The price of the Pi Coin cryptocurrency has seen a significant drop in recent days, which has raised concerns among investors and community members. In one week, the value of Pi Coin has dropped by more than 43%, pushing it below the $1 mark.
One of the main factors behind this decline is the release of a significant amount of Pi tokens into the market, specifically 129 million tokens with an estimated value of $175 million. This sudden increase in supply has put downward pressure on the price.
Investor confidence was also affected by the failed attempt to list Pi Coin on Binance, despite 86% of the community voting in favour of the move. The rejection by Binance raised doubts about the credibility of the project and its future development.
Another disappointment for the community was that there were no major announcements from the development team during the anticipated “Pi Day”. This inactivity increased frustration among long-time backers.
Analysts warn that if the price of Pi Coin breaks support at $0.82, it could drop further to $0.30. This situation highlights the need for transparency and concrete steps from the development team to restore community confidence and stabilize the price.