The PI token from Pi Network has faced a significant price drop, with its market capitalization reaching $7.7 billion. This decline has been primarily due to the conclusion of KYC and a lack of support from major exchanges.
Factors Leading to PI's Price Drop
One major factor in PI's slump was the conclusion of the KYC verification process, where users were required to complete their identity verification to avoid forfeiting most of their mined tokens. This led to uncertainty within the community and subsequent panic selling. Additionally, Binance's silence played a role. Despite over 86% support in a community vote, platforms like Coinbase and Kraken have not listed the token. Bybit's CEO Ben Zhou publicly stated they wouldn't list PI, labeling the project a scam.
PI/USDT Price Analysis
The PI/USDT chart on Tradingview reveals a descending channel in the 4-hour timeframe, with price at crucial support around $1.10. Without bullish support, the price could fall to $0.87 if it breaks the channel. Buyers need to maintain the price at the 20-day moving average to prevent further decline.
The Future of Pi Network
While the future of Pi remains uncertain, it is clear that the token is facing multiple challenges. Investor sentiment, exchange support, and broader market trends will be key factors in determining whether PI can recover or continue its downward trajectory.
Despite the challenging circumstances, market participants should remain vigilant for further developments in the Pi Network. Support from major exchanges and positive dynamics could positively influence the token's value.
