Pi Network has stayed near the flatline today at $1.4 despite a massive selloff recorded in the broader crypto market. However, many investors are staying on the sideline, given the upcoming token unlocks, that can trigger a Pi Coin crash ahead. Despite that, experts remained optimistic, especially with soaring anticipation over a potential Binance listing.
Pi Network Price: Here’s A Quick Look
Pi Network value today was down 0.15% and exchanged hands at $1.38, while its one-day trading volume fell 46% to $527.7 million. Notably, the crypto has touched a daily high and low of $1.45 and $1.30, respectively. The crypto has lost nearly 24% in the last seven days and around 19% since its launch on February 20.
Meanwhile, it appears that the crypto has defied the broader market trend with all the other top cryptocurrencies experiencing more dips. For context, Bitcoin price has lost nearly 2.3% with recent reports indicating a potential BTC crash to $70K ahead. Simultaneously, ETH price today slipped more than 8%, indicating the waning risk bet appetite of the investors.
Why is Pi Coin Risk Falling More?
Pi Network has been the talk of the town lately, with more users engaging with the project. Besides, a renowned real-estate firm Zito Realty LLC has started accepting Pi as a payment option, which has further bolstered the market confidence.
However, despite these positive developments, the market participants are staying the sideline as major token unlock looms. According to PiScan data, the average daily token unlocks now stand at 9.05 billion Pi, worth $18.11 million a day.
However, on March 17 and March 21, the unlocks will rise to 23.1 million coin ($46.27 million) and 23.4 million Pi ($46.88 million), respectively. Besides, a total of 271.68 million PI, worth $543.36 million, will be unlocked over the next 30 days.
This influx of new tokens could lead to a significant increase in selling pressure, potentially driving the price below $1. Having said that, traders are exercising caution and are hesitant to invest ahead of the unlock event. If the token’s price fails to withstand the selling pressure, it may trigger a crash below the psychological $1 barrier.
Can Pi Network Rally Ahead?
Despite the short-term woes, the market participants are keeping close track of the token. For context, the soaring speculations over potential listing on Binance have fueled market optimism. Notably, almost all the top 10 cryptocurrencies are listed on the top exchanges like Binance.
Now, Pi Coin is ranked 11 in terms of market cap, and with its soaring adoption and user base, it is speculated that Binance will list the token shortly. Besides, the leading exchange has previously conducted a voting event to list the token, where 86% of the votes were cast in favor of the listing.
Having said that, this listing could significantly help gains in the asset ahead. Besides, speculations are also soaring with Pi Day (March 14) around the corner. The community anticipates major announcements from the Pi Network team on this day. A renowned expert also hinted towards a Pi rally to $3.5 as long as it holds the $1.05 support.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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