Crypto Alerts: Pi Network Coin Crashed 71% In 24 Hours Of Launch; Analysts Say, "Hold Your Precious Pi Coins"

Pi Network Coin: The newly launched Pi Network coin saw a roller coaster ride on its listing day. From hitting over $2 mark to crashing by nearly 71% on the same day. Pi Network is the top trending cryptocurrency, and netizens are all gaga about it on social media. Pi is a cryptocurrency with real-world functions and applications backing it.

Pi Coins:

On February 21, at the time of writing, Pi Coins traded at $0.7029, down 58.6% in the last 24 hours. Its market cap stood at $4.25 billion. Despite the latest decline, the new coin witnessed a 3677.10% surge in volumes to $1.31 billion, at the time of writing.

The total supply of Pi currently is at 9.71 billion, while the maximum supply could react at 100 billion PI. As per CoinMarketCap data, the self-reported supply of Pi is 6.31 billion.

On February 20, the day of its launch, Pi touched an all-time high of $2.10, however, on the same day, it crashed by 70.7% to hit an all-time low of $0.6152.

Currently, the crypto is trading between $0.6 to $0.7 levels.

As per CoinMarketCap, Pi Network is a social cryptocurrency, developer platform, and ecosystem designed for widespread accessibility and real-world utility. It enables users to mine and transact Pi using a mobile-friendly interface while supporting applications built within its blockchain ecosystem Supply Model and Mining Mechanism Pi Network follows a negative exponential declining token issuance model, where mining rates decrease over time based on time and network growth and participation.

Earlier, Pi Network said, "We've reached 10.14 million Mainnet migrations, exceeding the original 10 million goal, due to upgrades announced in the last timeline update, and Pi is ready to open its utilities-driven ecosystem where our now over 19 million identity-verified Pioneers can use Pi-a cryptocurrency with real-world functions and applications backing it."

On its website, it said that Pi Network's over six-year journey to Open Network has been built on milestones and deliberate phases driven by Pioneers, the ecosystem, and the community. The current Mainnet Phase 3 began in December 2021 with the launch of the Enclosed Network period, which meant Mainnet was live but with a firewall that prevents any external connectivity. This period set the stage for Open Network, allowing time for:

Pioneers to complete KYC and obtain Pi on Mainnet;

Developers to build real apps and utilities for the Pi ecosystem; and

The Core Team to release and improve various Pi features and utilities.

Should You Sell Pi Coins?

As per analyst Kim H Wong, trading in Pi is disappointing as pioneers keep selling and buy orders are small ( highest 1K Pi, on average a few hundred Pi). He said through its X handler, "No big capital is insight. However, this can also be looking at as positive, as sellers exhausted, and buyers jump in, price should go back up again."

Lastly, the analyst added, "No matter what, what is important is PI network has successfully open its network to the world and as people understand the power of Pi Network, price will go up when big capital jump in. Hold your precious Pi coins!"