Top Crypto Alert: Pi Coin Crashed 45% In 4 Days; What Is The Reason & Is Binance Debut Date Near?

Cryptocurrency News: Pi Coin of PI Network, extended its losing streak and crashed by nearly 45% as of Sunday, March 2. One of the reasons attributed for sharp selling in Pi Coin is the broader selloffs in cryptocurrency market with dominator Bitcoin correcting significantly. The key focus area in Pi Coin is its expectation of listing on Binance. Many media reports are claiming that Pi Coin could list in mid-March as Pi Network has extended its KYC norms for investors till March 14. No official statement on the listing has been made, however, the Binance Survey showed that 86% of investors are looking for a debut.

Pi Coin:

At the time of writing, Pi Coin traded at $1.67, down by 25.3% in the last 24 hours. Its market cap has dropped by 24.4% to $11.34 billion currently. While volumes were at $1.23 billion, down by over 19% in the last 24 hours.

Pi Coin has been under pressure after it touched an all-time high of $2.98 on February 26. Since then, the cryptocurrency nosedived by nearly 45%. However, Pi Coin is still higher by 172% from its all-time low of $0.6152 which was recorded on February 20, the day it was launched.

Why Pi Coin has crashed?

Explaining the performance in detail, analyst Kim H Wong through his X handler said, "Pi coin dropped from $3 to $1.93 (near support level) due to weakness on Bitcoin and the overall crypto market."

Bitcoin, the largest cryptocurrency, which is currently trading at around $85,900 levels, has plummeted by nearly 11% in 7 days. Ethereum, the second largest cryptocurrency, has plunged by over 21% and is currently trading at around $2,215 levels. Other cryptocurrencies like XRP are down by 12.5%, while BNB plunged by 8.4%, Solana crashed by nearly 17%, and even Elon Musk-backed Dogecoin struggled with a decline of over 16.5% over the past 7 days.

Furthermore, Wong's tweet said, "Nowadays, I have been wondering about how can Bitcoin survive in the long run since its technology is old , energy wasting and lack of real world applications. Its price is high now because it is the biggest name in town,trendy and capitals are chasing it without thinking deeper. Its price only goes up if the next person is willing to buy it at higher price. Year after year, there are blockchains that are faster, more scalable and have more real world applications than Bitcoin popping up. History tells me that new technology always make old technology obsolete. I think there are going to be one awakening day, people find Bitcoin useless and no longer trendy, and capitals will move away from it, and that would be the end of it."

Pi Network Grace Period:

PI Network has extended its deadline for real Pioneers to verify their balances as possible.

It said, "As part of our ongoing mission to ensure inclusivity, fairness, and maximum participation in the Pi Network ecosystem, the Grace Period has one last extension to 8:00am UTC on March 14, 2025-the 6th anniversary of the project's official launch. The Grace Period deadline has been the only Pi feature extended multiple times, and the extensions are meant to allow as many real Pioneers to verify their balances as possible."

Pi Network's statement added, "However, given the 6 month Grace Period-along with its multiple extensions that should have given Pioneers plenty of opportunities to verify and receive their Pi on the Mainnet-the end of the Grace Period is inevitable to make sure the network can move on in its new phase without large sums of unverified and unclaimed mobile balances."

Thus, March 14 deadline is the last chance for any Pioneer to complete the required steps to avoid forfeiting their past mobile balances.

What Does This Extension Mean for You?

- Submit your KYC application and complete your Mainnet Checklist to migrate to Mainnet by 8:00am UTC on March 14, 2025.

- The Grace Period rules remain unchanged. If you fail to complete KYC or Mainnet migration within the Grace Period, you risk forfeiting most of your Mobile Balance (except for Pi mined in the rolling 6 months before migration).

- This is the final extension now that Open Network has launched, so all Pioneers who have not yet migrated should act now.

To complete your Grace Period requirements: tap the hamburger icon on the top left to open up the menu, and then tap "Mainnet" and then "Mainnet Checklist".

Pi Network added, Remind your Referral Team and Security Circle members to meet the requirements within the Grace Period! If your Referral Team and Security Circle members don't finish the Mainnet Checklist by the Grace Period deadline, you will also forfeit the corresponding bonus mobile balance attributed to their contributions.

When Will Pi Coin List On Binance?

As per Coingabbar Analysis, the market remains volatile, with Pi Network Coin (PI) experiencing significant price swings. A recent Binance Square vote indicated strong support for Pi Coin's listing, with 86% of nearly 295,000 participants voting in favor. However, Binance clarified that the poll result alone does not guarantee a listing, as PI must pass Binance's rigorous review process.

Further, Coingabber report also said, With Pi Day approaching on March 14, speculation is growing that Binance might make an announcement. Pi Day is a significant date for the Pi Network community, as the project was launched on this day in 2019. If Binance lists Pi Coin on this symbolic date, it could generate major market buzz and drive PI's price higher.