Pi Coin Price Drops 42% Amid Skepticism Over Mainnet Launch
The future of Pi Coin hangs in the balance, with the Binance listing decision and mainnet launch set to determine its fate. With a unique mobile mining model and massive user base, Pi Coin has the potential to become a major player in the crypto market, but it must first overcome current skepticism and doubts about its viability.
Pi Network's native token, Pi Coin, has experienced a significant price drop of 42% in the past 24 hours, sparking concerns among investors about its viability ahead of the mainnet launch on February 20, 2025. The decline is attributed to growing skepticism and rumors of the project operating as a pyramid scheme.
The Pi Network has reached all conditions required for the Open Network, including 19 million Pioneers verified through the Pi KYC solution and over 100 Mainnet or Mainnet-ready apps. However, investor doubts have intensified, leading to a reversal of the Relative Strength Index (RSI) from overbought territory and a downward trend in the Chaikin Money Flow (CMF) indicator, indicating selling pressure and a lack of investor confidence.
Despite the current decline, Pi Coin is poised to be listed on top crypto exchange Binance after a community vote that has seen overwhelming support, with 86% of voters in favor of the listing. If listed, Pi Coin could gain liquidity, exposure, and credibility, potentially rivaling Bitcoin. The token's unique mobile mining model and massive user base of 100 million make it an interesting alternative to Bitcoin.
The next 10 days will be critical in shaping Pi Coin's future, with the Binance listing decision potentially leading to a major price surge and mainstream adoption. Analysts warn that the price could face further downward pressure if confidence does not improve, but a successful push above $130 could invalidate the bearish outlook and set the stage for a potential recovery. The current pi coin price is $72, with key support levels at $63 and $47, and resistance at $130.
As the mainnet launch approaches, Pioneers and developers are encouraged to engage actively by mining, contributing to utility building, and participating in local commerce integration. The success of Pi Coin and its potential to rival Bitcoin will depend on its ability to overcome current challenges and gain widespread adoption.