The price of Pi Coin has once again dropped below the crucial $0.50 level, complicating its momentum amid the rising popularity of stablecoins.
Current State of Pi Coin Market
As of now, Pi Coin trades at $0.4908, reflecting a decrease of over 3% in the past 24 hours. Daily trading volume has eased to $92.6 million. The token has fluctuated between $0.5142 and $0.4834, while its Relative Strength Index (RSI) sits at 35, suggesting it may be entering oversold territory.
Influence of Stablecoins
Renowned analyst Kim H Wong explained that the explosive popularity of stablecoins is a core reason why Pi struggles to maintain momentum. Stablecoins like USDT and USDC offer unmatched price stability, regulatory clarity, and widespread adoption that Pi Network currently lacks.
Prospects for Pi Coin
Concerns among Pi holders about the price potentially crashing below the all-time low of $0.4012 are growing. However, many analysts believe that the Pi Core Team, which controls nearly 90% of the total supply, is unlikely to let the token slip under $0.40, which would affect its market cap and position among the top 30 crypto assets.
Despite current trends indicating a potential dip, the outlook for a recovery of Pi Coin hinges on the project's ability to deliver real-world utility and expand its ecosystem.
