Why is the Pi Network (PI) Price Down Today?

TL;DR

• The price of PI reached an ATH of nearly $3 less than two weeks ago.
• Since then, though, the valuation has crashed by over 50%.

Pi Network’s native token started trading on February 20 when the team launched its Open Network. The massive milestone was highly expected and came nearly six years after the project’s birth.

During its first trading days, PI’s price experienced huge volatility, ranging from $0.64 to a peak of almost $3 (registered on February 27). Since then, though, the valuation has been gradually declining.

Several hours ago, PI tanked to as low as $1.26 before rebounding to the current $1.41 (per CoinGecko’s data). This represents a 12% decrease on a daily scale and 16% on a weekly basis. 

Perhaps the most evident factor negatively affecting PI’s performance is the overall correction of the cryptocurrency market. Bitcoin (BTC) briefly plunged to $80,000, while many leading altcoins are also deep in the red for the day. 

Another element could be Binance’s intervention, or more precisely, its lack of action. Last month, the biggest crypto exchange held a community vote to determine whether its users would want to see PI available for trading.

The results became official on February 27, with over 86% of the voters clicking the “yes” option. However, the company has remained silent on the matter.

A potential listing would boost the coin’s liquidity and accessibility and could create upward pressure on the price. Some well-known crypto exchanges that have already allowed trading services with PI include Bitget, OKX, and MEXC.