Pi Coin Price Sheds $14B in First 3 Months as Crash to $0.40 Looms

Pi Coin (PI) has lost nearly three times its value since its launch three months ago, and a sudden crash to $0.40 is now looming. This crash is imminent, as concerns within the community grow after Pi Coin price dropped by 50% last week despite a $100M initiative by the development team.

Pi Coin Price Loses $14B Market Cap in First 3 Months

Pi Coin reached an all-time high market cap of $19.4 billion on February 27, which was around one week after the token launched on exchanges. This market cap pushed PI close to being a top-ten crypto, but since then, it has seen a drastic decline in value.

At press time, Pi Coin trades at $0.73, which is 75% below its all-time high price of $2.99 attained in February. In the last one week alone, the token has dropped by more than 50% after a disappointing Pi Network appearance at Consensus.

Pi Coin’s price struggles come despite securing a listing on OKX, which ranks as the fifth-largest crypto exchange globally by trading volumes. The team has also been anticipating that Binance will list PI to no avail.

Mounting Concerns Hinder Pi Network’s Growth

Moreover, during its first three months, the Pi Network team has received much criticism. On May 14, the team announced a $100M VC Fund, but this fueled mixed sentiments from the community.

Top PI supporter Dr. Altcoin opined that this fund caused a crash in Pi Coin price. In a recent X post, he added,

“Pi Core Team holds over 10,000 wallets and sub-wallets — yet only the 7 largest ones are easily traceable by the Pi community. And still, some Pioneers have the audacity to defend the Core Team and claim they have not sold a single Pi!”

His sentiments echo those of Kim W. Hong, who faults the Pi Coin development team for a lack of utility, as only 19 dApps out of the projected 100 dApps are available three months into launch. He noted,

“The bad news is that there is no mention of the status of the existing ecosystem development. This is why users and investors are disappointed.”

These sentiments have caused a bearish Pi Network price prediction, and if this trend continues, it may register a fresh all-time low soon.

Pi Coin Crash to $0.40 Looms

Pi Coin price is on the verge of a decline to $0.40, as the daily chart shows a mix of bearish signals. The first of these is the MACD indicator, which has formed a sell signal as the MACD line dropped below the signal line, an indication that sell-side pressure is about to rise.

At the same time, the AO histogram bars are shrinking after turning red, which is a sign that the bullish momentum has lost strength. Hence, if Pi Network price loses the critical support level of $0.70, as depicted by the 50% Fibonacci level, it will likely crash to $0.40.

The combination of bearish macro factors, specifically the negative sentiments from the community, suggests that Pi Coin price may crash to $0.40 soon. This bearish outlook is further seen on the daily chart, where technical indicators show that bears are about to take full control.