Pi Network's native token, Pi Coin, has experienced significant volatility since its Open Mainnet launch earlier this week. After reaching an all-time high of $2.10 on launch day, the token's price plummeted by over 70% within the first 24 hours. However, recent data indicates a recovery of approximately 73% from the initial crash, with Pi Coin trading at $1.24 and a market capitalization of $8.6 billion. livemint.com
Crypto expert Kim H. Wong suggests that the initial sell-off was driven by early adopters liquidating their holdings, leading to downward pressure on the price. Wong notes that the current trading environment shows smaller buy orders, indicating potential exhaustion among sellers. This scenario could pave the way for price stabilization and potential upward movement as new buyers enter the market. livemint.com
Despite the recent recovery, concerns persist regarding Pi Coin's liquidity and market stability. Data from OKX reveals that the platform's 2% market depth ranges between $33,000 and $60,000, suggesting that even modest trades can lead to significant price fluctuations. bravenewcoin.com
In summary, while Pi Coin has rebounded from its initial post-launch crash, its future trajectory remains uncertain. Investors are advised to conduct thorough research and exercise caution, considering both the potential for further gains and the inherent risks associated with emerging cryptocurrencies.
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