have voiced their concerns on social media, criticizing Binance for the lack of clarity. The disappointment has fueled additional selling pressure, pushing Pi’s price lower.

Meanwhile, Pi Network’s migration process has created challenges for users. Reports indicate that some Pioneers lost tokens due to migration grace period lapses. One user reportedly lost 1,427 tokens, causing further concerns about the platform’s reliability. The lack of a clear timeline for the Open Mainnet launch has also added to investor skepticism.

Pi Coin Faces Regulatory Scrutiny and Ponzi Allegations

Pi Network has come under criticism from industry figures questioning its business model. Justin Bons, founder of CyberCapital, labeled Pi Network a “scam,” citing concerns about its tokenomics and centralization. He argued that Pi’s KYC requirements and permissioned structure contradict its claims of decentralization.

Bons also raised concerns about Pi’s referral-based mining model, comparing it to a multi-level marketing (MLM) scheme. He suggested that the delayed mainnet launch and lack of transparency regarding insider token allocations were red flags. Similar concerns were previously raised by Bybit CEO Ben Zhou, who also questioned Pi’s legitimacy.

Despite these criticisms, Pi Network continues to develop its ecosystem. The recent introduction of .pi domains for decentralized websites aligns with the network’s Web3 vision. However, these developments have not been enough to counteract the negative market sentiment.

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What’s Next for Pi Coin?

Pi Coin’s price action suggests continued volatility in the near term. Traders are watching whether Pi can hold above $0.82, as a drop below this level could lead to further declines. The upcoming token unlocking event could also impact price movements, depending on investor response.

Joy Nganga
Joy Nganga
Joy is a Market Analyst and Blockchain Technology Writer at AltcoinBeacon. With over five years of experience, she is highly skilled in the crypto market and well-versed in blockchain technology. Joy Nganga offers the latest news and insightful analysis, making her a valuable resource for informed decisions in the crypto space.

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