Will Pi Coin Price Revive After 50% Crash Following Mainnet Launch?

All the excitement around the Pi mainnet launch has faded within 24 hours of launch as the Pi Coin sees strong selling pressure with its price crashing more than 50% from the peak of $2 yesterday. The selling pressure comes with huge trading activity as daily trading volumes surge to more than $1.2 billion. Despite this, market analysts are hopeful of a revival ahead amid the much awaited mainnet launch.

Pi Coin Sees Major Pump and Dump

Pi Coin, the native cryptocurrency of the Pi Network faces a major pump-and-dump as it currently trades around $0.70 falling more than 65% from its peak of $2.0 Investors’ euphoria surrounding the mainnet launch seems to be waning fast.

Even as of the current price of $0.70, the Pi Network pegs a market cap of $4.45 billion. With more than 10 million users, the Pi Network has achieved significant market following. following the mainnet launch, a total of 1 billion from the total 9.7 billion PI tokens are available initially. The remaining tokens will be locked in user wallets and unlocked over a period of time.

Although some market analysts have turned bullish, investors should be careful while taking fresh bets and look for any potential signs of trend reversal.

Will Binance and Coinbase Listing lead to Trend Reversal?

Despite the current Pi Coin price fall, the optimism surrounding the recovery remains high. Some market analysts believe that this would not be the right time to sell at the bottom considering that the daily trading volumes have remained robust at more than $1.2 billion.

Some of the global crypto exchanges like OKX and CoinDCX have already extended support to Pi coin. Furthermore, the industry has been pushing to bring the Pi Network’s native crypto token to top exchanges like Binance and Coinbase.

Binance and Coinbase, being among the largest cryptocurrency exchanges globally, offer access to a vast user base and high trading volumes. This increased liquidity can make Pi Coin more attractive to traders and investors. Besides, it will further boost the credibility of the crypto asset among retail investors.

Pi Community Shows Discontent

Following the massive pump and dump, there’s a major discontent among the Pi community. Notably, crypto commentator Wood LightYear expressed frustration over a specific narrative surrounding the Pi Network mainnet launch. In a statement shared on social media, LightYear said:

“The only narrative I really hated about yesterday’s listing of Pi was that of people having cheap access to accumulate what we paid for with our time, for many years.”

The sentiment highlights concerns among long-term supporters of the Pi Network, who believe the listing undermines the project’s core narrative of valuing time and attention