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Within 24 hours of the Pi mainnet release, people's excitement about it had subsided, as Pi coin faced strong selling pressure, with its price plummeting by more than 50% from yesterday's high of $2. The selling pressure was accompanied by huge trading activity, as the daily trading volume surged to over $1.2 billion.
Pi coin experiences a sharp rise and sell-off
The native cryptocurrency of the Pi Network, Pi coin, is facing massive speculation and sell-off, with its current trading price around $0.70, a decline of over 65% from the peak of $2.0, and investors' excitement over the mainnet launch seems to be quickly fading.
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Even at the current price of $0.70, the market capitalization of the Pi Network is as high as $4.45 billion. The Pi Network has over 10 million users and has gained huge attention in the market. After the mainnet launch, 1 billion out of the total 9.7 billion PI tokens were initially available. The remaining tokens will be locked in user wallets and unlocked over time.
Although some market analysts have turned bullish, investors should still be cautious when making new bets and look for any potential signs of trend reversal.
Will the listing on Binance and Coinbase lead to a trend reversal?
Despite the current decline in the Pi coin price, the optimistic sentiment for a recovery is still high. Some market analysts believe that, given the strong daily trading volume of over $1.2 billion, now is not the best time to sell at a low price.
Some global cryptocurrency exchanges, such as OKX and CoinDCX, have already expanded their support for the Pi coin. Moreover, the industry has been working to introduce the Pi Network's native cryptocurrency to top exchanges like Binance and Coinbase.
Binance and Coinbase are among the world's largest cryptocurrency exchanges, with a massive user base and high trading volume. The increased liquidity can make the Pi Coin more attractive to traders and investors. Furthermore, it will further enhance the credibility of the cryptocurrency among retail investors.
Pi community expresses dissatisfaction
After the massive speculation and sell-off, the Pi community has seen strong dissatisfaction. Notably, the cryptocurrency commentator Wood LightYear expressed his discontent with the specific narrative around the Pi Network mainnet launch. In a statement on social media, LightYear said:
"The only narrative I truly hate about yesterday's Pi listing is that people can cheaply accumulate what we've spent years of our time acquiring."
This sentiment highlights the concerns of long-term Pi Network supporters, who feel that the listing has undermined the project's core narrative of valuing time and attention.
