The cryptocurrency Pi Coin from Pi Network has shown major price swings which has caused concern among investors. Pi Coin experienced a 15.21% decrease during the previous 24-hour period which indicates fast and severe investor confidence deterioration.
The situation worsens when looking at broader timeframes. Pi Coin experienced a 69.25% decline during the previous 30 days which represents one of its most dramatic price drops in recent times. Pi Coin shows a 67.29% decrease in value during both the last 60 days and the 90-day period.
Market experts identify three main reasons for the price drop: Pi Network’s unclear mainnet launch plan and restricted exchange support and doubts about the coin’s practical use. The selling pressure in Pi Coin has increased because early adopters who obtained Pi during promotional events now sell their holdings.
Pi Network’s testnet existence will determine its future success based on delivering promised features and achieving better regulatory clarity and increasing user adoption. The market volatility combined with the prolonged price drop continues to worry retail investors.
