Pi Coin Plummets 20% Amid Market Weakness, Listing Delays

Pi Network's native cryptocurrency, Pi Coin, has experienced a significant decline, with its price dropping by 20% in a single day, slipping under $1.0. This sharp downturn has left investors concerned and searching for answers. The decline is part of a broader market weakness affecting various altcoins, which have also seen notable decreases. The overall cryptocurrency market has declined, reducing the total market capitalization.

The euphoria surrounding Pi Coin seems to be fading quickly amid the consistent delays in listing plans, which has been a major hit on the market sentiment. Another major common grievance among Pi Coin investors is the lack of a clear roadmap for the Open Mainnet launch. While other crypto projects have offered transparent timelines, Pi Network’s future plans are ambiguous. This has led to growing discussions about whether Pi is a scam. Dr Altcoin, who’s been closely associated with the project, clarified that there is a lack of communication and transparency from the Pi Core Team, which can lead some to misconstrue the Pi Network as a scam. However, he has not found sufficient evidence to label it as such. The analyst further stated that the Pi Core team needs to step up efforts in terms of effectively communicating with the Pi community and not leave gaps in the process.

The Pi Coin price has been on a vertical fall over the past week, breaking under crucial support levels. This major correction comes ahead of the Pi token unlocking event. While token unlock has been a major concern for investors, a large number of Pioneers from the Pi Network community have also been locking their PI holdings off lately. For now, the next support for Pi Coin price stands at $0.82. Crypto market analyst Kripto Bilgi stated that the sentiment around this altcoin is very weak while predicting a fall to $0.30. Besides, a Pi price prediction also hints at a bearish phase ahead for the asset.

Despite some recent market turbulence and a decrease over the last week, Pi Network price has seen an increase amid the broader cryptocurrency market. However, Pi Network has since experienced a sharp downturn, now valued at approximately $7.7 billion. This marks a 20% decline in a single day, a 30% drop over the past week. The network has faced regulatory scrutiny and legal challenges, further impacting its price.

The broader altcoin market weakness has also hit Pi price. Altcoins across the board are feeling the squeeze, with this broad-based sell-off coming amid a crypto market decline, reducing the total market capitalization. The situation has left investors scrambling for answers and searching for the next move in the market.

Currently, the recent auctioning of the .pi domains and the introduction of the domains tab in the Pi Browser has been a significant step for the Pi Network. This development aligns with its vision for a decentralized, Web3-focused ecosystem. These .pi domains can function as digital addresses for Pi-powered websites, services, or applications, accessible through the Pi Browser or other Web3-compatible platforms.