Pi Coin, the cryptocurrency of PI Network, crashed sharply by 11% and erased its $1 mark on CoinMarketCap. The newly listed crypto has also toppled from 11th largest cryptocurrency to becoming 24th largest cryptocurrency, a significant decline in its rank. Not only that, Pi Coin has underperformed major cryptos like Bitcoin, Ethereum, DogeCoin, and more. One of the key reason for the downfall in Pi Coin could be due to reports stating that Binance has rejected the listing of PI Network.
Pi Coin:
At the time of writing, Pi Coin traded at $0.8215, down by 10.44%. The coin traded near its intraday low of $0.811. Following this, the market cap of Pi Coin dropped to $5.55 billion. Its trading volumes stood at $288.41 million, up by 57% in the last 24 hours.
At the current price, Pi Coin has nosedived by over 72.5% from its all-time high of $2.98 which was recorded on February 26. Also, Pi Coin is closer to its record low of $0.6152 that was recorded on February 20.
Because of the latest decline in market value, Pi Coin's rank at CoinMarketCap has declined to 24th position from earlier 11th position.
In its past seven days performance, Pi Coin is down by over 27.3%. This is worse compared to other major cryptocurrencies. The largest cryptocurrency Bitcoin surged by nearly 6% in the past seven days, followed by gains of 6.4% in Ethereum, a 6.5% upside in XRP, a 2.9% surge in BNB, a 14.6% upside in Solana, and a nearly 22% surge in Elon Musk-backed DogeCoin so far.
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Why Pi Coin Is Falling?
According to Ceo Crypto25, a trader and author, Binance has officially rejected the listing of Pi Network's native token, Pi Coin. This decision has sparked discussions within the crypto community, especially among Pi Network supporters who have been eagerly anticipating its mainstream adoption.
Some of the key pointers highlighted by Ceo Crypto over the reason behind Binance's rejection of Pi Coin are:
1, The primary reason is that Pi Network's mainnet is still enclosed, which is unlike other cryptocurrencies that operate on fully decentralized and open networks. Because Pi Network is a restricted phase, where transactions take place within a controlled environment, is a red flag for listing on Binance.
2. Second but most importantly, the regulatory compliance which is pivotal for Binance when considering new listings. In recent times, PI has faced questions related to its compliance with financial and security regulations in different jurisdictions. As per the expert, the fact that Pi Coin is not yet openly tradable and does not have clear regulatory approvals adds to Binance's hesitation.
3. Third important factor could be PI's current structure which raises concerns about centralization. Unlike decentralized blockchain projects such as Bitcoin or Ethereum, Pi Network's developers have maintained a high degree of control over the network and its development.
4. For a cryptocurrency to be listed on Binance, it must have a healthy level of trading activity, liquidity, and a strong market presence. Since Pi Coin is still in its enclosed mainnet phase, it lacks external liquidity, meaning it cannot be freely traded on decentralized exchanges or other platforms.
5. Pi Network has built a massive global community, with millions of users mining Pi through their mobile phones. However, community size alone does not guarantee a listing. Many Pi users expect Binance to list Pi Coin due to its large user base, but the lack of fundamental listing criteria prevents this from happening.
Analyst Kim H Wong tweeted saying, "Binance is definitely losing trading volume and revenue by not listing Pi since the average 24 hour trading volume for Pi is around $500 million. Binance ran a poll and 86% of people polled supported listing Pi. Binance for sure is eager to list Pi too, however they risk losing fan trust because they can't shake off their unmentionable problems only they know. There is no need to beg /demand Binance to list Pi coin, let them sort their problems out, giving time, they will do it."
Should Investors Worry?
According to Wong, after this initial boom and bust, Pi coin is going to trade as a regular crypto and is now waiting for news to drive its price. Of cause it is still a one of a kind crypto with mega potential, it is good time to keep buying and hold. News expected ahead are: More exchanges to list Pi coin; announcements of more partnership from merchants; ecosystem advancement news; more people will understand Pi's potential and they will join and buy Pi coins; and the progress of domain auctioning.
The newly added Domains tab in Pi bowser and the auctioning of .Pi domain names are good news for Pi Network. Pi Network's auctioning of .pi domain names is an intriguing development in its push toward a decentralized, Web3-focused ecosystem. These domains can serve as digital addresses for Pi-based websites, apps, or services, accessible via the Pi Browser or compatible Web3 platforms, Wong said in another tweet.
Giving an example, Wong highlighted that for instance, a business could use "store.pi" as a virtual storefront, accepting Pi payments directly. It's a step toward blending blockchain with real-world functionality, positioning Pi as more than just a crypto token-it's a platform for decentralized internet infrastructure. The economic angle is also clever. Bidding locks up or burns Pi (depending on the setup), reducing circulating supply. Posts on X and web discussions suggest high-profile domains like "Samsung.pi" and "Amazon.Pi" have hit bids of 45,000 Pi, hinting at speculation driving demand. This scarcity could boost Pi's value over time, especially since it's the only currency accepted in the auction. All proceeds reportedly go back into the Pi ecosystem, funding development and utility expansion. For Pi users, it's a chance to grab a piece of Web3 real estate. Some see it as an investment-snag a premium name now, sell it later to a big player for profit, like the domain-flipping boom of the early internet. Others view it as a branding tool within Pi's growing community of nearly 70 million registered users, including nearly 20 million identity-verified Pioneers.
Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.
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