Pi Coin, the native cryptocurrency of the Pi Network, has experienced a significant price drop following the launch of its highly anticipated open mainnet. Initially trading around $1.50 on OKX, the price quickly plummeted by over 62%, falling to approximately $0.6655.
Why Is Pi Coin Crashing?
While Pi Coin gained massive hype, its launch has been disappointing for early adopters. Let’s explore the key reasons behind its decline.
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1. Early Miners Selling Off Their Holdings
One of the biggest factors behind the crash is the massive sell-off by early miners who accumulated Pi for free or at a minimal cost. Since Pi was not tradable for years, many users had amassed large holdings. The open mainnet launch gave them an opportunity to cash out, significantly increasing the supply and driving the price down.
2. Lack of Major Exchange Listings
Despite being listed on OKX and Bitget, Pi Coin has not secured a spot on major exchanges like Binance or Coinbase. Without top-tier listings, Pi Coin suffers from low liquidity and limited investor interest, making it harder to maintain price stability.
3. Overhyped IOU Prices Created Unrealistic Expectations
Before the mainnet launch, Pi IOUs (futures contracts) were trading at inflated prices, with some reaching $200 on BitMart. Many investors expected the real market value to be similar. However, once trading started, Pi’s price adjusted to more realistic levels, disappointing those who bought in at higher expectations.
4. Limited Real-World Utility
Despite its large user base, Pi Network lacks strong real-world use cases. The ecosystem is still in its early stages, with few decentralized applications (dApps) and limited adoption in payments, gaming, or DeFi (Decentralized Finance). Without broader adoption, demand remains weak, adding to the price decline.
What’s Next for Pi Coin?
For Pi Coin to recover, it needs major exchange listings, ecosystem expansion, and stronger utility. However, as long as early miners continue selling and there is limited adoption, the price could fall further. Investors should monitor exchange listings, ecosystem growth, and potential partnerships before making any trading decisions.
