- Pi Network’s token (PI) initially surged to nearly $3 after its launch but has since dropped by over 50%, largely due to a general crypto market correction and Binance’s reluctance to list it despite strong community support.
- While smaller exchanges like Bitget and OKX offer PI trading, its future growth depends on broader market recovery and potential Binance listing.
Pi Network’s native token, PI, has faced a significant downturn despite an exciting start in the crypto market. The token, which was introduced on February 20 when the team launched its Open Network, initially showed great promise. However, its price has dropped sharply, leaving investors wondering about the reasons behind the decline.
A Rollercoaster Start
During its first trading days, PI saw extreme volatility, ranging from $0.64 to an all-time high (ATH) of nearly $3 on February 27. The excitement surrounding the launch and the long-awaited Open Network milestone helped fuel this surge. However, just as quickly as it climbed, PI’s valuation took a hit, plummeting by more than 50% in a matter of days.
As of the latest data from CoinGecko, PI dropped to a low of $1.26 before recovering slightly to $1.41. This represents a 12% daily decrease and a 16% loss over the past week.
What’s Behind the Decline?
Several factors have contributed to PI’s poor performance:
1. General Crypto Market Correction
The entire cryptocurrency market has been experiencing a correction, with Bitcoin (BTC) briefly dipping to $80,000 and many leading altcoins seeing sharp declines. As a newer token, PI is particularly susceptible to such market fluctuations.
2. Binance’s Silence
One of the biggest concerns for PI investors is Binance’s lack of action. The world’s largest crypto exchange held a community vote to decide whether to list PI, with over 86% of voters supporting the move. However, despite this overwhelming interest, Binance has yet to announce any official listing. Without Binance’s support, PI lacks the liquidity and exposure that could drive its price higher.
3. Limited Exchange Listings
While PI is available for trading on platforms such as Bitget, OKX, and MEXC, the absence of a Binance listing has undoubtedly restricted its accessibility and potential for growth. A listing on Binance would likely attract more investors and create upward pressure on the price.
For PI to regain its lost value, several key developments need to happen. A broader market recovery would provide a more favorable environment, and a Binance listing could significantly boost investor confidence. Until then, PI holders will have to navigate the ongoing volatility and uncertainty surrounding the token’s future.
While the Pi Network remains a project with a strong community, the token’s performance will depend on external factors, including exchange support and overall market trends. Investors should keep a close eye on any new announcements that could impact PI’s price trajectory.
