Pi Coin has seen a significant price drop, falling to $0.90 before making a slight recovery to $1. This sharp decline has impacted its market position, pushing it down from rank 11 to rank 23 on CoinMarketCap, with its market cap now sitting below $7 billion.
So, what’s causing this downturn, and is there hope for a rebound? Let’s break it down.
Why Is Pi Coin Dropping?
🔻 Massive Sell-Off by Early Miners
Many early Pi miners, who have been accumulating the coin for six years, are now cashing out.This wave of profit-taking was expected, but the rapid fall from $3 to below $1 is raising concerns.
🔻 Market Speculation & YouTuber Insights
Crypto analyst Umar Khan from 99Bitcoins highlighted the 30% price drop in just one week.He noted that while it’s natural for long-term holders to sell, the speed of this decline is alarming.
Controversies Surrounding Pi Network
❌ Binance Listing Uncertainty
Many Pi supporters were hoping for a Binance listing, but no concrete steps have been taken.Binance did conduct a poll about listing Pi, but no official confirmation followed.
❌ Fraud Allegations from Crypto Experts
Justin Bons, co-founder of Cyber Capital, called Pi a "blatant MLM-based scam."He criticized its centralized nature and questioned whether true mining activity was happening.However, Umar Khan disagreed, arguing that many users don’t see Pi as a scam because they only invested time, not money.
Is There Still Hope for Pi Coin?
✅ Positive Developments in the Pi Ecosystem
Pi Day Celebrations boosted community engagement.The Pi Fest shopping period (ending March 21) saw businesses start accepting Pi payments.
✅ Potential Price Recovery
Umar believes that if the crypto market shifts to a bullish trend, Pi Coin could reclaim its $3 price level or even go higher.He reminded investors that Pi was once ranked 11th and still has room to recover.
Final Thoughts
Pi Coin is at a critical stage. While the price drop and controversies raise concerns, community engagement and potential adoption could drive a comeback. Investors should watch for market shifts and upcoming developments before making decisions.
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📢Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your research before making investment decisions.