Pi Coin Plummets 30% Amid Token Unlocks, Listing Uncertainty

Pi Network’s native token, Pi Coin, has faced a tumultuous week, with its price plummeting by 30% and struggling to maintain its position among the top 30 cryptocurrencies. The token's value has dropped to a new low of $0.77 in the past 24 hours, with its market capitalization hitting $5.6 billion. This decline represents a loss of over 70% from its peak last month and nearly 30% within just a week.

Crypto analyst bullstraders7 has warned that Pi Coin could drop to $0.6, citing this as the last major support level before a deeper decline. This prediction has added to the growing uncertainty among investors, many of whom were hoping for a strong price rally.

Adding to the concerns, Pi Network is on the brink of another challenge with a massive wave of token unlocks. According to data from PiScan, over 105.96 million Pi Coins, valued at around $85 million, are set to enter the market within the next 30 days. The largest single-day unlock is expected on April 3, with 6.8 million tokens being released. Over the next year, a total of 1.6 billion Pi Coins will be unlocked, which could exert significant selling pressure on the market.

Another factor contributing to the negative sentiment is the lack of a Binance listing. Many Pi Coin holders had anticipated the token to be listed following a community vote in February, which showed 87.1% approval. However, Binance has yet to confirm any listing plans, leaving investors disappointed and leading to increased panic selling, which has further dragged the price down.

Despite the current challenges, there are signs of hope for Pi Coin. Crypto trader Coinvo believes that the recent drop could present a perfect entry point for investors. He noted that the “Pi RSI divergence” is flashing a strong buy signal, suggesting that a rebound might be near. Additionally, the current “Fibonacci zone” could help push Pi Coin to a higher price soon. Based on this analysis, Pi Network’s price could rise in the coming days, potentially reaching new highs around $5.

In summary, Pi Coin is currently facing significant challenges, including a sharp price decline, upcoming token unlocks, and uncertainty surrounding its exchange listing. However, there are also indications of a potential recovery, with some analysts seeing the current situation as a buying opportunity. The future trajectory of Pi Coin remains uncertain, and investors will need to closely monitor developments to make informed decisions.