Amid a substantial token unlock and a broader market downturn, the resilience of Pi Network is being tested, sparking debates about whether Pi Coin might fall below $1 or rebound strongly in the future.
Despite the massive sell-off in the cryptocurrency market, Pi Network remains around the flat level of $1.4 today. However, many investors are still taking a wait-and-see approach, as the upcoming token unlock may trigger a collapse of Pi Coin. Nevertheless, experts remain optimistic, especially with high expectations for a listing on Binance.
Pi Network Price: A quick overview
Pi Network's stock price fell 0.15% today, reporting at $1.38, with daily trading volume down 46% to $527.7 million. Notably, the cryptocurrency's daily high and low points were $1.45 and $1.30, respectively. The cryptocurrency has dropped nearly 24% in the past seven days and about 19% since its launch on February 20.
Meanwhile, the cryptocurrency seems to contradict the broader market trend, as all other top cryptocurrencies have experienced further declines. To provide context, Bitcoin's price has dropped nearly 2.3%, with recent reports suggesting BTC may fall to $70,000. At the same time, ETH's price has fallen more than 8% today, indicating a weakening risk appetite among investors.
Why has the risk of Pi Coin declined more?
Pi Network has recently become a hot topic, with more and more users participating in the project. Additionally, the well-known real estate company Zito Realty LLC has begun accepting Pi as a payment method, further boosting market confidence.
However, despite these positive developments, market participants remain cautious as the unlocking of major tokens looms. According to data from PiScan, the current average daily token unlock amount is 9.05 billion Pi, valued at $18.11 million.
However, on March 17 and March 21, the unlock amounts will rise to 23.1 million Coins ($46.27 million) and 23.4 million Pi ($46.88 million), respectively. Additionally, a total of 271.68 million PI will be unlocked over the next 30 days, valued at $543.36 million.
The influx of new tokens may significantly increase selling pressure, potentially pushing the price below $1. That said, traders remain cautious and are unwilling to invest ahead of the unlocking event. If the token price fails to withstand the selling pressure, it may trigger a collapse below the psychological threshold of $1.
Can Pi Network take the lead?
Despite the challenges in the short term, market participants are closely monitoring the token. In context, speculation about a potential listing on Binance has surged, fueling market optimism. It is worth noting that almost all top ten cryptocurrencies are listed on top exchanges like Binance.
Currently, Pi Coin ranks 11th in market capitalization, and with its adoption rate and user base skyrocketing, there is speculation that Binance will soon list the token. Moreover, this leading exchange previously held a voting event for the token's listing, with 86% of votes in favor.
That said, this listing could significantly contribute to future asset gains. Additionally, with Pi Day (March 14) approaching, speculative activities are also on the rise. The community is looking forward to important announcements from the Pi Network team on this day. A well-known expert also hinted that as long as Pi can hold the support level of $1.05, it could rebound to $3.5.