Pi Network Sinks to 17th Largest Crypto by Market Cap, Expert Warns of Further Losses as Some Traders Rotate Into BEST ICO
Remember all the hype around Pi Network (PI)?
It seems the excitement might be fading, as this once-promising project has slipped to 17th place in the crypto market cap rankings.
One expert even said that PI might keep falling in the short term.
Because of this, some traders are already looking for the next big thing and many are setting their sights on the Best Wallet (BEST) ICO.
Pi Network Price Plummets as Experts Predict Further Dips Ahead
Why all the bearishness around Pi Network?
While PI saw a tiny 4% jump in the last 24 hours, now sitting around $1.15, dont let that fool you the broader picture is still negative.
The token is down 30% in the past week alone and an enormous 61% from its all-time high in February.
Even spot trading volumes are falling, with just $476 million worth of PI changing hands in the past day.
PI is also on the verge of its 7th straight red daily close a sign that interest is waning.
Popular crypto expert Crypto Diplomat called this bearish trend over a week ago, and his claim seems to be unfolding.
He pointed out that PI had broken a key support level, and if it couldnt hold onto $1.30, it could tumble to $0.75.
That would be the lowest price for PI since the token launched on exchanges.
Why Is Pi Network Selling Off?
Several factors are driving the Pi Network sell-off, making it more than just a simple price dip.
First off, theres the post-mainnet launch profit-taking.
Imagine waiting years to cash in on something thats what many early Pioneers did when the open mainnet finally launched last month.
Theyd been mining on their phones since 2019, and suddenly, they could actually sell their PI tokens.
Naturally, many of them did, flooding the market and pushing PIs price down.
Then theres the whole KYC mess and migration deadline.
The Pi Core Team set a hard deadline March 14 for users to verify their identities and move their PI to the mainnet.
Those who missed the deadline risked losing a big chunk of their holdings.
This likely caused a wave of panic selling, especially from those having trouble with the KYC process, and led to a general loss of confidence.
Combine that with the lack of a Binance listing, and you have a recipe for downward pressure.
Best Wallet ICO Gains Traction and Raises $11M Ahead of Highly-Anticipated Exchange Debut
With Pi Network facing headwinds, its no surprise that some traders are starting to look for opportunities elsewhere.
And one project thats getting a lot of attention right now is Best Wallet.
Think of it like this: while PI has been struggling, Best Wallet continues to impress, having already raised over $11 million in early funding.
The wallet is positioning itself as more than just a place to store your crypto.
With its own native token, BEST, it supports over 60 blockchains (including Bitcoin).
In addition, BEST holders receive some exciting perks, such as reduced transaction fees, the chance to invest in other pre-launch tokens, and access to a high-APY crypto staking platform.
These are the kind of perks that are drawing in traders worldwide.
Even popular YouTubers like Cilinix Crypto are taking notice, highlighting BESTs potential for post-listing growth.
According to the projects whitepaper, the team aims to capture a massive share of the non-custodial wallet market by 2026, and given Best Wallets features, thats not unrealistic.
Its shaping up to be an exciting project, offering both functionality and potential.
Thats why some are choosing to get into BEST rather than PI.
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