Pi Coin Crash: The cryptocurrency, created by Pi Network, went live on exchanges like Bitget, Gate.io, and OKX on Thursday. Its first price peaked at more than $2. Furthermore, Pi Coin crashed to $0.78 by Friday morning as analysts and traders rushed to predict its destiny.
Although the exact causes of the sharp drop are still up for debate, a number of factors seem to be contributing to Pi Coin’s rough beginning, including early miners’ profit-taking, the lack of large exchange listings, and persistent doubts about its practicality. Let’s learn why Pi coin crashed!
Brief Background of Pi Coin
The Pi Network’s native cryptocurrency, Pi Coin, was established by Chengdiao Fan and Nicolas Kokkalis, both of whom received PhDs from Stanford. It is a mineable cryptocurrency that was conceptualized in 2019. Decentralized apps (dApps), merchant payments, and peer-to-peer transactions are some of its use cases. The Pi coin is easy to get mine. All the investors need to do is download a Pi Network application and start mining with a tap. Furthermore, the investors can add a couple of reliable contacts to increase the mining rate.
Pi Coin Crash: Price Drop
After the Mainnet debut, Pi Coin’s price is currently undergoing a great deal of volatility. According to Crypto Times, the price of Pi Coin is $1.20 on Bitget and $1.50 on OKX. The decision to join the Open Network makes it possible for Pi to communicate with other networks and systems by establishing connectivity that is external on the Mainnet blockchain.
However, Pi Coin Crash has been witnessed because within a day of its formal launch, Pi Coin’s highly anticipated open market debut saw a dramatic decline, losing over 55% of its value. Users contrasted the outcome to that of US President Donald Trump’s brand-new $TRUMP meme currency, which saw a price halving and a market value loss of about $10 billion after a 300 percent surge.
Is Pi Coin Listed?
According to reports, Binance is considering the Pi Coin listing, but no formal decision has been taken as of yet. Binance recently requested its followers to comment on the Pi Network initiative in a post on X, indicating that the exchange is assessing community sentiment before making any firm moves. Moreover, Pi Coin is unable to access the wider visibility and liquidity that could aid in price stabilization in the absence of a Binance listing.
Conclusion
Although the Pi coin crash is something that the investors should not worry about, as digital currency analysts are optimistic about this cryptocurrency and believe that the price will go up as soon as a big captial jumps in the picture. However, because cryptocurrency prices are subject to sudden fluctuations, investors should proceed with caution.
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