Pi Network’s PI coin launched on February 20, capping months of anticipation for the move. The initial onboarding did not bring steady growth; instead, it saw an unprecedented sell-off by early adopters liquidating their positions.
Within two days, Pi's market capitalization dropped by $6 billion, sending its price down from an initial price of $2 to a low of $0.61. However, the coin is currently trading at $1.54.
The sell-off is just one of many problems for Pi. Bybit CEO Ben Zhou has publicly questioned Pi’s legitimacy, citing a 2023 notice from Chinese police calling Pi Network a potential scam targeting seniors.
As we previously reported, Zhou claimed that Pi Network has refused to clarify its stance and described the allegations against the project as baseless attacks.
In response, Pi Network has defended its integrity by clarifying that the police warning to them was against bad actors impersonating them.
The team cited six years of operation and 60 million registered participants as proof of legitimacy. Pi also denied any connection to Bybit or its CEO, asserting that the company has never applied for an exchange listing.
The future of Pi Coin depends on its next moves
Despite the scandal, Pi Coin is still listed on major centralized exchanges such as MEXC, Bitget, and OKX. This expansion is fueling rumors and speculation about future listings on Binance and Coinbase.
The Binance listing is generally seen as having the potential to boost price recovery, given the platform's large following and its impact on token liquidity. Market sentiment is mixed, and while some Pi investors see this as an opportunity, others remain cautious.
Bybit CEO's skepticism has only brought it closer scrutiny, but having several top exchanges list Pi Coin is a testament to strong demand. The project's future moves will likely determine whether it can regain traction or be left in limbo.
Will Pi Coin Rise Back to $2?
Forecasting platforms have also predicted Pi's direction. CoinCodex predicts that the token could increase by 20% to 25% by the end of February and could rise to $2 by mid-March.
Their projections suggest that Pi could rise to $2.20, up 40% from its recent low of $0.65. However, these estimates, given the volatility of the token, are just estimates.
Some traders believe that Pi Coin’s recent price drop is a buying opportunity. One cryptocurrency advocate posted an article in which individuals who have derided Pi as a scam are buying in on lower volumes. The article teased a potential surge to $10.