Pi Coin (PI) is facing one of its most turbulent periods since its launch, losing 80% of its value year-to-date while experiencing a sharp decline in trading volumes.
Dramatic Decline in Pi Coin Value
Currently, Pi Coin is trading at $0.3519, seeing a 3.72% increase in the last 24 hours. However, this does not alleviate the token’s issues: it has lost 16.15% in the past week and 22.81% in the past month.
Trading Volumes Collapse to New All-Time Lows
The bearish sentiment for Pi Coin is exacerbated by a significant drop in trading activity. Daily trading volume has plummeted from $140 million on August 2 to just $43 million, marking a nearly 70% decrease. This coincided with a new low price of $0.335.
Delayed Mainnet and Lack of Major Listings
The fortunes of Pi are suffering from unsuccessful attempts by the Pi Core Team to achieve tangible results in the delayed migration of tokens to the public mainnet. The absence of major centralized exchange listings complicates access to the token for a broader investor audience.
The fate of Pi Coin hinges on the implementation of new ideas from the team; however, currently, the market shows little interest in the token.
