Pi Coin, the cryptocurrency of the Pi Network, has faced a significant decline, dropping nearly 45% as of Sunday, March 2. The ongoing selloff in the broader cryptocurrency market, including a sharp correction in Bitcoin, is one of the key reasons behind Pi Coin’s fall. Investors are now focused on Pi Coin’s potential listing on Binance, which is expected to happen in mid-March, though no official confirmation has been made yet.
Pi Coin’s Current Market Performance
At the time of writing, Pi Coin is trading at $1.67, down 25.3% in the last 24 hours. Its market capitalization has fallen by 24.4% to $11.34 billion, and trading volume has also dropped by over 19% to $1.23 billion.
Pi Coin reached an all-time high of $2.98 on February 26, but since then, it has plunged significantly. However, the coin is still 172% higher than its all-time low of $0.6152 recorded on February 20, the day it was launched.
Why Did Pi Coin Crash?
Cryptocurrency analyst Kim H Wong explained that Pi Coin’s price dropped from $3 to $1.93 due to weakness in Bitcoin and the overall crypto market. Bitcoin, the largest cryptocurrency, has also been struggling, currently trading around $85,900 after falling nearly 11% in the last seven days.
Other major cryptocurrencies have also declined significantly:
- Ethereum (ETH): Down 21%, trading at $2,215.
- XRP: Dropped 12.5%.
- BNB: Fell 8.4%.
- Solana (SOL): Crashed 17%.
- Dogecoin (DOGE): Declined 16.5%.
This widespread selloff has added to the pressure on Pi Coin, making it more volatile.
Concerns About Bitcoin’s Future
Wong also expressed doubts about Bitcoin’s long-term survival, stating that its technology is outdated, energy-consuming, and lacks real-world applications. He believes that Bitcoin’s current high price is mainly due to market trends and investor speculation.
According to him, as new blockchain technologies emerge, Bitcoin might lose its dominance. He predicts a future where people could move away from Bitcoin, leading to its downfall.
Pi Network Extends KYC Deadline
Meanwhile, the Pi Network has extended its deadline for users to verify their balances. The new deadline is March 14, 2025, marking the 6th anniversary of the project’s launch. The extension aims to allow more real users, known as Pioneers, to complete the verification process.
Final Thoughts
Pi Coin has faced a sharp decline due to market-wide crypto weakness and investor concerns. However, the upcoming Binance listing remains a crucial factor that could influence its future price. While the market remains uncertain, investors should stay updated and carefully monitor developments in Pi Coin and the broader cryptocurrency industry.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing in cryptocurrencies.
