Why Did Pi Network’s Price Crash After Its Mainnet Launch?

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Pi Network was launched on its mainnet lately. The anticipation among some community members was that the Pi price would reach around $300. Contrary to that unrealistic anticipation, the price of PI has dropped sharply since the mainnet launch. In the last 24 hours alone, the price has plummeted by around 49.8%. Read on for more details! 

Why Has the Pi Price Dropped After the Mainnet Lunch?

It is normal for a token to face volatility during the initial days of its mainnet launch.

The IOU price of Pi Network was as high as $183.49. Some Pi enthusiasts expected that the price would touch at least $300 after the mainnet launch. 

It seems that the unrealistic expectations have backfired. 

Elements that Favour the Pi Network 

Primarily, Pi Network is known for its exceptional user base. It has no fewer than 10 million users. 

Secondly, it has already been listed by at least nine prominent crypto exchanges, including MEXC, OKX, Open Network, Bitget, CoinW, Gate.ie, GCB Exchange, DigiFinex and LBank. 

Thirdly, the Pi Network’s mainnet launch happened at a time when the US administration was discussing the possibilities of supporting the growth of the cryptocurrency industry. 

The political attitude towards the crypto sector shifted after Trump’s victory in the US election. The newly inducted Trump administration has nominated pro-crypto leaders to lead crucial digital assets regulatory agencies like the US SEC and CFTC. It even appointed a special crypto task force under the US SEC to establish a clear crypto regulatory framework. 

Also Read :   Pi Coin Price Prediction: Token Crashes 55%, Analyst Says ‘Hold Your Pi Coins’   ,

Will Pi Reach $10? Key Factors 

So far, the Pi network has released only 10% of its total supply. The price of PI, as of now, remains at $0.6629. The max supply of PI is 100,000,000,000. Its Fully Diluted Valuation is $6,394,114,661.

If the PI price reaches $10, the FDV will rise as high as $1 trillion. Reports suggest that this is not economically feasible. 

Recently, Binance launched a community vote, seeking the community’s opinion on listing PI. So far, approximately 85% of respondents have voted in support of listing Pi. 

Experts predict that if Binance

Binance
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approves listing Pi, the Pi price may reach at least $2.6.