Pi Network: Crash Below $1 or Rally Ahead?
Pi Network's price has remained relatively stable around $1.40 despite a broader cryptocurrency market selloff. However, the upcoming token unlocks pose a significant risk, potentially leading to a price crash. Despite this concern, experts remain optimistic, particularly with the possibility of a Binance listing.
Pi Network Price Analysis
At the time of writing, Pi Network is trading at $1.38, down 0.15%. Its 24-hour trading volume decreased by 46% to $527.7 million. The price has fluctuated between a high of $1.45 and a low of $1.30. Over the past seven days, the price has fallen approximately 24%.
Interestingly, Pi Network has bucked the overall market trend. Bitcoin is down 2.3%, with concerns of a potential drop to $70,000. Ethereum has experienced an even steeper decline of over 8%, reflecting a decrease in investor risk appetite.
Factors Influencing Pi Coin's Risk
While Pi Network has seen increased user engagement and adoption—including acceptance by Zito Realty LLC as a payment method—the looming token unlocks remain a primary concern. According to PiScan data, the average daily token unlocks currently stand at 9.05 billion Pi ($18.11 million).
However, significant increases are expected on March 17 (23.1 million Pi, $46.27 million) and March 21 (23.4 million Pi, $46.88 million). A total of 271.68 million Pi ($543.36 million) will be unlocked over the next 30 days. This influx of new tokens could increase selling pressure, potentially pushing the price below $1.
Potential for a Pi Network Rally
Despite the short-term risks, speculation surrounding a potential Binance listing fuels optimism. A Binance listing would significantly boost Pi Network's visibility and liquidity. Furthermore, a previous community vote on Binance listing showed 86% support.
The upcoming Pi Day (March 14) also adds to the anticipation of potential announcements from the Pi Network team. Some experts predict a price rally to $3.50 if the $1.05 support level holds.
Disclaimer: This analysis presents potential scenarios and does not constitute financial advice. Conduct thorough research and consider your risk tolerance before investing in cryptocurrencies.