Pi Coin Struggles Amid Broader Crypto Rally, Down 4%

Pi Coin, a cryptocurrency that has garnered significant attention, has been struggling to break out of its current price range despite a robust rally in the broader crypto market. The asset has been consolidating between $0.44 and $0.5 levels over the past few weeks, which has left many investors frustrated. This stagnation is particularly notable given that Bitcoin, the leading cryptocurrency, has hit new all-time highs. As of the latest update, Pi Coin was trading at $0.45, down nearly 4% for the day, with its trading volume remaining relatively flat at $78.83 million over the past 24 hours. The crypto has seen a one-day high of $0.4704 and a low of $0.4471, with a weekly decline of around 1% and a 26% drop over the last 30 days. This downturn has also resulted in Pi Coin falling out of the top 30 crypto ranking by market cap.

The delay in major listings on exchanges like Binance and Coinbase has been cited as a potential reason for Pi Coin's stagnant price movement. Market expert Kim H Wong has highlighted three key factors that may be contributing to this delay. Firstly, Pi Network’s blockchain code is not fully open-sourced, which raises concerns about transparency and security. Secondly, there is a lack of a third-party security audit, which is crucial for gaining the trust of major exchanges. Lastly, there is a possibility that Pi Network may not have applied for listing on these exchanges. Wong notes that while Pi Network has made significant progress, such as setting up a $100 million venture fund and Pi App Studio, these critical issues need to be addressed for a successful listing. The absence of confirmed third-party audits and the closed mainnet status may hinder Pi Network’s prospects for listing on Coinbase and Binance, as these exchanges prioritize verified security and compliance. Wong advises investors to focus on ecosystem development and mass adoption rather than daily price fluctuations, suggesting that with the right infrastructure in place, Pi Network is poised for growth and that patience may be rewarded with significant gains in the future.

Despite the discussions around the potential impact of major listings on Pi Coin's price, analyst Dr Altcoin has offered a different perspective. He believes that Pi Network’s price is poised to grow organically, even without the backing of Binance or Coinbase. Dr Altcoin highlights Pi Network’s focus on building a peer-to-peer ecosystem with real-world utility, which sets it apart from other projects. He predicts that as the ecosystem expands, Pi’s value will stabilize and increase over time. Dr Altcoin has cited Pi Network’s AI App Studio and $100 million venture fund as potential drivers for future growth. He has made a bold forecast, predicting that Pi Coin could reach 100 to 300 times its current value within the next five years. This prediction has sparked discussions among traders, reflecting his confidence in the asset's long-term potential.