Pi Network cryptocurrency made waves with its long-awaited launch, but the excitement didn’t last long.
Just a day after going live, Pi Coin’s value nosedived by 62.63%, dropping from $1.97 to $0.737. So, what went wrong? And where does Pi Network stand now? Let’s break it down.
Why Did Pi Coin Crash?
Several factors contributed to Pi Coin’s dramatic drop:
- Early Miners Cashing Out:
Since 2019, millions of users mined Pi through a mobile app without spending any money. When the coin became tradable, many rushed to cash out, flooding the market and pushing prices down. - No Binance Listing:
While exchanges like OKX, CoinDCX, and Bitget listed Pi, it hasn’t made it onto Binance, the world’s largest crypto exchange. Without Binance’s liquidity and credibility, Pi’s price took a hit. - Limited Real-World Utility:
Unlike Bitcoin or Ethereum, Pi’s ecosystem is still in its early stages. With few decentralized apps (dApps) and limited use cases, investors are cautious, impacting demand.
Is Pi Coin a Scam?
Adding fuel to the fire, Bybit CEO Ben Zhou called Pi Coin a “scam” and refused to list it. Zhou, with his background in forex trading, cited concerns over users potentially struggling to cash out their investments. Despite these criticisms, Pi Network continues to grow its user base, now boasting over 110 million installations worldwide.
What Is Pi Network?
Launched in 2019 by Stanford graduates, Pi Network aims to make cryptocurrency accessible to everyone. Unlike Bitcoin’s energy-intensive mining process, Pi can be mined on smartphones with minimal battery usage. Users simply tap a lightning bolt icon in the app daily to earn Pi.
The network’s recent Open Mainnet launch allows users to transfer their mined coins from the testnet to external exchanges, marking a major milestone.
How to Mine and Trade Pi Coin
- Mining Pi Coin:
- Download the Pi Network app.
- Tap the lightning bolt icon once a day.
- Add trusted contacts to boost your mining rate.
- Invite friends using a referral code to earn more Pi.
- Buying and Selling Pi Coin:
- Register on platforms like OKX, CoinDCX, or Bitget.
- Complete the KYC process.
- Deposit funds into your wallet.
- Purchase and trade Pi Coin.
Pi Network’s Future: Boom or Bust?
Despite the rocky start, crypto analysts remain optimistic. Kim H Wong, a digital currency expert, noted that the current sell-off is expected as early miners cash out. However, as supply stabilizes and more investors jump in, prices could rebound. Wong believes that with mainstream adoption, Pi Coin could exceed $500 by 2030.
Pi Network’s growth is undeniable. With over 540,000 new users joining in a single day and its expanding ecosystem, the network is positioning itself for long-term success. However, it needs to address its limited real-world utility and secure a Binance listing to gain wider acceptance.
Pi Network cryptocurrency may have stumbled out of the gate, but it’s far from out of the race. With its massive user base and innovative mobile mining model, Pi has the potential to become a major player in the crypto world. But until it proves its real-world value, investors should tread carefully.
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