Pi coin has once again caught the attention of the crypto market after recording a meteoric rise and subsequent 55% crash. The cryptocurrency, which is still not listed on major exchanges, had a meteoric rise and then a crash, and everyone is confused about its prospects for a comeback.
Pi coin made the news when it launched officially on February 20, rising by 705.051% in its first day. It didn’t stop there; it kept on rising, gaining 1,458.372% since it launched. Pi coin hit an all-time high of $2.98 on February 27, up 2,856.35% from its starting price. However, the market showed increased selling pressure and volatility, which led to a correction that took the token down to about $1.67, more than a 40% drop from the peak.
The crash has caused a good amount of confusion, and many traders and analysts are wondering whether Pi coin can get back to the bull market. Despite the price movements, the cryptocurrency is still a topic of conversation in the market. However, there is one major problem that prevents its growth – unavailability of the cryptocurrency on major exchanges. Binance, one of the world’s largest crypto exchanges, also held a community poll for Pi coin, but the participation was rather low, with only 0.12% of its 250 million members participating. This has further contributed to the uncertainty of Pi coin’s viability in the market.
One of the major concerns of the potential investors is the regulatory risk of the project. Where established cryptocurrencies like Bitcoin and Ethereum have already gone through critical development stages and are relatively clear on what they offer, Pi coin is still in the process of defining itself. Moreover, the discussions regarding the authenticity of its ecosystem have not ceased to amaze cryptosiasm.
Despite the current decline, there are some analysts who think that if Pi coin is able to get listed on major exchanges and gain more acceptance, it could still have another bullish run. Nevertheless, for now, the market sentiment is split; some people consider it a chance while others are more skeptical.
The crypto market is still growing, and Pi coin’s future is still unknown. Whether it can get its value back and win over investors again will determine future events and market movements.
