Pi Coin Dips 60% Despite Anticipated Top Exchange Listings
Pi Coin has plummeted over 60% after its mainnet launch, sparking debates within the community. The long-awaited crypto project allowing users to mine mobile device assets dominated industry spaces on Feb 20. Holders are at a crossroads with crashing prices, and the project on the verge of major listings.
Pi Coin Surge Loses Steam
Pi coin price trades at $0.63, a huge 61% decline in the last 24 hours. The mainnet debut introduced fresh optimism which heightened upward price movements. Hours after the launch, the asset hit a high of $2.1 marking a 45% high amid an 1800% spike in trading volumes. A major driver of Pi was the community that backed the asset for years despite naysayers downplaying its value.
Massive sell pressure tested these gains as uncertainty trickled. Positive trading volume turned negative, causing a dip below the $1.5 level. The decline opened a chapter for more sell-offs. Within minutes, the asset fell 50% to $1.01 before finding levels under the $1 mark. At the moment, Pi coins market cap is $4 billion, down from $7 billion yesterday.
Bear traders pointed to tokenomics after a drop in confidence. Other factors include potential regulatory headwinds and a general declined momentum in crypto assets. Altcoin prices have struggled in recent weeks due to tightening macro conditions and US trade tariffs. The asset could have performed better for most analysts if the wider market attracted inflows.
Centralized Exchange Listings Drive Investors
Despite the nosedive, holders remain optimistic for a higher jump citing potential top exchange listings. So far, CoinDCX and OKX have announced support for the asset but users anticipate similar actions from Binance and Coinbase. Crypto exchange listings add momentum to assets because of fresh capital flow to these assets.
Support for top exchanges ramps up asset adoption, making it the next bull step for Pi. Recently, Binance announced a community vote on the token which a staggering 85% majority cast in favor of Pi coin. Pis shift to the mainnet opens real-world use cases and access to external platforms.
Open Network has officially launched, marking a groundbreaking moment for all Pioneers! With external connectivity now enabled, Pioneers can engage in transactions beyond the Pi ecosystem, connect with KYB-verified businesses, and access new integrations like centralized exchanges, Pi Network wrote on X.
Read more: https://zycrypto.com/pi-coin-dips-60-despite-anticipated-top-exchange-listings/
Text source: ZyCrypto
