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Pi Network Price Plunges as Binance Skips Listing Again – What’s Next?

The selling on Pi Network ($PI) is severe, hitting another low as Binance has, once again, kept the token out from its latest Vote to List. The token is now down to $0.6300, which measures a substantial 79% decline from its all-time high. This steep decline has wiped out almost $16 billion in market capitalization, honed the frustration of holders, and placed questions about the future of the project under active consideration.

Why is Pi Network Crashing?

The continued decline of the token is mainly due to the daily unlocking of tokens, millions of which are unlocked each day. An additional 1 million tokens will be unlocked today, thereby increasing the selling pressure while limiting price recovery. Investors fear that unless the daily unlocks are severely cut down, the price may continue to bleed onward.

Pi’s sentiment is aggravated by Binance’s rejection of listing. For the second time, the exchange has omitted it from its community-driven listing program. The fresh slashing of hopes for an immediate listing on Binance keeps the altcoin stupefied in various smaller exchanges. 

Why Does Binance Keep Rejecting Pi Network?

Pi Network had 12 new tokens under consideration in the last edition of Binance’s Vote to List program, among them VIRTUAL, BIGTIME, ONDO, and UXLINK; Pitoken missed that mark. These were why:

• Not BNB-Based – Binance, since this listing program is restricted to BNB Chain projects, automatically excludes from consideration.

• Transparency Issues – Binance requires to be provided in detail on allegations of token locking, burning, and circulating supply. So far, these assurances have not been given by the PiCoreTeam (PCT).

• Compliance- Without clear documentation on tokenomics and legal status, Binance is hesitant to list the coin.

Can Pi Network Still Secure a Binance Listing?

Pi Network was left out of the community vote but may still directly find its way onto the list in the future; when, or even if, that will happen is anyone’s guess. 

For the altcoin, however, there is a small victory; the token’s listing on BTCC Exchange bodes well for the future of wider adoption. The ongoing auction of domains under Pi Network works well; so far, there have been over 200,000 bids, showing that the community is in it to win it.

Community Questions Binance’s Priorities

Selçuk TOPAL, Ph.D., has criticized Binance’s interest in meme coins more than research-based projects. He suggests that their listing decisions appear to favor hype-driven tokens and overlook projects leading to genuine innovation. Some investors question Binance’s leadership itself and its so-called protectionism. 

What’s Next for Pi Network?

The price of the token stipulates a further decline and stabilization at the current price of $0.6300. While the possibility of a strong push from BinanceExchange remains distant, waning investor patience means that the PiCoreTeam needs to focus on transparency, compliance, and serious exchange partnerships. For now, perhaps, holders could only wait to see if Binance ever decides to reverse its stand.

Simultaneously, the Elon Musk (Parody) account has claimed that the altcoin is going to $5. The current pullback is a healthy correction, expected to find support at the $0.6 level. There could be a rally to $5 before the next pullback.

From the four-hour chart, the coin has been in a steady downtrend for months and is nearing its all-time low. It remains trading under the 20, 50, 100, and 200-period moving averages, proving that bearish pressures continue to dictate the market. 

Source: TradingView

On the bright side, the altcoin has formed a falling wedge pattern, a popular bullish reversal signal. As the trend lines move close to convergence, a rebound in April could retest the crucial $1 level, thanks to a serious catalyst, such as listing on a major exchange.