WEBDESK: The cryptocurrency PI Network saw a wild price ride after launching. On its first day of trading, Pi Coin hit a high of $1.97, only to crash to $0.737 before bouncing back.
Many investors are now questioning whether Pi Coin can hold its momentum. Data from CoinMarketCap shows that Pi Coin recently reached $1.52, with a strong support level at $1.10. Experts believe staying above this level could shape its future performance.
Cryptocurrency PI Network’s Growing Popularity
Despite price swings, the cryptocurrency PI Network continues to expand. Created in 2019 by Stanford Ph.Ds Nicolas Kokkalis and Chengdiao Fan, it now has over 60 million members. The unique mobile-first mining system allows users to earn Pi Coin simply by clicking a button daily.
After several delays, PI Network’s mainnet finally launched this month, boosting interest in the token. The network has gained massive traction, especially in India, where it has been downloaded over 100 million times from the Google Play Store.
Major exchanges, including OKX, Bitget, Bitrue, HTX, and BitMart, have listed Pi Coin, making it available to international traders. To further promote adoption, Bitget is running a $60,000 Pi Coin airdrop until March 3, while BitMart is offering a $3,000 USDT reward to 300 lucky users.
Why Did Pi Coin Drop After Its Launch?
Although Pi Coin started strong, several factors led to its early price drop. One major reason was skepticism from crypto industry leaders. Bybit’s CEO, Ben Zhou, called Pi Network a scam, claiming that reports accused it of targeting elderly investors. However, cryptocurrency PI Network has denied these allegations, highlighting its six-year development process.
Another reason was early adopters selling off their coins. Many investors who mined Pi Coin before its launch rushed to cash out when trading began, fearing a possible downturn. Similar trends have been seen with other Web3-based “tap-to-earn” tokens, like Hamster Kombat, which also faced heavy sell-offs post-launch.
Lastly, the overall crypto market downturn played a role. Bitcoin and major altcoins have been struggling, and the crypto fear and greed index fell from 88 (extreme greed) to 40 (neutral). Since new tokens tend to perform better in a bullish market, Pi Coin’s weak debut was in line with the broader market decline.
What’s Next for Pi Coin?
The cryptocurrency PI Network has shown strong user adoption and growing exchange support, but its future price movement will depend on investor confidence, overall crypto market trends, and further developments in its ecosystem. If it maintains support around $1.10, Pi Coin may regain strength and continue its rally.
