Investors are worried about Pi Network price, which has gone on a downward spiral. In the last seven days, the token has seen a 24% slump from $1.71 and is trading below key support levels around $1.38. Broad crypto market weakness is also bringing down Bitcoin and Ethereum with this decline.
Pi Coin rarely saw any kind of stability, it just goes up and down momentarily, recovering from losses and again falls back, mainly due to multiple challenges like token unlock events, unhappy community and unclear exchange listing. According to many investors, the cryptocurrency is on the brink of a big crash with the March 14 Pi Day event approaching, and many are watching it to see if it can recover or continue its downward spiral.
Why Is Pi Coin Dropping?
Pi Coin’s price is dropping because of several factors.
- Token Unlock Pressure
Massive number of locked Pi tokens is also attracting a lot of fear. According to reports, 93 billion Pi tokens are locked as of now and 188 million tokens are about to circulate in March alone. The locking of 1.4 billion tokens over 2025 will increase selling pressure and dilutions the price.
If demand doesn’t grow proportionally with the surge in the supply, then fear of this overshoot sending Pi Coin’s value under the critical $1 level is at least in part based on traders’ beliefs.
- Delays in Pi Network Migration
Finally, there is another long term problem that is also slightly irritating the Pi Network community, in their migration to the mainnet. Early adopters of the project, aka Pioneers, suffer from a variety of technical glitches and incomplete Know Your Customer (KYC) verifications, making it impossible for them to transfer their tokens.
If you don’t complete the KYC by the deadline of March 14 and this deadline passes, your funds will be lost before your eyes, and very few people are able to help you if you have any problems. There are even some Pioneers calling for the migration deadline to be extended, as the network’s infrastructure is not ready for a full transition.
- Uncertainty Over Binance Listing
As the world’s largest crypto exchange, Binance has a big impact on Pi Coin’s potential recovery if the exchange decides to officially list the coin. The Pi listing on Binance has been speculated around for months and in February, there had been a community vote with 86 percent support for the listing.
There is however no official declarations from Binance and that is making investors dry. Some Pi supporters have gone so far as to post negative reviews on Binance and Bybit and press exchanges to act. However, if Binance confirms the listing, this will boost Pi Coin’s value, but if not then the token will lose more investor confidence.
Can Pi Coin Recover?
Bearish Scenario: Fall Below $1?
However, if the selling pressure persists triggered by several token unlocks, migration problems, and poor demand, Pi Coin may decline below $1.00. Such a thing has the ability to create panic selling and more losses and long time in a downtrend.
Bullish Scenario: Rally Above $1.50?
However, some analysts say that even in this downtrend, they will be able to make a lot of profit. Looking towards Pi Day (3.14) to mark a milestone, they note that it would be a good day to see an announcement declaring something like a Binance listing or improvements with migration. Pi Coin’s momentum could show signs of a trend reversal if it manages to break above $1.50, and would clear the way for more gains.
