In the context of significant token unlocks and broader market sluggishness, the resilience of Pi Network is being tested, sparking debates about whether Pi Coin may fall below $1 or rebound strongly in the future.
Despite a massive sell-off in the cryptocurrency market, Pi Network remains around the flat level of $1.4 today. However, many investors are still on the sidelines, as the upcoming token unlock may trigger a collapse of Pi Coin. Nonetheless, experts remain optimistic, especially with heightened expectations surrounding a listing on Binance.
Pi Network Price: A Quick Overview
Pi Network's stock price fell 0.15% today, reporting at $1.38, with a daily trading volume decrease of 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 defy broader market trends, as all other top cryptocurrencies have experienced further declines. As a backdrop, Bitcoin's price has dropped nearly 2.3%, with recent reports indicating BTC could fall to $70,000. At the same time, ETH's price fell over 8% today, indicating a weakening risk appetite among investors.
Why has the risk of Pi Coin dropped even more?
Pi Network has recently become a hot topic, with an increasing number of users participating in the project. Additionally, the well-known real estate company Zito Realty LLC has started 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 approaches. 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 volumes 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 within the next 30 days, valued at $543.36 million.
The influx of new tokens could significantly increase sell-off pressure, potentially pushing the price below $1. That said, traders remain cautious and are unwilling to invest before the unlocking event. If the token price fails to withstand the sell-off pressure, it could trigger a collapse below the psychological threshold of $1.
Can the Pi Network lead?
Despite short-term challenges, market participants are closely watching the token. In the backdrop, speculation about a potential listing on Binance is soaring, fueling market optimism. Notably, almost all of the top ten cryptocurrencies are listed on leading exchanges like Binance.
Currently, Pi Coin ranks 11th in market capitalization, and as its adoption rate and user base surge, there is speculation that Binance will soon list the token. Moreover, the leading exchange previously held a voting event for the token's listing, with 86% of votes in favor.
That said, this listing could greatly assist in the future rise of the asset. Additionally, with Pi Day (March 14) approaching, speculative activity is also soaring. The community anticipates important announcements from the Pi Network team on this day. A well-known expert also hinted that as long as Pi can maintain a support level of $1.05, it could rebound to $3.5.