The Pi Network community has been waiting for years for a Binance listing, yet expectations and hopes are met with centralization issues and volatility in the cryptocurrency's price.
Centralization Issues in Pi Network
The Pi Network community views the delay in getting listed on Binance as a result of overly centralized control held by the developers. Despite claims of being community-driven, most key decisions are still made from the top. This raises doubts among major exchanges like Binance that prefer to work with decentralized projects. Unless decentralization is achieved, the likelihood of a listing remains low, thus impacting the price of Pi.
Price Volatility Analysis of Pi Coin
The price of Pi Coin has significantly declined in recent months: from a peak of $2.85, it crashed to a record low of $0.335 in early August, which represents a nearly 90% decrease. While the recent rise to $0.40 has sparked some hope among traders, there is concern it may just be a short-lived bounce. The slowing of daily token releases could also be a positive sign, as they decreased to 5.6 million a day in the recent months, reducing selling pressure.
Initiatives for Price Stability
Members of the Pi Network community, including prominent member Mr. Spock, are advocating for aggressive actions to boost the token price. A popular proposal is a buyback program, which would reduce supply and send a strong signal of confidence in the project. Burning all transaction fees instead of recycling them is also suggested. Additionally, proposals include ending traditional mobile mining and rewarding only those who contribute directly to the ecosystem. Such deflationary measures could attract institutional investors.
The Pi Network community is awaiting decisive steps from the team to improve decentralization and the utility of the token in order to attract attention from major exchanges and to improve price performance. Without it, dreams of a Binance listing remain unfulfilled.
