The post Pi Coin Price Prediction: Failure of Coinbase and Binance Listings Pushes Price Below $1 appeared first on Coinpedia Fintech News
Pi Network’s native cryptocurrency, Pi Coin (PI), has experienced a major drop in value, falling below the $1 mark. As of recent market data, Pi has lost more than 18% in the last 24 hours, raising concerns among investors. If PI fails to maintain its $0.95 support level, further declines could push the coin to as low as $0.87. On the other hand, a shift in sentiment could see it rise back to $1.34 and beyond, but bulls face a difficult challenge to regain momentum.
Why is Pi Coin Falling?
Several factors have contributed to Pi Coin’s sharp decline in value, and the situation has left investors scrambling for answers.
Binance and Coinbase Listing Failures
A factor behind Pi’s downfall is the delay in listing the coin on major exchanges like Binance and Coinbase. Both platforms previously teased the possibility of listing PI, sparking speculation and optimism among investors. However, the failure of these listings to materialize has dampened sentiment, leading to a drop in demand for Pi Coin. The lack of official exchange listings has left many to question the coin’s future and viability in the broader market.
Decreasing Supply and Deflationary Pressures
Although Pi Network has not formally announced a coin burn, the supply of Pi is steadily shrinking. Several mechanisms have contributed to this decrease:
Transaction Fees: Pi’s transaction fees are burned permanently, with over 528,671 PI tokens burned by early March at a rate of 3,000–4,000 tokens daily. While this may sound beneficial from a supply reduction perspective, the deflationary pressure has not been enough to offset the broader market sentiment surrounding the coin.
Unverified Accounts: Tokens held by users who missed the Know Your Customer (KYC) deadline have been burned, further reducing the coin’s total supply. As of now, the circulating supply stands at approximately 6.8 billion PI tokens. These measures aim to address fake and abandoned accounts, but they have also intensified the perception of a decreasing supply.
Investor Sentiment: FUD or a Genuine Concern?
The drop in Pi Coin’s value has sparked widespread fear, uncertainty, and doubt (FUD) in the market. Sentiment has worsened by 80% within a single day, with some users even claiming “manipulation” and “panic” selling. Trading volume has decreased by 37%, signaling a reduction in market activity.