Pi coin made its market debut on the trading platform, with an opening price of $2, but unfortunately, the price did not stabilize and quickly experienced a sharp decline, falling directly to $1, a drop of 50%. One of the core problems currently faced is that the platform has imposed strict restrictions on the trading activities of domestic users, which greatly limits the scope of market participants and leads to a serious lack of trading liquidity.
It is worth noting that the background of the launch of Pi coin is related to a project that is quite large among Chinese people and is often suspected of being a pyramid scheme. However, ironically, this project excludes a large Chinese community from trading. For users who have been certified as being in mainland China, they cannot even access the trading interface, so trading activities are out of the question.
Analysts believe that this decision to ban Chinese transactions is largely to circumvent the strict supervision of domestic regulatory authorities on virtual currency trading speculation. At the same time, this may also be to deal with the possible dumping behavior of investors who participated in mining early and hold a large number of Pi coins. Such an operation strategy undoubtedly casts a shadow on the market prospects of Pi coin.
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