Pi Network (PI) is experiencing a challenging period with a significant decline in market value. The altcoin’s worth has plummeted by over 45% since its peak in February, now valued at 11.7 billion dollars, while its fully diluted market cap stands at 164.35 billion dollars. Despite the potential for renewed interest surrounding “Pi Day” (March 14), experts caution that substantial risks linger, even with possible price rebounds.
What Holds Back Major Exchanges from Listing Pi Coin?
Although Pi Network boasts a substantial market valuation, it remains unlisted on major exchanges like Binance, Coinbase, and Kraken. A recent survey by Binance stirred interest around Pi Coin’s potential listing, yet no decisive actions have followed. The lack of accessible trading platforms for Pi Coin in the U.S. and South Korean markets exacerbates liquidity issues, further pressuring its price.
Are Investors Concerned About Rising Supply?
Investors are indeed worried about the rapid increase in Pi Coin’s circulating supply. With a total of 100 billion coins, only 7.1 billion are currently available, raising the risk of significant dilution. This month alone, 188 million new Pi Coins are set to enter circulation, with projections of over 1 billion by year-end, intensifying apprehensions among investors.
Technical indicators reveal concerning trends for Pi Coin, including:
- Emergence of negative chart patterns such as head and shoulders and rising wedge formations.
- Potential for the price to drop below one dollar if current trends continue.
- Increased circulating supply heightening dilution risks.
Market analysts express that unless a major exchange announces Pi Coin’s listing, restoring investor confidence will prove difficult. The combination of negative technical signals and rising supply presents a precarious situation for the altcoin, leaving its future uncertain.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
