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Why Pi Coin Price Downs Over 55% Within 24 Hours of Market debut
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Pi Network coin, the much-anticipated cryptocurrency, has fallen drastically during the first day of trading since after this new Cryptocurrency listing yesterday. The cryptocurrency fell from a staggering $2 that it traded for on OKX, Gate.io, and Bitget, to a mere $0.65 per coin in a matter of hours.
As per the tracking data provided by coinmarketcap.com, the Pi coin price was $0.666 on Bitget and $0.657 on OKX by 12:45 pm. Pi coin trading is available on major open platforms, especially Bitget and OKX.
To open an account in Delta Exchange and buy Pi coins online, simply click on Delta Exchange India.
Key Factors Behind Pi Coin Price Fall
The Pi coin launch price drop is because of various reasons. Some major reasons are described below-
1. Emerging miners exited
The mobile mining approach of Pi Network enabled its early adopters to accumulate massive amounts over the years. Now that the token is in a tradeable form, many of these miners have decided to cash out, which in turn has resulted in heavy selling pressure in the market.
2. Lack of some key exchanges
Some mid-level exchanges have accepted Pi Coin to a degree but its lack of availability on Binance, one of the leading and powerful trading platforms, has restricted its market scope. They are still considering a possible listing, but nothing has been decided yet.
3. Little applicability in the Real world
The ecosystem of the Pi Network is still underdeveloped after all these years; consequently, only a few dApps can utilize it. So, its current world applicability is still sketchy for new investors, leading them to avoid it.
As Pi Coin prepares for its problematic trading launch, its investors need to monitor if it can bounce back from its continually poor performance or fail even more.
4. Selling-off airdrop trend
Airdropped cryptocurrencies usually suffer a loss in value soon after they commence trading. With the recent airdrop, there is a movement to dump Pi Coins due to its large volume release, which is consistent with other airdrop tokens as well.
5. Market apprehension and compliance issues
The overall regulatory environment and market fluctuations also contribute to the platform's problems. There is a heightened focus on cryptocurrencies everywhere, and the efficacy of Pi Network in implementing KYC and AML protocols may have a bearing on future investor sentiment.
Conclusion
The newly launched crypto Pi Coin faces vivid challenges, as reflected in the steep price drop. The adverse influences include selling by early miners, little exchange availability, and low real-life consumption. Furthermore, there are issues of market uncertainties and compliance which add uncertainty. Investors should keep an eye to see if Pi Coin rebounds or continues its downward path.
Disclaimer: No buy or sell recommendation is given. No investment advice it is. The blog is only for information purposes.
Frequently Asked Questions
Yes, you can sell your Pi coin now on any registered platform like OKX, HTX, Bitget, and MEXC.
Yes, the Pi network is legal in India. Hence you can buy, sell, or trade the Pi network if it's registered with the Government of India.
To buy, sell, or trade Pi Network click on Delta Exchange India
Pi Coin price fell today probably because of emerging miners exited, lack of some key exchanges, little applicability in the Real world, and the selling-off airdrop trend.
