Pi Coin Plummets 60% Despite Exchange Hype

Pi Coin, a long-anticipated cryptocurrency project, has experienced a significant 60% dip in its value despite the anticipation of top exchange listings. The project, which allows users to mine mobile device assets, had a promising start with a mainnet launch on Feb 20. However, the price of Pi coin has since plummeted, sparking debates within the community and leaving holders at a crossroads.

The price of Pi coin currently stands at $0.63, a substantial 61% decline from the previous 24 hours. The mainnet debut initially sparked optimism, driving the asset's price to a high of $2.1 and marking a 45% increase amid an 1800% spike in trading volumes. The community's support for the asset over the years was a major driver of its price surge. However, massive sell pressure and uncertainty led to a decline in positive trading volume, causing the asset to dip below the $1.5 level. The asset's market cap has also fallen to $4 billion, down from $7 billion the previous day.

Bear traders have pointed to tokenomics and potential regulatory headwinds as factors contributing to the decline in confidence. Additionally, the general decline in momentum among crypto assets and tightening macro conditions have also played a role in the asset's struggles. Despite the nosedive, holders remain optimistic about the potential for higher jumps, citing the anticipated listings on top exchanges such as Binance and Coinbase.

The support of top exchanges like CoinDCX and OKX for Pi coin has already been announced, and users anticipate similar actions from Binance and Coinbase. Crypto exchange listings can drive momentum for assets by attracting fresh capital. The Pi Network's shift to the mainnet has opened up real-world use cases and access to external platforms, further boosting the asset's potential.