Pi Network's token has experienced significant fluctuations since the start of trading, attracting community interest.
PI's History and Trading Start
Pi Network's token started trading on February 20 with the launch of its open network. This milestone had been long-anticipated and came nearly six years after the project's inception.
Current PI Price Fluctuations
During its early trading days, PI's price was very volatile, ranging from $0.64 to a peak of nearly $3, registered on February 27. However, since then, the valuation started to decline, with the current price at $1.41, representing a 12% decrease on a daily scale and 16% on a weekly basis.
Factors Affecting the Price Drop
One evident factor negatively impacting PI's performance is the overall correction of the cryptocurrency market. Bitcoin recently dipped to $80,000, and many leading altcoins are also deep in the red.
Another element is Binance's lack of action. Last month, the largest crypto exchange held a community vote to determine if users wanted to see PI in trading. Despite over 86% voter support, the company has yet to make a decision.
A potential listing on Binance could boost PI's liquidity and accessibility, potentially creating upward pressure on its price. Meanwhile, exchanges such as Bitget, OKX, and MEXC have already allowed PI trading.
