Pi Network price has tumbled nearly 7% today, slipping to around $1.35 amid a broader crypto selloff. The Pi Coin drop comes as a massive token unlock looms in March, raising concerns about further declines. Adding to the uncertainty, Binance has yet to confirm a listing on Pi Day, which many investors had anticipated. However, growing adoption in China and bullish projections suggest a volatile path ahead.
Pi Network Faces Pressure As $175M Token Unlock Approaches
Pi Network price is facing volatility as nearly 129 million Pi Coins, worth about $175 million, are set for release this month, according to PiScan data. Large unlock events typically increase selling pressure, raising fears that Pi Coin may crash below the $1 mark.
At the same time, the absence of a Binance listing announcement has dampened investor sentiment. Many in the Pi community had hoped that the exchange would list Pi Coin on March 14, commonly known as “Pi Day.” However, Binance has yet to confirm any such plans, fueling speculation and market uncertainty.
Meanwhile, despite these bearish signals, some analysts see a potential rebound. Crypto analyst Chad Sniper has warned that while Pi Coin might drop below $1 in the near term, it could still rebound to over $3.50 in the long run. Besides, a recent Pi price analysis hints towards a 3X rally if Binance lists the token on its platform.
Pi Network’s Adoption Surges In China
While concerns about the token unlock persist, Pi is witnessing rapid adoption in China. Vietnam-based Pi enthusiast Cryptoleakvn recently shared an update on X, highlighting a surge in Pi-accepting locations across the country.
According to the post, numerous stores, services, and restaurants are now integrating Pi Coin into their transactions. The expansion of the Pi ecosystem suggests the project is gaining real-world traction, reinforcing its utility beyond just speculation.
This growing adoption could play a crucial role in stabilizing Pi Network price, as increased usage often reduces sell pressure from new token unlocks. If more merchants and users continue to embrace Pi, it might counteract some of the negative market forces.
Will Pi Coin Crash Or Rally?
Pi Network price’s future remains highly uncertain, with mixed signals from the market. On one hand, the upcoming token unlock poses a significant risk, increasing the chances of a price dip. On the other hand, growing adoption and positive sentiment from analysts hint at a possible recovery.
Pi Coin value today was down about 7% and exchanged hands at $1.36, while its trading volume was down about 8% to $373 million. Notably, the crypto has touched a 24-hour high of $1.46, while nearing the $3 mark in the monthly timeframe. However, experts remain bullish on the future trajectory of the coin despite the ongoing volatile trading scenario.
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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